By: Ashley Lane, Director of Boston Research
In Boston and Cambridge, limited supply of office and lab space for large users continues to be a prevailing theme – along with rapidly escalating rents. In response, Cushman & Wakefield developed the BLOX (Building Lease Opportunity Index) to provide a snapshot of current and future availabilities by contiguous block size.
In markets like Greater Boston – where demand frequently outstrips supply – space is often leased without ever being marketed publicly. As of today, tenants in the market for over 100,000 square feet (sf) have no existing options in Cambridge and only seven existing options in Boston. Therefore, any space that does become available typically becomes a hot commodity.
Robust development pipelines of permitted projects in Greater Boston could mean an additional supply of more than 14 million square feet (msf) over the next five years. However, it’s a rare occasion to see projects break ground on a speculative basis – so these potential new deliveries do not guarantee an alleviation of tight conditions.
The commercial real estate landscape is changing daily and what’s here today will quite likely be gone tomorrow. This rapid pace of leasing activity means it’s important to partner with an advisor who is aware of potential off-market options.
Check out the BLOX below for a temperature gauge of availabilities in your given size range: