Officestatus Summer // 2014

officeSTATus Summer // 2014

Boston Pops Orchestra July 4th

Inside... »» Greater Boston records its fifth straight quarter of positive absorption

»» State Street completes its relocation to the Seaport District

»» 888 Boylston Street tower set to begin construction next quarter

»» East Cambridge records highest rents since 2000

»» Speculative development occurs along Route 128

»» Boston high-end residential development explodes in 2014

Luxury Residences on the Rise in Boston // Page 7

*Unless otherwise noted, all data is as of or for the quarter ended June 30, 2014 and is Transwestern | RBJ data. Economy & Real Estate officeSTATus

STOCK MARKET // EMPLOYMENT // ABSORPTION & VACANCY // Equity Indicators US Bureau of Labor Statistics Greater Boston

Relative Performance Unemployment rate VacancyVacancy Absorptioonn Relative Performance Unemployment rate Vacancy% Absorptionsf in millions March Relative31, 2014 = 1.00Performance Unemployment% rate % sf in millions March 31, 2014 = 1.00 % %25% sf in millions 2.0 1.10 1.10March 31, 2014 = 1.00 % 25% 2.0 1.10 9% 9% 25% 2.0 9% NationalNational unemployment unemployment rate rate 8% National unemployment rate 1.5 1.05 8% 1.5 1.5 1.05 1.05 8% 20% 20% 20% 7% 7% 7% 1.01.0 1.00 1.0 1.00 1.00 6% 6% 6% 15% 15%15% 0.5 0.50.5 5% 5% 0.95 0.95 5% 0.95 BostonBoston BostonNECTA NECTA NECTAunemployment unemployment unemployment rate rate rate 4% 4% 0.0 0.00.0 4% 10% 10%10% 0.90 0.90 0.90 3%3% 3% (0.5) (0.5)(0.5) 2%2% 2% 5% 5%5% 0.85 0.85 0.85 (1.0) (1.0)(1.0) 1%1% 1% 0% 0% 0% 0% (1.5) (1.5) 0.80 0.80 0.80 0% 0% (1.5) Apr AprJun JunAug AugOct OctDec DecFeb AprFeb Apr 2004 20042006 20062008 20082010 20102012 20122014 2014 Jul Jul JulAugAugAugOctOct OctDecDec DecFebFeb FebAprApr AprJunJun Jun Apr Jun Aug Oct Dec Feb Apr 2004 2006 2008 2010 2012 2014

Index Value 1 Qtr % 4 Qtr % Indicator Value 2 Qtr % 4 Qtr % Vacancy 13.8%

S&P 500 1930 +3% +17% Boston NECTA Employed 1,475 +1.3% 1.3% Quarterly Absorption +775,000 sf

Morgan Stanley Hi Tech Ix 940 +1% +21% Boston NECTA Unemployed 5.8% -1.4% -0.8% Last Twelve Months Absorption +3.6 Million sf

reater Boston’s fifth straight quarter sf build-to-suit project at One Channel business experience, namely its far-reaching Gof positive absorption in the office Center in the Seaport District. Greater transportation system and its access to market continued the region’s strong trend Boston’s last-twelve-months construction some of the country’s finest intellectual of real estate activity, as other economic completion number of 2.5 million sf is the capital. The Greater Boston real estate indicators such as a superb unemployment highest it has been since 2003, and the market continues to benefit from strong rate and the revitalized support from the recent “go-ahead” for 888 Boylston Street regional growth due to its diversified public markets affirmed Boston’s place as (the Back Bay’s first new office tower in employer base and broadly educated one of the most desirable business locations a decade) is indicative of the widespread workforce. Such high caliber companies in the country. The market as a whole has desire to develop even the region’s most have been able to attract significant absorbed 8.5 million sf in the past 3 years, ostensibly dense areas. The Seaport District, investment from both the venture capital and asking rents have reached or remained an area which only recently has begun to community as well as the IPO markets. near record highs for both the old guard leverage both its superior location and its Imprivata expanded its space in Waltham (e.g., Cambridge) and the new (e.g., Newton, stock of inefficient property that was just right before raising $75 million in its initial Wellesley, Seaport District). Premium begging to be upgraded, has been especially public offering, and Wayfair LLC’s $157 properties still rule the landscape, as East active with recent completions for State million venture capital investment occurred Cambridge’s rents pass $60 per sf for the first Street and Vertex Pharmaceuticals and more around the same time that it increased its time since 2000 and Class A buildings in the in the pipeline for upcoming periods. The commitment at Copley Place, where it just Back Bay and Financial District account for Seaport’s construction activity has spread relocated. Major players continue to look 486,000 sf of positive absorption. But Class to other use types as well, as the Legislature for entrées into the Greater Boston market, B properties are benefiting as well in places considers a $1 billion expansion to the as evidenced by Bose’s plans for expansion like downtown Boston, where Class B rents Boston Convention and Exhibition Center as well as Medtronic’s pending $43 billion are growing at a faster rate than their Class A and high-end condo developments sprout purchase of Covidien; it remains to be seen counterparts. up along the waterfront. what impact both will have on the South and West markets. enants absorbed 775,000 sf of office ut-of-town firms like Kayak, which Treal estate in the second quarter of Orecently committed to a lease at 2014, the major driver being the completion Canal Park in Cambridge, continue to and delivery of State Street Bank’s 500,000 value the classic tenets of the Boston area

