GREATER BOSTON. Market Viewpoint 3RD QUARTER
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1 GREATER BOSTON Market Viewpoint 3RD QUARTER
2 23RD QUARTER Boston Overview The Boston office market showed signs of stabilizing during the third quarter with more tenants willing to transact and the amount of available new space coming to the market slowing down. Despite the increase in activity, the market vacancy rate increased from 15.5% to 16.3% during the quarter. At the same time, certain segments of the market are tightening significantly. In particular, high-rise space (above the 20th floor) in the Back Bay is scarce, accounting for just over 100,000 of the 9.6 million square feet available. Key statistics at the end of the third quarter include: Market Supply SF (000s) Vacancy Rate Absorption SF (000s) Q3 YTD Total Boston 59, % 210 (957) Financial District 33, % 283 (1,118) Back Bay 11, % SUPPLY AND DEMAND Supply totals 59 million square feet, with over threequarters located in the core Financial District and Back Bay submarkets. Atlantic Wharf (760,000 SF) was brought online during the quarter. In addition to 760,000 square feet of office space, the waterfront project boasts approximately 25,000 square feet of retail space as well as residential and public space. Construction is nearing completion on the first of three office buildings at Fan Pier. Anchor tenant Fish & Richardson has leased 124,000 square feet at One Marina Park Drive, an 18-story, 500,000-square-foot office building. The mixed-use project is situated on 21 waterfront acres and upon completion will include two additional office buildings, a five-star hotel, and mix of luxury residential and retail buildings. At the end of the third quarter there were over 100 tenants in the market seeking approximately 3 million square feet of space. Financial and professional services firms combine to account for over half of this demand, largely driven by lease expiration dates with little or no growth anticipated. Another significant driver of current demand is the healthcare sector, with Blue Cross Blue Shield and Children s Hospital each in the market with significant requirements. Some of the larger tenants in the market, with lease expiration dates ranging from 2010 through 2014 include: Tenant Square Feet Industry Blue Cross Blue Shield of Massachusetts 400,000 Health Care WilmerHale (c) 350,000 Legal MFS Investment Management (c) 275,000 Investment Management Pioneer Investments 150,000 Investment Management Federal Home Loan Bank of Boston (c) 55,000 Financial BlackRock 50,000 Investment Management Children s Hospital 50,000 Health Care (c) = committed VELOCITY Velocity totaled 3.8 million square feet through the end of the third quarter, compared to 2.3 million square feet for the same period in Further, leases totaling over 600,000 square feet were committed at the end of the quarter. Prior to the recession, annual lease transaction volume averaged approximately 5 million square feet. This dropped to 3.9 million square feet in Based on the improved tenant activity and the depth of tenants seeking to take advantage of the double-digit vacancy rate, there is a distinct possibility that the market will record close to 5 million square feet of signed leases by the end of The largest third quarter transactions occurred in the Financial District and include: Tenant Address Square Feet Verizon 125 High Street 210,000 Ameriprise Financial 225 Franklin Street 150,000 Best Doctors (e) One Boston Place 55,000 US Bank One Federal Street 55,000 (e) = expansion
3 SF (Thousands) 3 ABSORPTION AND VACANCY Since the end of 2007, total occupied space has contracted by 3 million square feet and the vacancy rate has nearly doubled from 8.8% to 16.3%. While the core submarkets had historically tracked closely, there is currently a marked differential between the vacancy rate in the Financial District at 19.4%, and the Back Bay at 10.0%. With no new construction in the Back Bay pipeline until 2013, this submarket should remain tight for the foreseeable future. 3,000 Projected Vacancy and Absorption 20% $70 $60 $50 $40 $30 $20 $10 Weighted Average Asking Rents Class A Class B $0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q ,000 15% 10% TRENDS 1,000 5% Rental rates appear to have bottomed. 0-1,000-2,000-3, Total Boston Absorption Total Boston Vacancy Back Bay Vacancy Financial District Vacancy 0% The vacancy rate is expected to peak in the next few quarters. Renewals will continue to outpace relocations. After the delivery of Fan Pier in the fourth quarter, there will be no new development delivered until Liberty Mutual s new office tower at 157 Berkeley Street in RENTAL RATES The spread between asking rents in various segments of the market is depicted in the following table. Space Type Rental Range PSF Class A $40 - $60 Class B $25 - $35 Average asking rents are roughly back to where they were before the rental spike that occurred in mid Class B rents have tended to be less volatile over the past five years and command a discount of 30% or more to Class A rents.
