OFFICE STATISTICAL SUMMARY

A CUSHMAN & WAKEFIELD BOSTON RESEARCH PUBLICATION

1Q11

GREATER BOSTON

ALL CLASSES

1Q11 OVERALL
VACANCY

1Q11 DIRECT
VACANCY

YTD LEASING
ACTIVITY

YTD OVERALL
ABSORPTION

17.3%
15.9%
15.0%
6.6%
21.7%
11.5%

16.0%
14.4%
14.7%
4.9%
18.2%
9.8%

412,814
38,806
14,756
133,059
65,022
-

(193,560)
(61,357)
(128,977)
18,980
(39,491)
(1,800)

33,768,895
3,943,750
2,284,409
13,077,955
5,820,088
1,881,096

168
47
30
64
50
18

760,371
43,000
474,628
-

590,000
-

15.1%

13.5%

664,457

(406,205)

60,776,193

377

1,277,999

590,000

22.1%
5.2%
13.3%
16.9%
14.1%
18.4%

22.1%
4.7%
10.4%
16.9%
13.7%
14.7%

5,210
29,683
166,063
11,500
78,338
59,020

2,079
24,536
75,045
8,316
45,114
(37,121)

1,604,024
2,101,734
6,278,318
522,263
3,059,168
4,068,769

18
36
42
13
40
29

-

200,000
-

14.6%

12.6%

349,814

17,634,276

178

-

200,000

11.4%
19.0%
18.9%

11.3%
18.3%
17.6%

10,000
11,800

(3,000)
(7,901)
(77,370)

1,621,760
2,898,602
2,887,517

15
32
46

-

-

17.3%

16.5%

21,800

(88,271)

7,407,879

93

-

-

TOTAL INVENTORY

NO. OF
BUILDINGS

UNDER
RENOVATION

UNDER
CONSTRUCTION

DIRECT AVG.
RENTAL RATE

BOSTON
Financial District
Gov't Center/North Station
Midtown
Back Bay
Seaport
Charlestown
Boston CBD Total

$41.98
$29.24
$25.42
$41.94
$28.81
$23.25
$38.65

CAMBRIDGE (OFFICE AND LAB)
Alewife/Fresh Pond
Mass. Ave./Harvard Square
Kendall Square/E. Cambridge
Alewife/Fresh Pond Lab
Mass. Ave./Harvard Square Lab
Kendall Square/E. Cambridge Lab
Cambridge Total

117,969

$26.87
$34.70
$39.19
$31.00
$49.56
$60.42
$44.41

INNER SUBURBS
South End/Medical Center
Somerville/Medford/Malden
Allston/Brighton/Watertown
Inner Suburbs Total

$23.20
$22.61
$24.75
$23.59
3

SUBURBS
128 North
128 West 1
128 South
MetroWest
495 North
495 West
495 South
Suburbs Total
GREATER BOSTON TOTAL

20.0%
20.0%
24.7%
17.7%
26.8%
25.2%
31.0%

18.9%
16.1%
22.4%
16.3%
23.9%
21.3%
30.3%

246,599
316,002
74,886
16,168
322,537
181,112
6,413

18,274
(411,463)
(20,244)
(88,757)
144,001
(90,238)
(40,468)

21,664,529
23,593,437
12,340,419
4,667,679
19,087,007
12,788,819
2,832,638

244
284
162
58
188
141
47

-

-

$20.87
$26.73
$19.03
$19.67
$16.49
$16.83
$18.09

22.8%

20.2%

1,163,717

(488,895)

96,974,528

1,124

-

-

$19.99

19.2%

17.1%

2,199,788

(865,402)

182,792,876

1,772

DEFINITIONS
Overall Vacancy: Vacant space inclusive of sublease availability
Direct Vacancy: Vacant space available directly through the building landlord
Overall Absorption: The change in occupied built space for a given period of time, including sublease space
Total Inventory: Includes all existing buildings that are deemed competitive and that meet existing size requirements
No. of Buildings: The number of buildings included in total inventory
Under Renovation: Total square feet removed from inventory due to significant renovation and/or re-hab activity. Under renovation will be re-introduced to total inventory upon completion.
Under Construction: Total square feet under construction that will represent new additions to inventory when completed. Does not include square feet being constructed on a build-to-suit basis.
Direct Avg. Rental Rate: The average asking rents on direct available space, net of tenant electric
(1.) The inventory in these markets currently includes laboratory space.

