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Boston Market Overview

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Boston Market Overview Boston Market Overview BostonBoston OfficeOffice SubmarketSubmarket MapMap Q3Q3 StatisticsStatistics North Station Market Size: 2.8 MSF Vacancy: 12.0% YTD Absorption: 76K Avg. Class A: $33.00 Overall Market Size: 67.3 MSF Vacancy: 11.7% Financial District YTD Absorption: 1,736K Market Size: 33.8 MSF Avg. Class A: $43.30 Vacancy: 11.2% YTD Absorption: 896K Avg. Class A: $43.74 South Station Market Size: 1.5 MSF Back Bay Vacancy: 12.3% Market Size: 12.6 MSF YTD Absorption: 8K Vacancy: 10.1% Avg. Class B: $21.86 YTD Absorption: 364K Avg. Class A: $44.30 Seaport District Market Size: 4.9 MSF Vacancy: 15.3% YTD Absorption: 271K Avg. Class A: $29.50 Where Is the Class “A” Market ? TaleTale ofof TwoTwo CitiesCities Average Rent Market Driver Small Tenant $70 Spectrum Equity J.M. Connors Jr. $65 • One International Pl. • 200 Clarendon Street ABN-AMRO • One International Pl. Martingale Asset Mgmt. • 222 Berkeley Street $60 CC Growth • One International Pl. $55 UBS • 1 Post Office Square Bingham McCutchen • 1 Federal Street $50 $45 Lahive & Cockfield • 1 Post Office Square $40 DLA Piper Wellington Spaulding & Slye Shepherd Kaplan LLC • 33 Arch Street Management • 1 Post Office Square • 125 Summer Street $35 • 100 Federal Street $30 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 AskingAsking RatesRates onon thethe RiseRise Building Name Floor Old Asking New % Q4 2005 Asking* Increase 600 Atlantic Avenue 26 $36.00 $47.00 31% 101 Federal Street 20 $38.00 $45.00 18% Prudential Tower 33 $45.00 $53.00 18% 1 Post Office Square 37 $49.00 $64.00 31% Asking lease rate trends in selected premium view suites As of 9/28/06 Renew vs. Relocate — Who Wins? Where Are The Rents Going? Complete SF 1,000,000 1,200,000 1,400,000 1,600,000 200,000 400,000 600,000 800,000 Forecasting FutureRents Forecasting FutureRents 0 1990 268,672 1991 1,449,782 1992 508,157 1993 750,000 1994 0 1995 0 1996 0 1997 0 1998 0 1999 0 2000 1,089,000 2001 913,933 2002 942,143 2003 1,024,000 2004 1,023,309 2005 2006 2007 2008 2009 2010 Russia Wharf/Fan Pier (1) 1,000,000 2011 South Station 960,000 ForecastingForecasting FutureFuture RentsRents Complete SF 1,600,000 Rental 1,400,000 Rate • Foley Hoag & Nutter • Holland & Knight 40% 1,200,000 • Palmer & Dodge $68.32 Rental Rate Average RR: $48.80 1,000,000 1,000,000 Average TI: $51.50 30% 960,000 • Fleet 70% $63.44 800,000 • Scudder • TRG 20% Average RR: $28.10 $58.56 600,000 Average TI: $47.10 400,000 South Station 200,000 942,143 913,933 268,672 750,000 1,023,309 1,024,000 1,449,782 0 0 0 0 0 0 1,089,000 508,157 0 Russia Wharf/Fan Pier (1) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Where Is The Demand? LargeLarge TenantsTenants inin thethe MarketMarket 24-3624-36 MonthsMonths PriorPrior toto LEDLED Company Address Commitment Date LED One Post Office Square 10/31/07 152,575 SF March ‘05 399 Boylston Street 11/1/07 93,865 SF December ‘05 75 State Street 3/31/08 110,323 SF December ‘05 2 International Place 4/30/09 229,537 SF September ‘06 FinancialFinancial ServicesServices ChangingChanging ofof thethe GuardGuard Negative Absorption Positive Absorption 150,000 SF Expanding Outside of Boston 100,000 SF 150,000 SF 140,000 SF Uncertain Futures, For Sale LawLaw FirmsFirms Who Will Be the First to Develop? NewNew ConstructionConstruction PermittedPermitted SitesSites Russia Wharf • Equity Office • 500,000 SF of Office Space • 31,000 SF Retail/ Restaurants • Occupancy 2010 South Station • Hines/Tufts • 960,000 SF • 680 Ft Tower • 41 Stories Russia Wharf • Occupancy 2010 South Station NewNew ConstructionConstruction PermittedPermitted SitesSites Fallon Development Fan Pier • Fallon/Mass Mutual • 2.9 MSF • 1.2 MSF Office Building • 18 Stories • Occupancy 2009 Boston Properties 888 Boylston • Boston Properties • 258,000 SF • 31,000 Retail Space • 11 Stories • Occupancy 2010 NewNew ConstructionConstruction Non-PermittedNon-Permitted SitesSites Morgan Stanley Development Filene’s at Downtown Crossing Congress/Purchase Street 133 Federal Street Suburban Market Overview Suburban Office Market Inventory 2006 Q3 Total Suburban Market: 80M s.f. 495/NORTH495/NORTH NORTHWESTNORTHWEST 10.510.5 MM s.f.s.f. NORTHNORTH 12.612.6 MM s.f.s.f. 29.7%29.7% AvailableAvailable 11.311.3 MM s.f.s.f. 24.2%24.2% AvailableAvailable 18.6%18.6% AvailableAvailable CAMBRIDGECAMBRIDGE.. 