2 Boston CBD officeSTATus

Highlights Vacancy Absorption Absorption% & Vacancy // sf in millions Tenants absorbed 265,000 sf of space as vacancy remained stable at 10.3 percent Central16% Boston 1.0 14%Vacancy Absorption 0.8 Vacancy% Absorptionsf in millions despite increase to supply, with Back Bay Class A high-rise rents hitting mid $70s to % sf in millions 0.6 16%12% 1.0 16% 1.0 14% 0.8 0.4 low-$80s. 14%10% 0.8 0.6 12% 0.2 0.6 12% 8% 0.4 10% 0.4 0.0 10% 6% 0.2 State Street Bank moved into its new built-to-suit facility in Channel Center, adding 8% 0.2 (0.2) 0.0 8% 4% 6% 0.0 (0.4) (0.2) 500,000 sf of positive absorption to the Seaport while causing 430,000 sf of negative 6% 4%2% (0.2) (0.4) (0.6) 4% (0.4) absorption in Midtown. 2%0% (0.6) (0.8) 2% (0.6) 0% 2004 2006 2008 2010 2012 (0.8)2014 0% 2004 2006 2008 2010 2012 2014 (0.8) Class A properties in the Financial District and Back Bay drove 486,000 sf of 2004 2006 2008 2010 2012 2014 positive absorption in the past quarter; their Class B counterparts accounted for CURRENT DATA Vacancy 10.3 % 188,000 sf of negative absorption. Quarterly Absorption +265,000 sf Last Twelve Months Absorption +1.3 Million sf Class B asking rents have grown $6.56 per sf, or 23.6 percent, in the past 3 years. Class A Asking Rates // Wayfair expanded into 170,000 sf at Copley Place, while Rapid7 moved into 46,000 Central Boston

sf at 100 Summer Street, Pri-Med took 44,000 sf at 111 Huntington Avenue and Class A Asking Rent FINANCIAL DISTRICT per Classsf per year A Asking Rent BACK BAY $80Class A Asking Rent FINANCIAL DISTRICT VMTurbo moved into 23,000 sf at 500 Boylston Street. per sf per year FINANCIALBACK DISTRICT BAY $80per sf per year BACK BAY $80 $70

$70$70 Localytics relocated its headquarters into 19,000 sf at 101 Arch Street. $60

$60$50$60 888 Boylston Street, the Back Bay’s first new office tower in more than a decade, $50$40$50 is set to begin construction in Q3. $40$30 $40 2004 2006 2008 2010 2012 2014

$30 The Rockefeller Group and Mitsubishi Estate New York purchased 28 State Street CURRENT$302004 AVERAGE2006 ASKING RATES2008 2010 2012 2014 2004 2006 2008 2010 2012 2014 ($345 million, 572,000 sf, $602.99 per sf). Central Boston $51.65 Financial District $49.48 Back Bay $59.21

