MARKETBEAT

OFFICE STATISTICAL SUMMARY
Greater Boston

Q1 2012

A Cushman & Wakefield Research Publication

ALL CLASSES

Financial District
Gov't Center/North Station
Midtown
Back Bay
Seaport
Charlestown

1Q12 OVERALL
VACANCY
15.3%
11.8%
13.4%
5.2%
14.1%
12.9%

1Q12 DIRECT
VACANCY
14.2%
11.3%
13.4%
4.2%
12.7%
10.1%

YTD LEASING
ACTIVITY
539,624
60,988
0
147,089
389,503
64,959

YTD OVERALL
ABSORPTION
201,891
34,139
(21,838)
23,065
125,531
(8,331)

TOTAL
INVENTORY
33,818,631
3,943,750
2,261,789
13,027,919
6,011,841
1,881,096

NO. OF
BUILDINGS
168
47
29
63
51
18

UNDER
RENOVATION
760,371
0
0
50,036
387,204
0

UNDER
CONSTRUCTION
590,000
0
0
0
1,072,798
0

DIRECT AVG.
RENTAL RATE
$42.73
$29.88
$25.34
$43.99
$38.01
$24.40

BOSTON CBD TOTAL
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

12.6%
19.7%
2.7%
7.2%
15.2%
14.1%
22.0%

11.6%
18.3%
2.2%
6.7%
10.7%
13.9%
17.8%

1,202,163
13,137
35,752
140,984
10,402
20,056
186,270

354,457
(32,710)
21,201
(210,302)
9,568
(33,960)
(260,688)

60,945,026
1,795,543
2,113,361
6,199,753
525,247
3,119,747
4,051,548

376
18
37
42
13
40
28

1,197,611
0
0
0
0
0
212,123

1,662,798
0
0
497,000
0
0
289,000

$40.27
$31.21
$33.16
$47.70
$33.90
$52.87
$60.11

CAMBRIDGE TOTAL
South End/Medical Center
Somerville/Medford/Malden
Allston/Brighton/Watertown

12.7%
7.6%
17.9%
21.2%

11.3%
7.3%
17.3%
19.1%

406,601
0
32,353
55,491

(506,891)
1,900
9,459
(19,471)

17,805,199
1,621,760
2,913,602
3,051,307

178
15
33
47

212,123
0
0
0

786,000
0
0
0

$49.88
$21.53
$23.10
$23.25

INNER SUBURBS
128 North
128 West
128 South
MetroWest
495 North
495 West
495 South

17.0%
16.1%
19.2%
22.0%
14.6%
28.2%
32.2%
32.7%

15.9%
15.3%
16.3%
20.2%
13.6%
25.7%
27.8%
31.5%

87,844
226,204
246,632
127,885
24,513
58,472
79,909
11,070

(8,112)
(151,086)
(368,322)
(148,424)
(59,319)
(142,348)
(1,469,236)
(50,693)

7,586,669
21,794,104
24,022,563
12,547,499
4,667,679
19,126,202
14,125,086
2,832,638

95
243
290
162
58
189
145
47

0
40,000
0
0
0
0
0
0

0
86,000
0
0
0
0
0
0

$23.02
$20.34
$27.59
$18.57
$19.00
$16.25
$16.82
$17.14

SUBURBS TOTAL
GREATER BOSTON TOTAL

22.6%
18.2%

20.3%
16.4%

774,685
2,471,293

(2,389,428)
(2,549,974)

99,205,771
185,542,665

1,134
1,783

40,000
1,449,734

86,000
2,534,798

$19.92
$27.34

Cushman & Wakefield of Massachusetts
125 Summer Street, Suite 1500
Boston, MA 02110
(617)330-6966
www.cushmanwakefield.com/knowledge

The market terms and definitions in this report are based on NAIOP standards.
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to
errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.
© 2011 Cushman & Wakefield, Inc. All rights reserved.

MARKETBEAT
OFFICE STATISTICAL SUMMARY
Greater Boston

Q1 2012

A Cushman & Wakefield Research Publication

CLASS A

Financial District
Gov't Center/North Station
Midtown
Back Bay
Seaport
Charlestown

1Q12 OVERALL
VACANCY
15.6%
7.3%
0.0%
4.8%
21.6%
25.0%

1Q12 DIRECT
VACANCY
14.6%
6.4%
0.0%
3.8%
20.6%
15.5%

YTD LEASING
ACTIVITY
414,062
5,540
0
108,242
70,878
0

YTD OVERALL
ABSORPTION
151,690
5,540
0
(8,209)
68,727
(5,550)