4 43RD QUARTER 2010 SF (Thousands) 4 Cambridge Overview At the close of the third quarter 2010, the vacancy rate for the Cambridge office and lab market was 14.8% compared to 15.2% at the end of the second quarter and 15.9% at the close of The combined market recorded 95,000 square feet of positive absorption during the quarter largely due to Microsoft s 113,000-square-foot lease at One Cambridge Center, providing a boost to an otherwise quiet office market. Although statistically flat, demand in the East Cambridge lab market is solid and tenant activity strong. Key statistics at the end of the third quarter include: Market Supply SF (000s) Vacancy Rate Absorption SF (000s) Q3 YTD Total Cambridge* 19, % Office 10, % Lab 8, % 8 52 * includes R&D space OFFICE MARKET 1, ,200 Historical Vacancy vs. Absorption Cambridge Office The 10.4-million-square-foot office market posted its third consecutive quarter of positive absorption, with 75,000 square feet absorbed during the quarter, for a total of 219,000 square feet year-to-date Absorption Vacancy 25% 15% 5% Some of the larger third quarter transactions include: Tenant Address Square Feet Microsoft (e) One Cambridge Center 113,000 Harmonix (r) 625 & 675 Massachusetts Avenue 45,500 Sonos, Inc. 25 First Street 33,000 ETEX 675 Massachusetts Avenue 16,200 ChoiceStream (s) One Charles Park 15,975 (r) = renewal (e) = expansion (s) = sublease The most significant third quarter event was Microsoft s 113,000-square-foot lease at One Cambridge Center. Microsoft currently occupies 180,000 square feet at One Memorial Drive and the One Cambridge Center lease is all growth. The Microsoft lease removes a large block of Class A availability in the East Cambridge submarket, where there is currently only one option over 100,000 square feet. Tenants seeking 10-20,000 square feet have many more options. Tenants seeking full floor opportunities in the 18-25,000 square foot range currently have options at eight buildings within a 7-minute walk of the Kendall Square MBTA Red Line station. After bottoming in the first quarter, select East Cambridge landlords have begun to push asking rents with landlords of the best Class A properties in the immediate Kendall Square area asking above $50, despite spotty demand. Alewife rents may still have further to fall, with very little new leasing activity yearto-date. Asking rents, which vary by submarket and segment as depicted below, have begun to tick upward in East Cambridge for the first time in two years. Direct Asking Rents PSF Space Type Q Q Class A East Cambridge $30 - $45 $35 - $50 Class B East Cambridge $28 - $33 $30 - $35 Class A Alewife $24 - $32 $24 - $29 Lease velocity (signed leases) was 245,000 square feet during the third quarter, and totals over 700,000 square feet for the year.
5 5 LAB MARKET The vacancy rate for the 8.6-million-square-foot lab market finished the third quarter at 15.5%, compared to 15.4% at the end of the second quarter and 15.1% at the close of K Lab Availability Breakdown Total Available: 1.3 million SF 243K The static vacancy rate was largely due to Merck s decision to close its 135,000-square-foot research facility at 320 Bent Street as part of a consolidation effort following its 2009 acquisition of Schering Plough. The facility was built out in 2006 and should be wellreceived by prospective tenants, given the scarcity of existing Class A lab space in East Cambridge. At the end of the third quarter, there were roughly 20 tenants in the market seeking close to 900,000 square feet of research lab space. These range in size from 5,000-square-foot startups to more established biotech/ pharma companies and institutional users seeking large blocks and build-to-suits. Leasing velocity was solid during the third quarter with over 400,000 square feet of signed leases, the largest being Partners Health Care s renewal of its 122,000-square-foot lease at 65 Landsdowne Street within University Park at MIT and Sanofi Aventis new lease for 110,000 square feet of expansion space at 640 Memorial Drive. The largest lab leases signed during the quarter include: Tenant Address Square Feet Partners Healthcare (r) 65 Landsdowne Street 122,400 Sanofi Aventis (e) 640 Memorial Drive 110,000 Sanofi Pasteur (r) 38 Sidney Street 53,400 Agios Pharmaceuticals (r) (e) 38 Sidney Street 38,800 Foundation Medicine (r) = renewal (e) = expansion One Kendall Square, Bldg ,700 The 15.5% lab vacancy rate remains deceptively high as much of the available inventory consists of older Class B and obsolete space. Another large block of availability is top-of-the-market priced lab-ready shell space. The vacancy rate for Class A existing lab space in move-in condition is only 3.7% with 320 Bent Street accounting for 175,000 square feet of the total. Asking rents for Class A biotech-ready shell space in Kendall Square range from $60 to $74 per square foot, NNN and include a landlord-funded tenant improvement (TI) package of $125 to $175 per square foot. Asking rents for the limited Class A existing lab space that is available on a direct basis range from $50 to $66 per square foot with TI allowances in the $0 to $25 per square foot range. Rents for Class B lab space in East Cambridge vary depending upon quality and location, ranging from $40 to $50 per square foot, NNN with TIs ranging broadly from $15 to $150 per square foot. Some Class B landlords that have had recent leasing success are starting to push rents, looking for longer terms and are offering fewer concessions such as free rent. Asking rents for lab space in Alewife range from $18 to $30 per square foot, NNN. TRENDS 583K Class A Exist Class A Shell Class B Demand for lab space should remain solid and the lab market will continue to tighten over the next 6-12 months further enabling many landlords to further push rents. The office market is more closely tied to the general economy than the lab market and demand for office space in Cambridge will remain sluggish through the end of the year.
6 63RD QUARTER 2010 Suburban Overview The suburban Boston office and R&D markets recorded over 900,000 square feet of positive absorption during the third quarter, an indication that conditions are stabilizing and the worst of the downturn is behind us. Although the vacancy rate still tops 20%, over the past six months the suburban markets have recovered approximately one-fourth of the space vacated since mid-2008 when the suburban leasing markets began to shed space. The question remains as to whether this level of activity can be sustained, and to what extent continued improvement will occur. Aggregate statistics for the office and R&D market are provided below: Tenant Square Feet Industry Converse 200,000 Retail MIT Lincoln Laboratory Sycamore Networks 125, , Technologies 100,000 Defense R&D Computer Hardware Silicon Technology Commonwealth Financial Network 100,000 Financial Services Target Market Route 495 North Route 128 Northwest Route 495 North Route 128 Northwest Route 128 Mass Pike Market / submarkets Supply SF (000s) Vacancy Rate Absorption SF (000s) Q3 YTD Suburban Boston 125, % Inner Suburbs 5, % (9) 12 Route , % Route , % 353 (17) Worcester 1, % (1) (11) SUPPLY AND DEMAND The performance and product in the suburban Boston office and R&D market vary from one submarket to the next with the four Route 128 submarkets reporting an 18.8% vacancy rate, compared to 26.5% in the submarkets along Route 495. There is over 26 million square feet of space available in the suburbs, including 23.1 million square feet of direct and 3.5 million square feet of sublease space. There was a marked increase in tenant activity during the third quarter, as tenants cautiously re-entered the market. Some sizeable tenants in the market with potential requirements over the next 24 months include: In September, global software provider Dassault Systèmes signed a long-term lease for 320,000 square feet of office, technology lab and data center space at Hobbs Brook Management s Wyman Street, Waltham. Dassault will be expanding from existing facilities in Concord and Lowell in mid-2011 and plans initially to accommodate 800 employees at the new location. While this represents the largest single new lease signed this year, the median lease signed in 2010 was for 15,900 square feet. Five of the six largest leases signed during the third quarter were in the Route 495 North submarket. Some of the larger third quarter transactions include: Tenant Address Square Feet Dassault Systèmes Technology (e) Goodrich Corporation (e) Wyman Street, Waltham 7 & 9 Technology Park Drive, Westford 320, ,000 NetScout (r) 310 Littleton Road, Westford 175,000 Sonus Networks Aecom (formerly ENSR) (e) = expansion; (r) = renewal 4 Technology Park Drive, Westford 250 Apollo Drive, Chelmsford 94,000 90,000
7 SF (Thousands) 7 ABSORPTION AND VACANCY Net absorption was positive in both the second and third quarters, an indication that the deterioration in the leasing markets has finally subsided. Quarterly Vacancy vs. Absorption Suburban Office and R&D $40 $35 $30 $25 Class A Office Rents vs. Vacancy Rates Route 128 Mass Pike 25% 20% 15% 1,200 1, Q4 Q1 Q2 Q3 Q Absorption -1,000 Route 495 Vacancy -1,200 Route 128 Vacancy Q1 Although the labor markets appear to be stabilizing and economists are forecasting job growth in 2010, metropolitan Boston is unlikely to regain the jobs lost during the recent recession until at least mid Assuming further negative absorption in 2010 and a slow recovery into 2012, the projected vacancy rate will hover around 20% over the next two years. OFFICE RENTAL RATES Rents appear to have stabilized and in select properties, landlords are beginning to increase asking rents when they can. Average Class A office rents range from $19.40 per square foot in the Route 495 West submarket to $34.40 in the Inner Suburbs. Q2 Q3 Q4 Q1 Q2 Q3 30% 15% 0% $20 $15 $10 $5 $ TRENDS 0% Class A Rent Class B Rent Vacancy Rate Tenants are still very cautious about moving forward with commitments to relocate or expand. Given the significant cost of relocation, many tenants are staying put and realizing they can get by with fewer people and less space. Class A+ office buildings will outperform the market in terms of asking rental rates and absorption, as tenants still have a desire to occupy the best possible space. Older buildings with deferred maintenance or in secondary locations tend to be the first to be vacated in a soft market and the last to lease up in a recovery. There are still some landlords that are challenged to compete in this market due to the capital requirements of both standard tenant improvements and required base building upgrades. In particular, properties that are going through a restructuring or special servicing will find it more challenging to attract tenants. 10% 5% Office rents in the core suburban submarket Route 128 Mass Pike at $30.11 are roughly back to where they were prior to the rent spikes which occurred in late 2006 and The following graph depicts the movement in asking rents and the vacancy rate since 2000.
8 83RD QUARTER 2010 Investment Sales The investment market in Greater Boston improved steadily over the course of 2010, as pent-up demand from serious buyers lured sellers who had been reluctant to transact 12 months ago back into the market. Although volume is constrained somewhat, there is growing evidence that the market is gaining momentum. Relatively large spreads between cap rates and the historically low 10-year Treasury are fueling institutional demand for select commercial real estate assets despite the prospect of a prolonged sluggish economy and improved yet still-fragile leasing markets. Pricing benchmarks are being reestablished, especially for stabilized core properties. Cash flow is king, as institutional investors seeking to avoid market risk are pursuing high-quality properties with strong occupancy and long-term leases. At the other end of the spectrum, the much anticipated sale of distressed assets is slowly taking place. Mortgage capital is increasingly available and at attractive interest rates and banks no longer in survival mode are exhibiting a greater willingness to manage down their capital losses. Balance sheet lenders are demonstrating a preference for loan restructure, discounted pay-off, or note sale rather than foreclosure and asset sale. The special servicers of CMBS loans continue to navigate a myriad of issues with respect to their non-performing assets, but the liquidation process has begun and some of those loans are now coming to market. The area remains an attractive target for investors based in part on a highly skilled labor force that supports a range of industries including technology, life sciences, and financial services. Although employment has still not returned to its prerecession level, compared to the national average, the area was neither hit as deep nor in recession as long. Recent job growth has been positive and far outpaces the nation, as depicted below: 3 2 Private Sector Job Growth 12-month percentage change Jan 2007 Jan 2008 Jan 2009 Jan US MA Boston Metro Source: Colliers Meredith & Grew, Bureau of Labor Statistics (Boston-Cambridge-Quincy MA-NH NECTA) MULTIFAMILY AND HOTEL A rebound in multifamily and hotel investment is evident, as these represent two sectors that can react more quickly to economic recovery than other property types. Fundamentals for the Boston multifamily market are particularly strong, with demand from renters on the rise, limited new construction on the horizon, and increased debt issuance at favorable rates from lenders including Fannie Mae and Freddie Mac. Colorado-based UDR, a multifamily REIT, established its Massachusetts foothold during the quarter with investments totaling over $180 million in three Boston and Suburban apartment communities. The properties include Garrison Square in the Back Bay (160 units), Ridge at Blue Hills in Braintree (186 units), and a pre-sale venture with an affiliate of the Hanover Company in Lodge at Stoughton (240 units) with anticipated completion in late Both the Back Bay and Braintree properties traded at sub-4.5% cap rates approximately 100 basis points lower than comparable trades 12 months ago a testament to strong investor demand in the Boston multifamily market.
9 9 A summary of third quarter multifamily and hotel sales follows: Property Buyer Sales Price (000s) Price per Room / Unit Hospitality Fairmont Copley Plaza FelCor Copley Plaza LLC $98,500 $257,180 Boston Marriott Newton Chesapeake Lodging Trust $77,250 $179,651 Apartments Garrison Square, Boston UDR, Inc. $98,000 $612,500 Ridge at Blue Hills, Braintree UDR, Inc. $40,000 $215,054 The Avondale, Ashland The Praedium Group $16,600 $80,193 OFFICE AND INDUSTRIAL The perception that the leasing markets have finally stabilized is fueling increased transaction volume in the office and industrial markets. Since the second quarter, the market has seen a greater number of distressed asset situations being resolved either through sale or restructure. Two high-profile transactions were pending at the close of the third quarter which will establish pricing benchmarks for Class A office buildings in their respective submarkets. Boston Properties emerged as the winning bidder for the Hancock Tower in the Back Bay and Bay Colony in Waltham, both best-in-class locations in their respective submarkets. Both properties were acquired by Broadway Partners at the top of the market and subsequently taken over by their lenders. The Hancock transaction represents the first sale of a Class A tower in the city since the property was acquired by Normandy Real Estate Partners and Five Mile Capital Partners at foreclosure in 2009 for approximately $376 per square foot. The landmark Back Bay tower is expected to sell for $930 million $289.5 million in cash and $640.5 million in assumed debt or $547 per square foot. The property is currently 90% leased. Bay Colony Corporate Center is expected to close in the fourth quarter for an aggregate purchase price of approximately $185 million, or $189 per square foot. Bay Colony Corporate Center last traded in May 2007 as part of a portfolio sale with an estimated allocated price of $370 per square foot. Occupancy at the 980,000-square-foot office park declined during the subsequent ownership transitions and is currently at approximately 67%. Capitalizing on another distressed situation, Braintree-based Campanelli Companies and joint venture partner TriGate of Dallas invested $19.6 million to acquire nearly 600,000 square feet of properties include the GS Portfolio, as well as one from Analog Devices. Selected third quarter office sales are summarized below: Property Buyer Sales Price (000s) Price / SF Boston 11 Beacon Street DivcoWest $16,000 $108 Suburban 400 Fifth Avenue, Newton Maric, Inc. $12,900 $ Second Avenue, Needham Maric, Inc. $9,000 $105 TRENDS The flurry of investment activity this quarter involved core properties leased on a long-term basis to credit tenants. A price gap still exists for assets that have some market exposure due to near-term lease expirations. The era of extend and pretend is over. Lenders are currently emphasizing restructures, but will inevitably be forced to liquidate those distressed loans and assets for which a restructure is unfeasible. Despite currently soft economic conditions, many investors believe Boston is well-positioned to outperform the nation in terms of economic and leasing fundamentals. The area is a desirable target location due to its constrained supply, lack of development sites in desirable locations close to the city, and strong institutional sector.