% change in occupied sf since Q2 2009 Seaport Keeps80% Itself Occupied // 70% TW | RBJ BOSTON DEAL Changes in occupied% 60%change in sf occupied by Boston sf since submarket Q2 2009 in the past 5 years 80% 50% % change70% in40% occupied sf since Q2 2009 80% 60% 30% 70% 50% 20% 60% 40% 10% 30% 0% 50% 20% -10% 40% • Cambridge Innovation Center, 10% -20% 30% 50 Milk Street | Boston 0% FD BB 20% Mid SEA -10% Boston 10% -20% Longwood • Transwestern | RBJ acted as Inner SuburbsSouth StationNorth Station Charlestown 0% FD BB Mid SEA a landlord representative -10% Boston -20% Longwood for Ponte Gadea Group in Inner SuburbsSouth StationNorth Station Charlestown FD BB connection with a lease Mid SEA Boston agreement. Longwood Inner SuburbsSouth StationNorth Station Charlestown • 70,000 sf 3 Cambridge officeSTATus

Highlights Absorption & Vacancy // Cambridge Vacancy dipped to 6.6 percent on 73,000 sf of absorption as Class A asking rents Vacancy Absorption % Vacancy sf inAbsorption thousands continued to surge upward, increasing $3.74 to $56.77 per sf. 25% % sf in thousands600 25% 600 500 20% 500 20% 400 Mid Cambridge’s vacancy has averaged 1.6 percent since the beginning of 2012. 400 300 15% 300 15% 200 200 10% 100 10% East Cambridge rents passed $60 per sf for the first time since 2000; they have 100 0 5% 0 grown at a rate of $5.76 per year since 2010. 5% (100) (100) 0% (200) 0%2004 2006 2008 2010 2012 2014 (200) MÄK Technologies and PointRight took 15,000 sf and 10,000 sf respectively at 150 2004 2006 2008 2010 2012 2014 Cambridgepark Drive, while Boston Scientific leased 15,000 sf at 125 Cambridgepark CURRENT DATA Vacancy 6.6 % Drive and iZotope took 35,000 at 60 Hampshire Street, which is being converted to Quarterly Absorption +73,000 sf office from lab. Last Twelve Months Absorption +781,000 sf

Kayak will move into 40,000 sf at 10 Canal Park later this year. Class A Asking Rates // Cambridge

MIT announced it would replace Building 12 with a 200,000 sf nanoscale research Class A Asking Rent EAST CAMBRIDGE perClass sf per year A Asking Rent MIDEAST CAMBRIDGE CAMBRIDGE $70 per sf per year WESTMID CAMBRIDGECAMBRIDGE facility called MIT.nano, which will open in 2018. $70 WEST CAMBRIDGE $60 $60

$50 125-150 Cambridgepark Drive and One Memorial Drive are now Blackstone Equity $50 $40 Office’s lone Cambridge building after it sold 245 First Street, One Canal Park and 10 $40 $30 $30

Canal Park for a combined $283 million. $20 $20 $10 $102004 2006 2008 2010 2012 2014 One Alewife Center sold to the James Campbell Company ($21.6 million, 89,875 sf, 2004 2006 2008 2010 2012 2014 $240.33 per sf) and MIT purchased 620 Memorial Drive from Pfizer for ($30.5 million, CURRENT AVERAGE ASKING RATES East Cambridge $62.97 91,000 sf, $335.16 per sf). Cambridge Venture Capital Funding on Fire Mid Cambridge NA West Cambridge $40.40 HighestCamb VCr idgeinvestments Ven totu Camreb Cridapige cotmpaniesal Fun indi 2n014g on Fire Highest VC investments to Cambridge companies in 2014

Company Industry Investment Amount Cambridge VentureCompany Capital Funding Ionndu sFiretry Investment Amount Largest VC investmentsSimpliSafe to Cambridge companiesHome Security in 2014 $57 million TW | RBJ CAMBRIDGE DEAL SimpliSafe Home Security $57 million COMPANY Voyager TherapeutiINDUSTRYcs BiotechnoloINVESTMENTgy $45 AMOUNT million Voyager Therapeutics Biotechnology $45 million Voyager TherapeuticsSAGE TherapeutiBiotechnologycs Biotechnolo$45gy million$38 million SAGE Therapeutics Biotechnology $38 million SAGE TherapeuticsNinePoint MedicalBiotechnology Medical Devi$38ce million$35 million • 10 Canal Park, Cambridge NinePoint Medical Medical Device $35 million NinePoint MedicalModerna TherapeutiMedicalcs Device Biotechnolo$35gy million$25 million • Transwestern | RBJ acted as Moderna Therapeutics Biotechnology $25 million a landlord representative Moderna TherapeuticsNuoDB Inc. Biotechnology Software $25 million$14 million for Equity Office Properties NuoDB Inc. Software $14 million in connection with a lease Source: PricewaterhouseCoopers NuoDB Inc. Source: PricewaterhSoftwareouseCoopers $14 million agreement.