15.915.9 MM s.f.s.f. 495/MASS495/MASS PIKEPIKE 128/MASS128/MASS PIKEPIKE 11.4%11.4% AvailableAvailable 12.912.9 MM s.f.s.f. 18.818.8 MM s.f.s.f. 22.7%22.7% AvailableAvailable 13.7%13.7% AvailableAvailable BOSTONBOSTON 58.258.2 MM s.f.s.f. 13.9%13.9% AvailableAvailable SOUTHSOUTH 495/SOUTH495/SOUTH 11.511.5 MM s.f.s.f. 2.22.2 MM s.f.s.f. 19.7%19.7% AvailableAvailable 21.6%21.6% AvailableAvailable Availability/Rents by Quarter (2004-2006) Rent Bar = Average Class A (at Top) – Average Class B (at Bottom) Boston Cambridge Suburbs 128/Mass Pike $60.00 35.0% $55.00 30.0% $50.00 $45.00 25.0% $40.00 20.0% $35.00 15.0% $30.00 $25.00 10.0% $20.00 5.0% $15.00 $10.00 0.0% ‘04 ’05 ’06 YTD ’04 ‘05 ‘06 YTD ‘04 ‘05 ‘06 YTD ‘04 ’05 ‘06 YTD Rents (Top = A / Bottom = B ) % Available Path of Improvement in the Suburbs Class A Office | 2006 Q3 Avail High 42.5% Current Avail 21.6% Rent Low $20.36 psf Current Rent $32.00 psf Avail High 42.0% Avail High 40.9% Current Avail 34.3% Current Avail 32.1% Rent Low $12.00 psf Rent Low $16.84 psf Current Rent $17.00 psf Current Rent $23.00 psf BURLINGTON Avail High 39.2% Current Avail 23.4% LITTLETON CONCORD Rent Low $20.02 psf Current Rent $31.00 psf Avail High 26.6% Current Avail 11.3% LEXINGTON Rent Low $25.00 psf Current Rent $38.00 psf Avail High 18.7% Current Avail 7.9% WALTHAM Rent Low $19.00 psf Current Rent $26.00 psf CAMBRIDGE Avail High 32.5% Current Avail 12.2% BOSTON Rent Low $24.00 psf FRAMINGHAM Current Rent $40.00 psf MARLBOROUGH/ Avail High 20.8% WESTBOROUGH Current Avail 12.6% Rent Low $40.00 psf Current Rent $60.00 psf Avail High 46.7% Current Avail 32.4% Rent Low $17.00 psf Current Rent $24.00 psf Suburban Active Requirements By Target Market As Of 10/10/06 Northeast North 3% (4) 9% (17) 495/North 20% (45) South 11% (23) 495/South 495/Mass Pike 12% (15) 17% (35) 128/Mass Pike 12% (94) Northwest 16% (51) Required Square Feet: 9,907,850 s.f. Average Requirement Size: 34,887 s.f. Median Requirement Size: 15,000 s.f. Number of Requirements: 284 Suburban Active Requirements By Type As Of 10/12/06 New to Market Looking to Buy 2% (18) 2% (4) Additional Space 9% (21) Relocation w/Contraction 12% (24) Relocation 56% (163) Relocation w/ Additional Space 19% (54) Required Square Feet: 9,907,850 s.f. Average Requirement Size: 34,887 s.f. Median Requirement Size: 15,000 s.f. Number of Requirements: 284 128 Mass Pike Proposed Developments How many projects are in the pipe line in Waltham today? 13 Proposed Developments Lexington Technology Park 1 125 Spring Street, 200-500 Patriot Way, Lexington Owner: Patriot Partners Proposed Square Feet: 631,600 1 Reservoir Woods 920-940 Winter Street, Waltham 2 Owner: Davis Marcus Partners Proposed Square Feet: 650,000 175 Wyman Street, Waltham 3 Owner: Equity Office Properties Proposed Square Feet: 400,000 4 Waltham Office Center 12 470,486,504 Totten Pond Road, Waltham Owner: Boston Properties Proposed Square Feet 130 Third Avenue, Waltham 5 Owner: Boston Properties 2 Proposed Square Feet: 230,000 6 77 Fourth Avenue, Waltham 3 Owner: Boston Properties Proposed Square Feet: 204,000 4 Overlook Center 21 Hickory Drive, Waltham 7 13 5 Owner: Neelon Properties 6 Proposed Square Feet: 110,000 8 Polaroid, Waltham 7 Owner: Related Companies Land Proposed Square Feet: 1.5 million Area: 106 Acres 8 9 201 Jones Road, Waltham Owner: Boston Properties 9 11 Proposed Square Feet: 150,000 133 Boston Post Road, Weston 10 Owner: Boston Properties 10 Proposed Square Feet: 359,000 11 40 Green Street, Waltham Owner: Opus Development/Sam Park Proposed Square Feet: 524,000 1560 Trapelo Road, Waltham 12 Owner: Bulfinch Co. Proposed Square Feet: 61,000 13 40 Sylvan Road, Waltham Owner: Davis Marcus Partners Proposed Square Feet: 400,000 Suburban Market Trends • Migration to secondary markets • Class A rates are climbing • Class B will benefit • Large blocks virtually gone • Lack of plug & play • Average size requirement is growing • Sublease space – No longer a factor • Speculative development has begun.
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