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Boston Office Market Report BOSTON OFFICE MARKET REPORT SECOND QUARTER 2018 NO SIGNS OF SUMMER SLOWDOWN Greater Boston's market showed no signs of weakening during the second quarter by recording strong growth from numerous industry types. The market continued receiving inbound demand as well as converting organic growth into significant expansion. Most notably, Amazon's commitment to nearly 430,000 square feet at Parcel L4 in the Seaport reflects inbound demand while Wayfair's torrid expansion into roughly 395,000 SF in the Back Bay at 222 Berkeley and 500 Boylston Street exemplifies organic growth. The region's demographics and economy have remained solid which has supported and promoted Boston's recent expansion. Firmly rooted in education, technology and life sciences, Boston'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 durable market conditions and a diversified economy to guide the region's commercial real estate market to a strong performance over the next several years. 3.5% 3.8% # $2.6B 2ND MAY MAY MA QUARTERLY NATIONALLY IN MASSACHUSETTS NATIONAL VC FUNDING (Q1) QUARTERLY (Q1) UNEMPLOYMENT UNEMPLOYMENT VC FUNDING CLASS A MARKET ASKING RATE VS. DIRECT VACANCY TRENDS $64.00 16.0% $61.00 14.0% $58.00 12.0% GLOBAL DESTINATION $55.00 10.0% World leader in medical innovation and $52.00 8.0% technological advancement $49.00 6.0% TOWER SALES RIPPLE $46.00 4.0% EFFECT Will recent Class A Tower sales push $43.00 2.0% rental rates even higher? $40.00 0.0% 201720162015201420132012201120102009200820072006 YTD2018 TECHNOLOGY & Average Asking Rate Direct Vacancy (%) INNOVATION HUB Fortune 500 leaders and 1,900 homegrown startups CLASS B BUILD TO SUIT AND ASKING RATE VS. DIRECT VACANCY SPEC DEVELOPMENT Demand still out-pacing supply, $49.00 16.0% tenants prefer new efficiencies $45.00 14.0% COWORKING SPACE $41.00 12.0% DISRUPTING MARKET $37.00 10.0% Tenants like flexibility and shorter term commitments $33.00 8.0% $29.00 6.0% TENANTS FAVOR CREATIVE OFFICE $25.00 4.0% Open layouts, contemporary and $21.00 2.0% collaborative environments $17.00 0.0% 201720162015201420132012201120102009200820072006 YTD2018 Average Asking Rate Direct Vacancy (%) DIRECT VACANCY RATE BY SUBMARKET Midtown Fenway Financial District Back Bay South Station Seaport North Station Charlestown 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% QUICK GLANCE MARKET STATS VACANCY SUBLEASE AVAILABILITY 5.6% 1.7% 11.7 % ABSORPTION CONSTRUCTION ASKING RATE 982K sf 1.8 MM sf $56.83/sf North Station North End $52.79/SF Beacon Hill Financial District Back Bay $56.66/SF $61.90/SF Midtown $46.78/SF South End South Station $50.19/SF Seaport $59.86/SF CLASS A OFFICE 5.7% • While recent indications suggest that Boston may fall short on Amazon's HQ2 selection, Bostonians could look up in 36 months DIRECT VACANCY and Amazon will easily have over two million square feet of local office and R&D space. Most recently, the eCommerce titan has leased 430,000 square feet at Parcel L4 in the Seaport. The build-to-suit will span 17 floors and reportedly house up to 2,000 new workers including the team behind Amazon's widely popular Alexa business unit. Market rumors have indicated Amazon will also keep a close eye on Manulife's building at 601 Congress Street which will become fully available when the company # 1.6% relocates and consolidates into its Back Bay campus. SUBLEASE AVAILABILITY • Similar to Manulife, Wayfair has also begun to spread its roots in the Back Bay and has gobbled up 395,000 square feet at 222 Berkeley and 500 Boylston where the Online retailer will expand its operations from Copley Plaza. Following last quarter's lease announcement with Draft Kings for 105,000 square feet, Oxford Properties will have made great strides towards stabilizing the 1.3 million square foot asset following Houghton Mifflin and Wells Fargo's relocations to the Financial District. Only 12-18 months # 11.7 % ago many experts were doubting the Back Bay's resiliency, however, those doubts seem unfounded now with a 5.1% market TOTAL AVAILABILITY vacancy rate and strong tenant activity. • Burns & Levinson announced it will be vacating 125 Summer Street in favor of newly re-stacked space at 125 High Street. The law firms new offices will span 150,000 square feet. Joining them Downtown will be Spotify who has leased 74,000 square feet at One Center Plaza. The digital music service will consolidate multiple offices from across Boston's interior markets. The latest # 991,050 SF Cambridge tenant to join Boston's ranks will be BitSight when the cyber risk management company relocates from 125 Cambridge 12-MONTH ABSORPTION Park Drive to 111 Huntington Street in the Back Bay. • North Station's dynamic