Source: PricewaterhouseCoopers • 40,000 sf

Route 128 officeSTATus

Highlights Absorption & Vacancy // Route 128 Vacancy Absorption Vacancy remained steady at 15.2 percent on 239,000 sf of positive absorption as % sf in thousands 25% 800 Vacancy Absorption Class A rents climbed to $27.83 per sf. % sf in thousands 600 25%Vacancy20% Absorption 800 % sf in thousands 400 25% 800600 20% 128 West experienced its 8th straight quarter of positive absorption, during which 200 15% 600400 20% 400200 time its vacancy rate dropped from 16.2 percent to 12.0 percent. 15% 0 10% 2000 15% (200) 10% 0 (200) 10% (400) Newton and Wellesley’s Class A rents have grown 27.3 percent and 23.4 percent, 5% (200)(400) 5% (400)(600) (600) respectively, in the past 12 months. 5% 0% 0% (600)(800) (800) 0% 2004 20042006 20082006 201020082012 20102014(800)2012 2014 Amadeus North America moved into 56,000 sf in Waltham and Intralinks took 2004 2006 2008 2010 2012 2014 CURRENT DATA 51,000 sf in Waltham, while Imprivata expanded by 21,000 sf at Lexington Corporate Vacancy 15.2 % Center right before raising $75 million in its IPO; Thomson Reuters moved out of Quarterly Absorption +239,000 sf 62,000 sf in Quincy. Last Twelve Months Absorption +821,000 sf

Monotype Imaging agreed to relocate from 500 Unicorn Park Drive into 42,000 sf at Class A Asking Rates // Route 128 600 Unicorn Park Drive in Woburn, creating a large block of availability at their soon- Class A Asking Rent ROUTE 128 NORTH per sf per year ROUTE 128 WEST Class A Asking Rent ROUTE 128 NORTH $40 ROUTE 128 SOUTH to-be former building. per sf per year ROUTE 128 WEST $40 ROUTE 128 SOUTH $35 Class A Asking Rent ROUTE 128 NORTH per sf per year $35 ROUTE 128 WEST The re-ignited development at University Station (formerly known as Westwood $40 ROUTE 128 SOUTH $30 Station) is back on track with Wegmans and Target expected to deliver in Spring 2015, $30 $25 $35 while the Quincy Center redevelopment has been side-tracked due to increasing $25 $20 $30 construction costs and financing obstacles. $20 $15 $25 $15 2004 2006 2008 2010 2012 2014 The Gutierrez Company plans to move forward with a new 100,000 sf development 2004 2006 2008 2010 2012 2014 $20 on the land it recently acquired at 4 Burlington Woods. CURRENT AVERAGE ASKING RATES Route 128 North $26.86 $15 California-based GI Partners acquired 850 Winter St. from Davis Marcus Partners Route 128 West 2004 2006 2008 2010$33.24 2012 2014 Route 128 South $21.47 and Prudential Real Estate ($72.8 million, 180,000 sf, $404.17 per sf). 35 35 30 30 25 Burlington’s 25Office Sale Frenzy // 2013 Sales 56 percent of Burlington’s20 office buildings have changed2013 Sales hands since 2010 TW | RBJ 128 DEAL 20 2012 Sales 15 2012 Sales 15 2011 Sales 10 2011 Sales 35 10 2010 Sales 5 2010 Sales 30 5 0 0 2010 2011 2012 2013 2014 2014 Sales TBD 25 2010 2011 2012 2013 2014 • 93 Worcester Street, 2013 Sales 2013 Sales 23 20 Wellesley Gateway | Wellesley 2012 Sales 2012 Sales 5 15 • Transwestern | RBJ acted as 2011 Sales 2011 Sales 1 10 landlord representative for 2010 Sales 2010 Sales 3 CommonWealth Partners 5 in connection with a lease 0 transaction. 2010 2011 2012 2013 2014 • 126,000 sf 5 Interstate 495 officeSTATus