1,277,999

790,000

$26.97

OFFICE STATISTICAL SUMMARY
A CUSHMAN & WAKEFIELD BOSTON RESEARCH PUBLICATION

1Q11

GREATER BOSTON

CLASS A
1Q11 OVERALL
VACANCY

1Q11 DIRECT
VACANCY

YTD LEASING
ACTIVITY

YTD OVERALL
ABSORPTION

18.4%
10.9%
5.5%
32.8%
22.7%

17.0%
7.9%
4.0%
31.9%
13.2%

189,157
7,845
106,530
10,743
-

(288,500)
2,400
7,766
10,754
-

23,909,550
1,399,500
9,312,676
1,611,273
240,940

15.5%

14.0%

314,275

(267,580)

29.9%
6.4%
13.8%
4.5%
20.0%

29.9%
5.5%
10.5%
4.5%
15.5%

5,210
18,943
163,608
17,607
56,095

14.5%

11.9%

261,463

25.6%
10.2%

24.4%
6.7%

-

16.2%

14.3%

-

21.4%
19.3%
22.6%
13.9%
14.3%
23.2%
40.7%

19.8%
14.8%
19.7%
12.0%
11.6%
19.4%
39.5%

20.5%
17.8%

TOTAL INVENTORY

NO. OF
BUILDINGS

UNDER
RENOVATION

UNDER
CONSTRUCTION

DIRECT AVG.
RENTAL RATE

BOSTON
Financial District
Gov't Center/North Station
Midtown
Back Bay
Seaport
Charlestown
Boston CBD Total

40
7
19
5
3

760,371
-

36,473,939

74

760,371

2,079
13,796
72,590
990
22,406

1,008,983
1,114,080
5,448,452
134,298
1,733,944
3,041,366

7
14
29
1
14
15

-

200,000
-

111,861

12,481,123

80

-

200,000

(6,526)
(28,885)

477,421
1,477,548
1,060,043

3
12
13

-

(35,411)

3,015,012

28

-

185,297
139,753
63,300
7,150
188,964
126,868
6,413

6,988
(299,502)
44,266
(92,668)
64,513
(19,440)
(39,768)

11,839,570
13,289,771
7,723,418
2,971,814
4,746,727
5,314,391
1,229,625

98
96
74
23
34
52
17

-

-

$23.63
$29.77
$20.95
$22.38
$18.08
$18.11
$20.44

17.5%

717,745

(335,611)

47,115,316

394

-

-

$23.33

15.4%

1,293,483

(526,741)

99,085,390

576

-

590,000
590,000

$45.76
$32.48
N/A
$46.50
$36.50
$29.22
$45.05

CAMBRIDGE (OFFICE AND LAB)
Alewife/Fresh Pond
Mass. Ave./Harvard Square
Kendall Square/E. Cambridge
Alewife/Fresh Pond Lab
Mass. Ave./Harvard Square Lab
Kendall Square/E. Cambridge Lab
Cambridge Total

$28.48
$36.34
$40.80
N/A
$50.53
$64.59
$46.20

INNER SUBURBS
South End/Medical Center
Somerville/Medford/Malden
Allston/Brighton/Watertown
Inner Suburbs Total

-

N/A
$23.86
$26.05
$24.18

SUBURBS
128 North
128 West 1
128 South
MetroWest
495 North
495 West
495 South
Suburbs Total
GREATER BOSTON TOTAL

DEFINITIONS
Overall Vacancy: Vacant space inclusive of sublease availability
Direct Vacancy: Vacant space available directly through the building landlord
Overall Absorption: The change in occupied built space for a given period of time, including sublease space
Total Inventory: Includes all existing buildings that are deemed competitive and that meet existing size requirements
No. of Buildings: The number of buildings included in total inventory
Under Renovation: Total square feet removed from inventory due to significant renovation and/or re-hab activity. Under renovation will be re-introduced to total inventory upon completion.
Under Construction: Total square feet under construction that will represent new additions to inventory when completed. Does not include square feet being constructed on a build-to-suit basis.
Direct Avg. Rental Rate: The average asking rents on direct available space, net of tenant electric
(1.) The inventory in these markets currently includes laboratory space.

