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Boston Office Market Report BOSTON OFFICE MARKET REPORT THIRD QUARTER 2017 FLAT ABSORPTION AMIDST MOVING PIECES As the nation’s 10th largest metro and population growth exceeding San Francisco, New York and Los Angeles, Boston has cemented its status as one of the premier Global Markets as a “must have” location. Not surprisingly, rumors surrounding Amazon’s HQ2 are running rampant with many local professionals thinking the Hub stands an excellent chance to land the second behemoth headquarters for the booming Amazon. In addition to the buzz surrounding the potential Amazon expansion, the local market remained extremely active with several large chips announcing relocations this quarter. Rental rents have responded favorably with the average rate eclipsing $55.26 per square foot. With a combined vacancy rate at 7.0% across Downtown’s eight distinct submarkets, the overall market has remained at its lowest levels since the dot-com boom of the early 2000’s. Firmly rooted in education, technology and life sciences, the region’s diverse economic base has submitted strong job growth through increased recruitment and skilled labor retention from the area’s leading universities and institutions. Looking forward, expect sound market conditions and a diversified economy to guide the greater Boston commercial real estate market to a strong performance over the next several years. # 4.2% # 4.4% # 2.9% 4th AUGUST AUGUST ANNUAL HIGHEST GDP MASSACHUSETTS NATIONAL WAGE GROWTH PER CAPITA UNEMPLOYMENT UNEMPLOYMENT NATIONALLY MARKET TRENDS CLASS A - ASKING RATE BOSTON 10TH LARGEST VS. DIRECT VACANCY NATIONAL METRO Faster population growth than New York & San Francisco AverageDirect Asking Vacancy Rate (%) $61.00 16.0% $58.00 14.0% $55.00 12.0% VACANCY UP TO 7.0% $52.00 10.0% Strong demand across all eight downtown submarkets $49.00 8.0% $46.00 6.0% $43.00 4.0% ASKING RATES RISE AGAIN $40.00 2.0% Demand continued out-pacing supply, modern space rules $37.00 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 Average Asking Rate Direct Vacancy LIFE SCIENCE SECTION SURGES now represents over 70% of R&D demand CLASS B - ASKING RATE VS. DIRECT VACANCY TENANTS FAVOR AverageDirect Asking Vacancy Rate (%) CREATIVE OFFICE $47.00 16.0% Open layouts, contemporary finishes and collaborative environments $43.00 14.0% $39.00 12.0% $35.00 10.0% INVESTMENT SALES QUANDARY $31.00 8.0% are seller’s expectations above willingness to pay? $27.00 6.0% $23.00 4.0% $19.00 2.0% $15.00 0.0% ADAPTIVE REUSE EMERGENCE 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 when soaring constructions costs meet creative demand Average Asking Rate Direct Vacancy DIRECT VACANCY RATE BY SUBMARKET Midtown Financial District Back Bay Charlestown Seaport Fenway North Station South Station 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% QUICK GLANCE MARKET STATS VACANCY SUBLEASE AVAILABILITY ▼ ▼ 7.0% 2.2% ▼ 13.4% ABSORPTION CONSTRUCTION ASKING RATE ▼ ▼ (295K) sf 1.6 MM sf ▼ $55.26/sf North Station North End $49.25/SF Beacon Hill Financial District Back Bay $55.36/SF $60.52/SF Midtown $44.02/SF South End South Station $49.49/SF Seaport $57.74/SF CLASS A OFFICE # 7.9% DIRECT VACANCY • With Amazon hotly circling Greater Boston for its HQ2 the market remained extremely active with several large lease requirements vying for space. At 121 Seaport Boulevard, Skanska experienced a flurry of leasing velocity at the spec office building which is now fully leased. PTC will relocate from suburban Needham into 250,000 square feet at the sleek new elliptical tower. Alexion Pharmaceuticals has signed for 150,000 square # 1.8% feet which buttons up the office leasing program. SUBLEASE AVAILABILITY • While the Seaport remained white hot, particularly with Amazon’s HQ2 buzz, the Financial District marked strong leasing velocity as well. Most notably, Cloud Health Technologies relocated from 280 Summer Street to 80,000 square feet across the channel at 100 Summer Street. American Well took a fourth floor at 75 State Street and now totals 100,000 square feet. Hinckley Allen renewed for 52,000 square feet at 28 State Street. # 14.0% • Cambridge is no longer the only lab market in town. At Boston Landing, the recently delivered 80 Guest Street building shell TOTAL AVAILABILITY secured two 30,000 square foot lab tenants. Proteostasis Therapeutics will relocate from Cambridge to the New Balance anchored development, while Roche Diagnostics will consolidate multiple operations at 80 Guest Street. • The investment sales market continued churning along with a handful of notable transaction. Perhaps most significantly, current Faneuil Hall owner and operator Ashkenazy Cor, acquired One $ (191,600) SF South Station from Blackstone for $119 million. The transit hub plays a role in Hines’ larger scale air rights development and 12-MONTH ABSORPTION possible Amazon HQ2 recruitment efforts. Another transit- orientated building 125 Lincoln Street was acquired by Oxford Properties who continue growing their local portfolio. The long term fate of the mixed use office, retail and parking structure remains uncertain with Oxford planning to operate as-is for the time being. # $60.41/SF AVERAGE ASKING RATE CLASS A OFFICE NOTABLE QUARTERLY LEASES ADDRESS SUBMARKET TENANT SF 121 Seaport Boulevard Seaport PTC 250,000 121 Seaport Boulevard Seaport Alexion Pharmaceuticals 150,000 75 State Street Financial District American Well 100,000 500 Boylston/222 Berkeley Back Bay LevelUp 100,000 100 Summer Street Financial District Cloud Health Technologies 80,000 28 State Street Financial District Hinckley Allen 52,000 53 State Street Financial District AON 39,000 225 Franklin Financial District Data Dog 32,000 AVERAGE ASKING RATE AVERAGE DIRECT VACANCY BY SUBMARKET BY SUBMARKET $70.00 18.0% $65.00 15.0% $60.00 12.0% $55.00 9.0% $50.00 6.0% $45.00 3.0% $40.00 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 Financial District Seaport Back Bay RECENT INVESTMENT SALES One Federal Street 125 Lincoln Street One South Station 1000 Washington Street One Federal Street One South Station $705,000,000 ($630/RSF) $119,000,000 ($566/RSF) Recap: Tishman Speyer Buyer: Ashkenazy 1000 Washington Street 125 Lincoln Street $114,200,000 ($363/RSF) $39,500,000 ($731/RSF) Buyer: Nordblom Company Buyer: Oxford Properties CLASS B OFFICE # 5.4% DIRECT VACANCY • Over the past 24-36 months the Class B market has re-invented itself into the market leader for today’s creative & innovative tenants. The authentic character and boutique feel of the buildings coupled with modern technologies and contemporary finishes have elevated the market standard. The Class B vacancy rate has averaged between 5-8% and asking rates are now in the mid-to-high $40’s PSF for well positioned product with premium quality assets extending into the low $50 PSF range. # 2.8% • This quarter the market posted relative quiet leasing velocity SUBLEASE AVAILABILITY with slightly negative absorption as giveback space rolled vacant. At 179 Lincoln Street, several leases were signed including Power Advocate for 22,700 square feet, Smartsheet at 19,200 square feet and XPO Logistics for 13,500 square feet. A handful of smaller deals were inked across South Station and the Financial District. • Following last quarter’s splash with Amazon leasing 150,000 at # 12.5% 253 Summer Street, the Fort Point neighborhood remained relatively quiet amidst the heavy surrounding construction. Most TOTAL AVAILABILITY notably, Duck Creek, a current tenant at 51 Sleeper Street leased a floor at 22 Boston Wharf Road where two floors of new office space have been added atop the existing office and parking structure. • The investment sales market remained hot, however the quantity of buildings hitting the market has slowed. Morgan Stanley continued its local buying spree adding 250 Summer Street to $ (104K) SF its portfolio of newly acquired West Cambridge assets. Located at the gateway to the Seaport the creative office building nearly 12-MONTH ABSORPTION eclipsed $600 per square foot. Less than a half mile away, Towerpoint changed hands for the third time in less than four years, being acquired by Northwood Investors for $552 per square foot. With investor appetite strong, watch for more Class B buildings to hit the market in the coming months. # $45.95/SF AVERAGE ASKING RATE CLASS B OFFICE NOTABLE QUARTERLY LEASES ADDRESS SUBMARKET TENANT SF 22 Boston Wharf Road Seaport Duck Creek 29,000 179 Lincoln Street Financial District Power Advocate 22,700 179 Lincoln Street Financial District Smartsheet 19,000 399 Boylston Street Back Bay Workbar 12,000 46 Plympton Street South Boston Freight Farms 10,000 27 School Street Financial District Staples Contract & Commercial 6,300 141 Tremont Street Financial District Curata 5,500 AVERAGE ASKING RATE AVERAGE DIRECT VACANCY BY SUBMARKET BY SUBMARKET $51.00 20.0% $46.00 16.0% $41.00 12.0% $36.00 8.0% $31.00 4.0% $26.00 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017 Financial District Seaport Back Bay RECENT INVESTMENT 45 School Street SALES 50 Congress Street 250 Summer Street Tower Point Towerpoint 250 Summer Street $86,850,000 ($552/RSF) $62,200,000 ($594/RSF) Buyer: Northwood Investors Buyer: Morgan Stanley 45 School Street 50 Congress $30,100,000 ($359/RSF) $79,000,000 ($440/RSF) Buyer: Synergy Buyer: Jumbo Capital & Guggenheim OFFICE REPORT STATS Total Direct Sublease Total Quarterly 12 Month Average Office Inventory (SF) Vacancy Availability
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