Highlights Absorption & Vacancy // VacancyInterstate 495 Absorption Vacancy fell to 20.9 percent on 172,000 sf of positive absorption as Class A rents % sf in thousands 30% Vacancy Absorption600 %Vacancy sf inAbsorption thousands 30% 400 600 rose to $20.21 per sf. 25% % sf in thousands 30% 600 400 25% 200 20% 400 25% Framingham/Natick is 9.4 percent vacant; the rest of 495 West is 26.2 percent 0 200 20% 15% 200 20% 0 (200) vacant. 15% 0 10% (200) 15% (400) 10% (200) 5% (400) 495 South has experienced positive absorption for eight of the last ten quarters, 10% (600) 5% (400) (600) 0% (800) 5% totaling 435,000 sf; during this time, vacancy has decreased by 15.1 percent. (600) 20040% 2006 2008 2010 2012 2014 (800) 0%2004 2006 2008 2010 2012 2014 (800) Quest Diagnostics consolidated into 200,000 sf in Marlborough, as SimpliVity 2004 2006 2008 2010 2012 2014 CURRENT DATA expanded into 50,000 sf in Westborough and St. Jude Medical expanded in Westford Vacancy 20.9 % by 40,000 sf. Quarterly Absorption +172,000 sf Last Twelve Months Absorption +482,000 sf Morpho Detection signed a lease for 64,000 sf in Andover, where it will move in the 3rd quarter. Class A Asking Lease Rates // Interstate 495 Uncertainty swirls around Covidien’s five-building campus in Mansfield after the Class A ClassAsking A AskingRent Rent I-495 NORTHI-495 NORTH per sf per yearper sf per year I-495 WESTI-495 WEST company struck a deal to be acquired by Medtronic for $43 billion. $24 $24 I-495 SOUTHI-495 SOUTH Class A Asking Rent I-495 NORTH $23 $23 per sf per year I-495 WEST $24 I-495 SOUTH $22 495 West’s heavyweight tenants continue to be active with several large users $22 $23 $21 $21 $22 actively identifying and competing for Class A leasing options in excess of 100,000 sf. $20 $20 $21 $19 $19 $20 Capital market activity has expanded to I-495 with a flurry of recent properties $18 $18 $19 $17 being sold or actively marketed including Brickstone Square in Andover, 800 Federal $17 $18 $16 Street in Andover and Cross Point in Lowell. $16 $17 2004 2006 2008 2010 2012 2014 2004 2006 2008 2010 2012 2014 CURRENT$16 AVERAGE ASKING RATES 2004 2006 2008 2010 2012 2014 Curo Enterprises acquired 130 Lizotte Drive in Marlborough ($11.8 million , I-495-North $19.33 I-495-West $21.05 100,000sf, $117.50 per sf) and Tritower Financial Group purchased 300 Apollo Drive in I-495-South $21.08 Chelmsford ($39.4 million, 293,000 sf, $134.28 per sf).

Rents Grow in Familiar and Unexpected Places // Largest increase in Class A asking rents, submarkets and micro-markets TW | RBJ 495 DEAL Class A Increase, LTM

Class A Increase, LTM Lowell Class A Increase, LTM • 111 Speen Street, Lowell Seaport Point West Place | Lowell Framingham SeaportEast Cambridge Seaport East Cambridge Burlington • Transwestern | RBJ East CambridgeWellesley Burlington represented the landlord, BurlingtonNorth Station Marcus Partners in connection Wellesley with three lease agreements WellesleyNewton North Station (Patheon Inc., EH Publishing, North Station 0% 5% 10% 15% 20% 25% 30% Newton and TEKsystems, Inc). Newton 0% 5% 10% 15% 20% 25% 30% • 38,000sf 0% 5% 10% 15% 20% 25% 30%

6 Market Interesting officeSTATus

Luxury Residences on the Rise in Boston High-end residences are lighting up the Boston skyline, as the city’s recent emphasis recent article in the Boston Globe. Rents in these new residences range from $2,600 on the “live” portion of “live-work-play” has resulted in an explosion of luxury living to upwards of $10,000 per month, with penthouse asking sale prices going for development across every neighborhood in the city. More than 8,000 residential millions of dollars. The City of Boston’s “Housing Boston 2020” initiative – a plan to units are expected to be delivered in Boston from 2014 to 2016, according to a deliver 30,000 new residences to the city by 2020 – seems to be off to a good start.

