Boston Office Market Poised for Strong Finish in 2019
A well-respected commercial real estate and construction executive, Michael Snedeker serves as the executive vice president of Elite Building Corp. in Waltham, Massachusetts. Conducting business in the Waltham and Boston markets, Michael Snedeker keeps up with the economic health of these areas.
Colliers International, a global commercial real estate organization, recently released a market report for the Boston real estate. The report indicates that the office sector will continue to show steady growth in 2019 as the demand for space rises. The first quarter absorption rate increased to 688,000 square feet and vacancy rates dropped by 30 basis points to 8.9 percent. This has led to an increase in asking rates for these spaces (over $60 a square foot) as more developments arise in the area.
The lack of space hasn’t stifled the job market in Boston, however, as the city continues to expand its workforce, with education, technology, and healthcare continue to drive the bulk of the employment push. This continued influx of talent will continue to have companies clamoring for prime commercial real estate space to host their offices, putting developers and property owners in the proverbial catbird seat.
Colliers International, a global commercial real estate organization, recently released a market report for the Boston real estate. The report indicates that the office sector will continue to show steady growth in 2019 as the demand for space rises. The first quarter absorption rate increased to 688,000 square feet and vacancy rates dropped by 30 basis points to 8.9 percent. This has led to an increase in asking rates for these spaces (over $60 a square foot) as more developments arise in the area.
The lack of space hasn’t stifled the job market in Boston, however, as the city continues to expand its workforce, with education, technology, and healthcare continue to drive the bulk of the employment push. This continued influx of talent will continue to have companies clamoring for prime commercial real estate space to host their offices, putting developers and property owners in the proverbial catbird seat.