TOTAL
INVENTORY
23,909,550
1,399,500
0
9,312,676
1,611,273
240,940

NO. OF
BUILDINGS
40
7
0
19
5
3

UNDER
RENOVATION
760,371
0
0
0
0
0

UNDER
CONSTRUCTION
590,000
0
0
0
1,072,798
0

DIRECT AVG.
RENTAL RATE
$47.71
$33.01
N/A
$47.65
$52.40
$29.33

BOSTON CBD TOTAL
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

12.9%
25.7%
1.3%
7.7%
17.6%
5.5%
23.2%

11.8%
24.0%
1.3%
7.3%
0.0%
5.5%
19.8%

598,722
11,335
30,233
115,631
0
4,021
151,782

212,198
(29,217)
26,241
(208,671)
0
4,021
(208,145)

36,473,939
1,226,482
1,112,080
5,329,067
134,298
1,740,664
3,258,592

74
8
14
28
1
14
16

760,371
0
0
0
0
0
212,123

1,662,798
0
0
497,000
0
0
289,000

$47.61
$32.55
$26.81
$48.99
N/A
$56.50
$61.67

CAMBRIDGE TOTAL
South End/Medical Center
Somerville/Medford/Malden
Allston/Brighton/Watertown

12.6%
0.0%
23.2%
21.5%

11.2%
0.0%
22.8%
16.8%

313,002
0
22,951
14,865

(415,771)
0
5,436
(26,489)

12,801,183
477,421
1,477,548
1,242,025

81
3
12
14

212,123
0
0
0

786,000
0
0
0

$51.66
N/A
$23.79
$26.25

INNER SUBURBS
128 North
128 West
128 South
MetroWest
495 North
495 West
495 South

22.4%
15.5%
17.2%
20.7%
9.7%
18.6%
26.2%
36.6%

20.1%
14.3%
15.1%
18.6%
9.0%
15.7%
20.9%
33.8%

37,816
131,652
117,172
91,583
10,600
19,970
36,730
4,170

(21,053)
(131,101)
(178,869)
(160,672)
(29,803)
(8,196)
(380,711)
4,170

3,196,994
12,000,530
12,962,414
7,923,651
2,971,814
4,977,397
5,680,630
1,229,625

29
98
92
75
23
36
53
17

0
0
0
0
0
0
0
0

0
86,000
0
0
0
0
0
0

$24.70
$23.72
$30.89
$20.56
$21.30
$18.31
$17.50
$19.65

SUBURBS TOTAL
GREATER BOSTON TOTAL

18.6%
15.8%

16.4%
14.1%

411,697
1,361,237

(885,182)
(1,109,808)

47,746,061
100,218,177

394
578

0
972,494

86,000
2,534,798

$23.60
$34.66

Cushman & Wakefield of Massachusetts
125 Summer Street, Suite 1500
Boston, MA 02110
(617)330-6966
www.cushmanwakefield.com/knowledge

The market terms and definitions in this report are based on NAIOP standards.
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to
errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.
© 2011 Cushman & Wakefield, Inc. All rights reserved.

MARKETBEAT
OFFICE STATISTICAL SUMMARY
Greater Boston

Q1 2012

A Cushman & Wakefield Research Publication

CLASS B

Financial District
Gov't Center/North Station
Midtown
Back Bay
Seaport
Charlestown

1Q12 OVERALL
VACANCY
14.1%
17.0%
19.3%
5.5%
11.7%
9.3%

1Q12 DIRECT
VACANCY
12.8%
16.6%
19.3%
4.2%
9.9%
7.2%

YTD LEASING
ACTIVITY
111,962
52,726
0
33,959
268,625
64,959

YTD OVERALL
ABSORPTION
40,601
38,552
(9,580)
24,835
59,304
(2,781)

TOTAL
INVENTORY
8,761,318
1,876,975
1,343,676
3,030,546
3,974,018
1,424,156

NO. OF
BUILDINGS
102
24
14
28
37
12

UNDER
RENOVATION
0
0
0
50,036
131,304
0

UNDER
CONSTRUCTION
0
0
0
0
0
0

DIRECT AVG.
RENTAL RATE
$30.16
$29.63
$26.00
$40.39
$27.68
$24.12

BOSTON CBD TOTAL
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

12.6%
2.1%
4.2%
3.2%
16.6%
20.6%
18.9%

11.4%
1.1%
3.3%
2.4%
16.6%
20.2%
10.4%

532,231
1,802
5,519
20,023
10,402
16,035
34,488

150,931
(3,493)
(5,040)
(2,716)
9,568
16,019
(52,543)

20,410,689
344,280
989,281
711,663
320,414
1,281,414
720,261

217
5
22
11
7
21
10

181,340
0
0
0
0
0
0

0
0
0
0
0
0
0

$29.49
$21.00
$35.29
$34.89
$34.21
$50.94
$46.65

CAMBRIDGE TOTAL
South End/Medical Center
Somerville/Medford/Malden
Allston/Brighton/Watertown

12.0%
11.0%
12.8%
23.5%

10.1%
11.0%
12.1%
23.2%

88,269
0
2,402
40,626

(38,205)
1,900
(2,977)
7,018

4,367,313
1,044,339
1,290,420
1,569,224

76
10
16
28

0
0
0
0

0
0
0
0

$46.13
$21.64
$22.14
$22.02

INNER SUBURBS
128 North
128 West
128 South
MetroWest
495 North
495 West
495 South