10 10 Capital Markets 3RD QUARTER 2010 The commercial lending market continued to improve in the third quarter as yield-starved capital providers sought opportunities to convert large low-yielding cash reserves to higher-yielding mortgage product. However, caution prevails and a clear dichotomy exists between core and sub-institutional quality transactions. Generally, the most competitive financing market on either a permanent or interim basis exists for high-quality multifamily and commercial product located in primary markets. Despite improved liquidity, lesser quality assets and sponsors will struggle to attract financing without a strong story. In response to fierce demand for the highest quality transactions, the competition has grown intense for well-sponsored, more conservative, longer-term debt. This has most clearly translated to lower interest rates, but leverage is slowly ticking up as well. Product Type LTV DSCR Rate Amortization Anchored Retail/Office/Industrial 65% - 75% 1.25x 1.35x 4.5% - 6% years Multifamily 75% - 80% 1.25x 3.5% - 5% 30 years Construction financing is available on a case-by-case basis. New multifamily construction in supply-constrained markets such as Boston is readily financeable. On the commercial side, strong pre-leasing is absolutely critical to securing debt and equity commitments. Additionally, the stability of a strong financial sponsor and/or significant up-front equity will be required. Lenders will also look to the sponsor as a backstop on all completion guarantees. Aside from improved liquidity, the most important trend to emerge in the third quarter was the continued compression of key benchmark yields and rates such as treasuries, LIBOR, and corporate bond spreads the combination of which is pushing the cost of capital to near historic levels. Speculation that the Fed will implement a strategy of quantitative easing by purchasing shorter-term treasury notes will keep yields very low as long as recovery concerns persist. This is an excellent time for borrowers to secure long-term permanent financing. For the most part, given sizeable allocations and an abundance of opportunity/caution, life companies have been able to cherry-pick deals and many have implemented minimum loan thresholds of approximately $10-$15 million. Life companies will and have made exceptions to this rule, but generally speaking, this floor on desired transaction sizes is more a factor of the demand for their product than anything else. Conduit shops (CMBS) are not going to compete for low leverage (sub-65% loan-to-value) loans; life companies are simply too competitive at those levels and low leverage is their game. Inversely, life companies won t compete for proceeds. This is where a borrower needs to assess their capital needs and make an informed decision. Where CMBS shops can begin to gain some traction is in secondary/tertiary markets where life companies will not venture regardless of an asset s underlying fundamentals. Conduits can also get comfortable with near-term rollover risk. Local/regional banks are typically bound by federal or self-imposed lending limits, generally in the $10-$20 million range. These lenders are able to quote on a non-recourse basis but as the leverage begins to creep past 60%, some level of partial recourse for the capital stack above 60% will be required. MULTIFAMILY Bolstered by constrained supply, shifting demographics, and free-falling homeownership rates, multifamily housing has performed well throughout the downturn and is arguably the most financeable asset class. Agency lenders (Fannie Mae, Freddie Mac, FHA, and HUD) dominated the multifamily finance markets for a third consecutive quarter. Loan programs cover a variety of multifamily products including market-rate multifamily housing, manufactured housing, student housing, senior housing, and affordable housing. Typically bound by strict loan-to-value (LTV) covenants, life companies will climb the capital stack up to 75% LTV for multifamily product. Multifamily also commands the most competitive interest rates available with 5-year rates nearing 3.5% and longer-term debt (up to 15 years) ranging from 3.5% to 5.0%.