Ink Block // Twenty Two Liberty // Waterside Place // Millennium Place // Under Construction: Expected in 2015 Under Construction: Expected in 2015 Completed: Opened Winter 2014 Completed: Opened Fall 2013

Neighborhood: South End Neighborhood: Seaport Neighborhood: Seaport Neighborhood: Midtown

Size (SF): 548,900 (4 Buildings) Size (SF): 250,000 Size (SF): 372,300 Size (SF): 390,000

# of Units 475 # of Units 118 # of Units 235 # of Units 256

Millennium Place Tower // The Kensington // The Radian // Avalon Bay Tower // Under Construction: Expected Summer 2016 Completed: Opened Fall 2013 Completed: Opened Spring 2014 Under Construction: Expected Summer 2015

Neighborhood: Midtown Neighborhood: Midtown Neighborhood: Financial District Neighborhood: Midtown

Size (SF): 1,200,000 Size (SF): 457,000 Size (SF): 228,865 Size (SF): 384,000

# of Units 450 # of Units 385 # of Units 240 # of Units 404

With 46 annual publications, Transwestern | RBJ produces more research than any other commercial real estate advisory firm in Greater Boston. For more information, contact us at [email protected].

Peter McQuaid Research | [email protected]

7 officeSTATus Summer // 2014

Absorption/Occ Growth Construction $Cl A Asking Rent Area RSF Vac% Q2’14 LTM* Growth** Comp LTM* Pipeline Class A 4Qtr Ch***

TOTAL MARKET 182,861 13.8% 775 3,575 2.3% 2,482 2,790 $40.05 3.7% BOSTON SUBMARKETS 71,871 10.3% 265 1,332 2.1% 1,630 1,801 $51.65 1.4% Financial District 35,662 11.4% 352 120 0.4% 0 282 $49.48 1.2% Back Bay 13,884 8.6% -54 385 3.1% 580 0 $59.21 -4.3% Longwood/Inner South 5,133 2.0% 18 196 4.0% 0 489 $27.59 -0.2% Seaport District 8,299 11.5% 429 990 15.8% 1,050 800 $56.59 10.8% Charlestown 2,893 9.9% -56 -131 -4.8% 0 0 NA -100.0% Midtown 2,341 25.6% -457 0 0.0% 0 0 $55.00 NA North Station 2,161 2.7% -1 79 3.9% 0 230 $35.00 25.0% South Station 1,498 6.3% 34 33 2.4% 0 0 NA NA CAMBRIDGE 11,215 6.6% 73 781 8.1% 547 0 $56.77 12.9% East Cambridge 7,350 5.9% -33 849 13.8% 547 0 $62.97 12.8% Mid Cambridge 2,063 3.5% 26 -49 -2.4% 0 0 NA -100.0% West Cambridge 1,802 13.3% 80 -19 -1.3% 0 0 $40.40 6.7% SUBURBAN SUBMARKETS 99,775 17.2% 437 1,463 1.8% 305 989 $25.32 3.7% Inner North 3,210 15.2% 26 160 4.7% 0 132 $26.85 0.0% Route 128 & I-495 96,565 17.3% 411 1,303 1.7% 305 857 $25.30 3.8% Route 128 61,481 15.2% 239 821 1.6% 120 857 $27.83 5.2% Route 128 North 25,977 16.6% 18 308 1.4% 120 274 $26.86 5.4% Route 128 West 22,404 12.0% 160 338 1.7% 0 583 $33.24 9.3% Route 128 South 13,100 17.9% 61 176 1.7% 0 0 $21.47 0.8% I-495 35,084 20.9% 172 482 1.8% 185 0 $20.21 2.4% I-495 North 15,594 22.1% -44 502 4.4% 77 0 $19.33 4.2% I-495 West 16,879 21.2% 160 -146 -1.1% 0 0 $21.05 0.8% I-495 South 2,610 11.5% 56 126 5.7% 0 0 $21.08 4.3%

ALL AMOUNTS, EXCEPT PERCENTAGES AND $ FIGURES IN THOUSANDS * LTM = Last twelve months // ** LTM absorption as a percentage of occupancy levels twelve months ago // *** Twelve months change in asking lease rate

Looking Forward... »» Will Boston low- to mid-rise buildings continue to see heightened activity as Seaport supply dwindles?

»» Will we see another new construction project announced in 2014?

»» How will gap between Route 128 and I-495 rents affect suburban tenant activity?

»» Who will be the next blue-chip company to come into Cambridge?

Peter McQuaid Research | [email protected]