16.6%
17.1%
22.4%
24.7%
24.4%
31.3%
36.7%
29.0%

16.3%
16.8%
18.7%
23.4%
23.2%
28.9%
32.8%
29.0%

43,028
84,377
117,520
34,802
12,918
25,353
43,179
6,900

5,941
(28,785)
(180,375)
12,542
(24,831)
(138,775)
(1,083,038)
(54,863)

3,903,983
8,431,045
10,001,989
4,415,322
1,532,777
13,455,345
8,405,773
1,511,813

54
128
163
79
31
142
88
27

0
40,000
0
0
0
0
0
0

0
0
0
0
0
0
0
0

$21.98
$17.11
$24.48
$16.51
$17.37
$16.05
$16.50
$15.84

SUBURBS TOTAL
GREATER BOSTON TOTAL

27.0%
21.8%

24.6%
19.8%

325,049
988,577

(1,498,125)
(1,379,458)

47,754,064
76,436,049

658
1,005

40,000
221,340

0
0

$17.81
$20.90

Cushman & Wakefield of Massachusetts
125 Summer Street, Suite 1500
Boston, MA 02110
(617)330-6966
www.cushmanwakefield.com/knowledge

The market terms and definitions in this report are based on NAIOP standards.
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to
errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.
© 2011 Cushman & Wakefield, Inc. All rights reserved.

MARKETBEAT
OFFICE STATISTICAL SUMMARY
Greater Boston

Q1 2012

A Cushman & Wakefield Research Publication

CLASS C
1Q12 OVERALL
VACANCY
16.6%
6.8%
4.8%
10.0%
8.5%
23.3%

1Q12 DIRECT
VACANCY
16.0%
6.8%
4.8%
10.0%
8.5%
22.9%

BOSTON CBD TOTAL
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

10.7%
13.5%
0.0%
7.8%
4.0%
81.8%
0.0%

10.5%
13.5%
0.0%
7.8%
4.0%
81.8%
0.0%

71,210
0
0
5,330
0
0
0

(8,672)
0
0
1,085
0
(54,000)
0

4,060,398
224,781
12,000
159,023
70,535
97,669
72,695

85
5
1
3
5
5
2

255,900
0
0
0
0
0
0

0
0
0
0
0
0
0

$24.37
$19.51
N/A
$24.83
$28.00
$54.78
N/A

CAMBRIDGE TOTAL
South End/Medical Center
Somerville/Medford/Malden
Allston/Brighton/Watertown

19.7%
7.5%
8.4%
4.4%

19.7%
2.5%
8.4%
4.4%

5,330
0
7,000
0

(52,915)
0
7,000
0

636,703
100,000
145,634
240,058

21
2
5
5

0
0
0
0

0
0
0
0

$42.69
$16.80
$16.12
$10.00

INNER SUBURBS
128 North
128 West
128 South
MetroWest
495 North
495 West
495 South

6.3%
15.5%
11.6%
12.7%
11.6%
36.4%
8.1%
43.0%

5.2%
14.5%
8.5%
12.7%
8.6%
34.6%
8.1%
43.0%

7,000
10,175
11,940
1,500
995
13,329
0
0

7,000
8,800
(9,078)
(294)
(4,685)
4,623
(5,487)
0

485,692
1,362,529
1,058,160
208,526
163,088
693,460
128,683
91,200

12
17
35
8
4
11
4
3

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

$13.63
$16.45
$18.71
$15.91
$16.43
$13.05
$17.57
$5.00

SUBURBS TOTAL
GREATER BOSTON TOTAL

18.4%
14.3%

16.7%
13.5%

37,939
121,479

(6,121)
(60,708)

3,705,646
8,888,439

82
200

0
255,900

0
0

$14.70
$21.08

Financial District
Gov't Center/North Station
Midtown
Back Bay
Seaport
Charlestown

Cushman & Wakefield of Massachusetts
125 Summer Street, Suite 1500
Boston, MA 02110
(617)330-6966
www.cushmanwakefield.com/knowledge

YTD LEASING
ACTIVITY
13,600
2,722
0
4,888
50,000
0

YTD OVERALL
ABSORPTION
9,600
(9,953)
(12,258)
6,439
(2,500)
0

TOTAL
INVENTORY
1,147,763
667,275
918,113
684,697
426,550
216,000

NO. OF
BUILDINGS
26
16
15
16
9
3

UNDER
RENOVATION
0
0
0
0
255,900
0

The market terms and definitions in this report are based on NAIOP standards.
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to
errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.
© 2011 Cushman & Wakefield, Inc. All rights reserved.

UNDER
CONSTRUCTION
0
0
0
0
0
0

DIRECT AVG.
RENTAL RATE
$24.42
$24.69
$21.54
$31.41
$18.39
$21.24

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