760,371

790,000

$33.08

OFFICE STATISTICAL SUMMARY
A CUSHMAN & WAKEFIELD BOSTON RESEARCH PUBLICATION

1Q11

GREATER BOSTON

CLASS B
1Q11 OVERALL
VACANCY

1Q11 DIRECT
VACANCY

YTD LEASING
ACTIVITY

YTD OVERALL
ABSORPTION

15.2%
23.2%
22.4%
9.3%
17.3%
7.2%

13.9%
22.2%
22.0%
6.7%
12.4%
6.5%

220,761
23,801
11,011
16,325
45,492
-

92,044
(69,774)
(130,722)
7,214
(52,580)
(1,800)

8,695,286
1,876,975
1,366,296
3,080,582
3,782,265
1,424,156

101
24
15
29
36
12

43,000
218,728
-

-

$30.36
$28.91
$25.89
$37.78
$27.16
$22.41

15.4%

13.3%

317,390

(155,618)

20,225,560

217

261,728

-

$29.35

1.2%
4.0%
10.0%
27.8%
26.5%
16.4%

1.2%
3.8%
9.6%
27.8%
25.5%
14.9%

10,740
2,455
11,500
60,731
2,925

10,740
2,455
8,316
44,124
(59,527)

371,128
975,654
687,866
317,430
1,236,387
852,396

6
21
11
7
21
11

-

-

$18.75
$32.21
$30.22
$31.00
$49.56
$45.00

15.0%

14.4%

88,351

4,440,861

77

-

-

$42.87

17.8%
12.2%
21.2%

17.5%
12.0%
21.2%

10,000
11,800

(3,000)
6,125
(48,485)

1,044,339
1,275,420
1,471,420

10
15
27

-

-

$23.20
$19.96
$24.99

17.2%

17.1%

21,800

(45,360)

3,791,179

52

-

-

$23.29

18.8%
21.7%
28.7%
25.2%
30.6%
27.0%
22.4%

18.6%
18.3%
27.0%
25.2%
27.5%
22.9%
22.1%

47,586
163,056
10,086
6,279
133,573
51,244
-

16,965
(61,800)
(32,899)
1,172
84,130
(68,174)
(700)

8,467,430
9,234,672
4,376,864
1,532,777
13,648,610
7,345,745
1,511,813

129
153
79
31
143
85
27

-

-

$17.70
$23.77
$17.07
$17.31
$16.51
$16.14
$15.63

25.5%

23.0%

411,824

(61,306)

46,117,911

647

-

-

$17.81

21.7%

19.6%

839,365

(256,176)

74,575,511

993

-

$21.43

TOTAL INVENTORY

NO. OF
BUILDINGS

UNDER
RENOVATION

UNDER
CONSTRUCTION

DIRECT AVG.
RENTAL RATE

BOSTON
Financial District
Gov't Center/North Station
Midtown
Back Bay
Seaport
Charlestown
Boston CBD Total

CAMBRIDGE (OFFICE AND LAB)
Alewife/Fresh Pond
Mass. Ave./Harvard Square
Kendall Square/E. Cambridge
Alewife/Fresh Pond Lab
Mass. Ave./Harvard Square Lab
Kendall Square/E. Cambridge Lab
Cambridge Total

6,108

INNER SUBURBS
South End/Medical Center
Somerville/Medford/Malden
Allston/Brighton/Watertown
Inner Suburbs Total

SUBURBS
128 North
128 West 1
128 South
MetroWest
495 North
495 West
495 South
Suburbs Total
GREATER BOSTON TOTAL

DEFINITIONS
Overall Vacancy: Vacant space inclusive of sublease availability
Direct Vacancy: Vacant space available directly through the building landlord
Overall Absorption: The change in occupied built space for a given period of time, including sublease space
Total Inventory: Includes all existing buildings that are deemed competitive and that meet existing size requirements
No. of Buildings: The number of buildings included in total inventory
Under Renovation: Total square feet removed from inventory due to significant renovation and/or re-hab activity. Under renovation will be re-introduced to total inventory upon completion.
Under Construction: Total square feet under construction that will represent new additions to inventory when completed. Does not include square feet being constructed on a build-to-suit basis.
Direct Avg. Rental Rate: The average asking rents on direct available space, net of tenant electric
(1.) The inventory in these markets currently includes laboratory space.

261,728

OFFICE STATISTICAL SUMMARY
1Q11

A CUSHMAN & WAKEFIELD BOSTON RESEARCH PUBLICATION

GREATER BOSTON

CLASS C
1Q11 OVERALL
VACANCY

1Q11 DIRECT
VACANCY

YTD LEASING
ACTIVITY

YTD OVERALL
ABSORPTION

11.0%
6.1%
3.9%
9.2%
19.4%
27.4%

11.0%
6.1%
3.9%
9.2%
18.1%
27.4%

2,896
7,160
3,745
10,204
8,787
-

2,896
6,017
1,745
4,000
2,335
-

1,164,059
667,275
918,113
684,697
426,550
216,000

27
16
15
16
9
3

255,900
-

-

$23.53
$23.90
$21.46
$27.70
$20.23
$21.37

10.0%

9.9%

32,792

16,993

4,076,694

86

255,900

-

$23.04

21.6%
12.4%
29.2%
-

21.6%
12.2%
29.2%
-

-

-

223,913
12,000
142,000
70,535
88,837
175,007

-

-

$17.62
N/A
$20.00
N/A
$46.50
N/A

12.9%

12.9%

-

-

712,292

21

-

-

$26.24

10.6%
35.5%

10.6%
35.5%

-

(7,500)
-

100,000
145,634
356,054

2
5
6

-

-

N/A
$17.06
$10.00

23.6%

23.6%

(7,500)

601,688

13

-

-

$10.77

14.2%
13.7%
21.8%
14.5%
36.8%
5.7%
43.0%

13.7%
13.7%
21.8%
9.9%
36.8%
5.7%
43.0%

13,716
13,193
1,500
2,739
3,000
-

(5,679)
(50,161)
(31,611)
2,739
(4,642)
(2,624)
-

1,357,529
1,068,994
240,137
163,088
691,670
128,683
91,200

17
35
9
4
11
4
3

-

-

$16.00
$18.92
$17.00
$16.65
$12.81
$14.55
$10.00

19.1%

18.8%

34,148

(91,978)

3,741,301

83

-

-

$14.98

14.9%

14.7%

66,940

(82,485)

9,131,975

203

-

$18.55

TOTAL INVENTORY

NO. OF
BUILDINGS

UNDER
RENOVATION

UNDER
CONSTRUCTION

DIRECT AVG.
RENTAL RATE

BOSTON
Financial District
Gov't Center/North Station
Midtown
Back Bay
Seaport
Charlestown
Boston CBD Total

CAMBRIDGE (OFFICE AND LAB)
Alewife/Fresh Pond
Mass. Ave./Harvard Square
Kendall Square/E. Cambridge
Alewife/Fresh Pond Lab
Mass. Ave./Harvard Square Lab
Kendall Square/E. Cambridge Lab
Cambridge Total

5
1
2
5
5
3

INNER SUBURBS
South End/Medical Center
Somerville/Medford/Malden
Allston/Brighton/Watertown
Inner Suburbs Total
SUBURBS
128 North
128 West
128 South
MetroWest
495 North
495 West
495 South
Suburbs Total
GREATER BOSTON TOTAL

-

DEFINITIONS
Overall Vacancy: Vacant space inclusive of sublease availability
Direct Vacancy: Vacant space available directly through the building landlord
Overall Absorption: The change in occupied built space for a given period of time, including sublease space
Total Inventory: Includes all existing buildings that are deemed competitive and that meet existing size requirements
No. of Buildings: The number of buildings included in total inventory
Under Renovation: Total square feet removed from inventory due to significant renovation and/or re-hab activity. Under renovation will be re-introduced to total inventory upon completion.
Under Construction: Total square feet under construction that will represent new additions to inventory when completed. Does not include square feet being constructed on a build-to-suit basis.
Direct Avg. Rental Rate: The average asking rents on direct available space, net of tenant electric
(1.) The inventory in these markets currently includes laboratory space.

255,900

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