renaissance, anchored by the Hub on Causeway, and supported by the surrounding brick & beam assets along Canal and Portland Streets, has created significant "Uptown" buzz. With reported recent commitments from Oath (Verizon) and Epsilon it appears as though the Hub's office tower will imminently start rising from above the podium level. # $61.98/SF AVERAGE ASKING RATE CLASS A OFFICE NOTABLE QUARTERLY LEASES ADDRESS SUBMARKET TENANT SF Parcel L4 Seaport Amazon 430,000 222 Berkeley/500 Boylston Back Bay Wayfair 395,000 10 Fan Pier Boulevard Seaport Mass Mutual 300,000 125 High Street Financial District Burns Levinson 150,000 501 Boylston Street Back Bay WeWork 120,000 One Center Plaza Financial District Spotify 74,000 500 Boylston Street Back Bay Cooley 60,000 111 Huntington Avenue Back Bay BitSight 48,000 125 High Street Financial District Pepper Hamilton 42,105 399 Boylston Street Back Bay Slalom 30,100 200 Clarendon Street Back Bay Great Hill Partners 29,600 101 Federal Street Financial District iBoss 22,000 100 Summer Street Financial District Industrious 21,000 260 Franklin Street Financial District Acadian Asset Management 16,000 AVERAGE ASKING RATE AVERAGE DIRECT VACANCY BY SUBMARKET BY SUBMARKET $72.00 18.0% $67.00 15.0% $62.00 12.0% $57.00 9.0% $52.00 6.0% $47.00 3.0% $42.00 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD2018 Financial District Seaport Back Bay 60 Canal Street RECENT 28 State Street INVESTMENT SALES CLASS A & B 177 Huntington 451 D Street 28 State Street 177 Huntington Avenue $417,600,000 ($612/RSF) $137,500,000 ($665/RSF) Buyer: Heitman Buyer: PNC 451 D Street 60 Canal Street $276,000,000 ($579/RSF) $22,000,000 ($477/RSF) Buyer: Related Beal Buyer: Normandy RE CLASS B OFFICE 5.5% • The Class B market has evolved over the past few years. No longer simply the low-cost option, the market now caters to DIRECT VACANCY some of today's coolest and most influential business. Somewhat reactionary to the growing co-working market segment, many Class B landlords are implementing creative office initiatives through lobby and amenity enhancements as well as "plug and play" spec suites programs. The market has responded extremely favorably with very low vacancy rates and double-digit rent growth over the past couple years. 1.9% • Activity was relatively sluggish across Downtown and North Station with the majority of transactions coming as renewals. PPL SUBLEASE AVAILABILITY renewed their 24,700 square foot lease at 40 Broad Street while Starry expanded and extended its lease for 20,600 square feet at 38 Chauncy Street. In North Station, Maid Pro renewed its 13,900 square foot lease at 77 North Washington Street. • During the second quarter, the Fort Point neighborhood remained very active. Seismic Software became the latest commitment to 25 Thompson Place after signing a 27,000 square 11.6% foot lease. The penthouse addition atop 22 Boston Wharf Road is now fully leased after Akcea Therapeutics and Industrious TOTAL AVAILABILITY each committed to the remaining 30,000 square foot suites. Meanwhile in the outer Seaport, at 88 Black Falcon, Delphi Automotive leased 23,000 square feet and became the latest technology and autonomous vehicle company to enter the local market. • The investment sales market volume slowed down, however deals are achieving strong pricing which is expected to continue (8,600) SF pushing rental rates. After selling the building in 2012 for approximately $115 million, Related Beal recently re-acquired 12-MONTH ABSORPTION 451 D Street in the Seaport for $276 million. Recent marketing collateral suggests the plan is to convert the building to lab use and capitalize on surging lab rents and tenant demand. Following a similar business plan, Related Beal is currently divesting 27 DryDock Avenue which they purchased less than two years ago, proved out lab market rents and are now selling at a significant premium rumored to be around $900 per square foot. # $47.47/SF AVERAGE ASKING RATE CLASS B OFFICE NOTABLE QUARTERLY LEASES ADDRESS SUBMARKET TENANT SF 22 Boston Wharf Seaport Akcea Therapeutics 30,000 25 Thomson Place Seaport Seismic Software 27,000 40 Broad Street Financial District PPL 24,750 88 Black Falcon Seaport Delphi Automotive 22,950 38 Chauncy Street Financial District Starry 20,620 77 North Washington North Station Maid Pro 13,900 55 Summer Street Financial District ThreatStack 13,000 255 State Street Financial District Boston Financial 12,000 855 Boylston Street Back Bay Industrious 12,000 200 State Street Financial District Pear Therapeutics 11,750 38 Chauncy Street Financial District Annikissam 9,500 201-207 South Street South Station Carbon Black 7,300 225 Friend Street North Station
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