11 11 RETAIL Life insurance companies are actively pursuing core retail origination opportunities for assets in top markets and anchored by credit or non-rated but dominant retailers subject to long-term leases. Tenant sales are perhaps the single most important metric by which retail loans are graded in today s market. Borrowers should be prepared to provide sales reports for lead and junior anchors. In many cases, strong tenant sales will act as a credit enhancement for near-term rollover risk. For example, a sponsor seeking take-out financing for a groceryanchored shopping center with near-term rollover risk will find life company options to be few and far between, unless the grocer s sales are off the charts. CMBS shops and local/regional banks alike can structure for this roll and take on the expiration risk, whereas life companies would prefer to steer clear of a situation where the lead anchor could vacate. Transactions that may not get the attention of life companies and CMBS shops due to near-term rollover risk or poor tenant sales may find local/regional banks to be invaluable capital partners. Banks are making a strong push for quality assets that fall within their footprint and will aggressively pursue origination opportunities if a depository relationship can be established with a quality sponsor. OFFICE/INDUSTRIAL As with retail, commercial lenders focus their efforts on high-quality office and industrial assets in primary markets. Loans will be underwritten to market vacancy rates with structure for near-term rollover risk including reserves for tenant improvements and leasing commissions that may be released back to the borrower after pre-negotiated leasing benchmarks or financial covenants have been satisfied. TRENDS Long-term rate locks are now available up to 12 months out. Volatility in the equity markets should keep benchmark yields at or near historically low levels. Benchmark Yields and Rates Yields yr Treasury 7-yr Treasury 10-yr Treasury FHLBB 5-yr Classic FHLBB 7-yr Classic FHLBB 5/20 Amortizing 1-month LIBOR 1.0 Jan Feb Mar Apr May Jun Jul Aug Sep LIBOR Sources: Colliers Meredith & Grew, Strategic Alliance Mortgage, Federal Home Loan Bank of Boston
12 Market Snapshot 3RD QUARTER 2010 STATISTICS OFFICE / R&D Market Square Feet (SF) Direct SF Sublease SF Vacancy* Current YTD Supply Available Available Absorption Absorption Boston 59,311,943 8,285,859 1,363, % 210,220 (957,869) Back Bay 11,981, , , % 32, ,811 Financial District 33,420,665 5,903, , % 283,362 (1,117,974) Charlestown 2,706, ,666 96, % (48,547) (23,823) Crosstown 1,025,000 73,400 21, % 7,018 (11,650) Fenway / Kenmore 1,537,321 45, % 0 (28,950) North Station 1,845, ,303 24, % (64,529) (90,276) Seaport 5,560, , , % (67,951) (89,490) South Station 1,234, ,691 32, % 68,666 25,483 Cambridge 19,879,990 2,579, , % 95, ,523 Alewife Station / Route 2 2,697, ,832 27, % (33,472) (70,431) East Cambridge 15,197,648 1,832, , % 120, ,985 Harvard Square / Mass Ave 1,984, ,212 11, % 8,326 (11,031) Suburbs 125,551,025 23,158,156 3,472, % 936, ,365 Inner Suburbs 5,627, ,299 67, % (8,995) 12,460 Route 128 North 7,849,025 1,330, , % 37, ,556 Route 128 Northwest 21,625,636 3,376, , % 292, ,827 Route 128 Mass Pike 27,765,228 4,471, , % 297, ,344 Route 128 South 14,164,462 2,418, , % (35,363) (250,043) Route 495 North 24,935,779 5,170, , % 259, ,309 Route 495 West 17,328,997 4,636, , % 105,354 (263,015) Route 495 South 4,274, , , % (10,996) 50,325 Worcester 1,979, , % (703) (11,398) Total 204,742,958 34,023,416 5,204, % 1,241,456 (268,981) *Including sublease space For information on other Colliers Meredith & Grew Research publications, please contact: Mary Sullivan Kelly, Senior Vice President Phone: mary.kelly@colliersmg.com To be placed on our mailing list, please visit TENANT ADVISORY SERVICES LANDLORD REPRESENTATION RETAIL SERVICES INVESTMENT SALES CAPITAL MARKETS COUNSELING & VALUATION DEVELOPMENT & ADVISORY SERVICES PROPERTY & ASSET MANAGEMENT SERVICES
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