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Boston Office Market Report BOSTON OFFICE MARKET REPORT FOURTH QUARTER 2018 BOSTON MARKET FINISHES YEAR ON STRONG NOTE With 2018 coming to a close, Greater Boston’s office market capped off a strong year with another busy quarter, despite negative absorption. The office market has seen an increase in asking rates and decline in vacancy, both of which are likely to remain the trend through next year with limited availability projected for 2019. Outside of the relative consistency in the market this past year, two trends have become established disrupters: co-working and new construction. As open space remains limited in established Boston submarkets, developers are looking to take advantage of unfulfilled demand by searching for approval of new large scale developments. In regards to the co-working trend, this past quarter EzCater, the online office catering company, signed a 100,000 square foot lease with WeWork at 40 Water Street in the Financial District. This is the third big corporate tenant that now has a lease with WeWork after Puma moved into a WeWork space in the Financial District last quarter and Amazon currently occupies a WeWork space in the Back Bay. With the co-working movement clearly gaining widespread momentum, established office landlords are being forced to find creative ways to attract and retain premier tenants. This is likely one motivation behind this past quarter’s push from Financial District office owners to substantially renovate their lobbies and amenity packages. This includes impressive buildings such as One Beacon, 50 Post Office Square, and 33 Arch Street. With co- working gaining traction and the popularity of new construction in the Seaport, expect to see more capital being allocated towards cosmetic improvements on existing office buildings in the future. On a macro level, the region's demographics and economy have remained solid helping to support and promote 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 few years. 3.4% # 3.7% # $2.9B 6TH NOVEMBER NOVEMBER MASSACHUSETTS LARGEST MSA MASSACHUSETTS NATIONAL ANNUAL IN THE COUNTRY UNEMPLOYMENT UNEMPLOYMENT NIH 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 World leader in medical innovation and 10.0% technological advancement $52.00 8.0% $49.00 6.0% TOWER SALES $46.00 4.0% RIPPLE EFFECT Will recent Class A Tower sales push $43.00 2.0% rental rates even higher? $40.00 0.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Average Asking Rate Direct Vacancy (%) TECHNOLOGY & INNOVATION HUB Fortune 500 leaders and 1,900 homegrown startups CLASS B ASKING RATE VS. DIRECT VACANCY BUILD TO SUIT AND SPEC DEVELOPMENT $49.00 16.0% Demand still out-pacing supply, $45.00 14.0% tenants prefer new efficiencies $41.00 12.0% $37.00 COWORKING SPACE 10.0% DISRUPTING MARKET $33.00 8.0% Tenants like flexibility and $29.00 6.0% shorter term commitments $25.00 4.0% TENANTS FAVOR $21.00 2.0% CREATIVE OFFICE $17.00 0.0% 2018201720162015201420132012201120102009200820072006 Open layouts, contemporary and collaborative environments Average Asking Rate Direct Vacancy (%) DIRECT VACANCY RATE BY SUBMARKET Midtown Financial District Back Bay Seaport South Station Fenway North Station Charlestown 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% QUICK GLANCE MARKET STATS VACANCY SUBLEASE AVAILABILITY 6.0% 2.0% 12.5% ABSORPTION CONSTRUCTION ASKING RATE 526K sf 3.05 MM sf $57.83/sf North Station North End $53.67/SF Beacon Hill Financial District Back Bay $57.38/SF $62.61/SF Midtown $48.69/SF South End South Station $51.45/SF Seaport $62.41/SF CLASS A OFFICE • As the Greater Boston Office market continues to remain tight, # 6.0% asking rates are approaching their highest levels since the Dot Com boom. Over the past year rents have consistently crested DIRECT VACANCY $80/SF in the Seaport and Back Bay. More recently in the second half of 2018, noticeably large asking rates have moved their way into the Financial District where high-rise spaces are starting at rates of $80/SF or higher. • Morgan, Lewis, & Bockius extended its lease for over 200,000 square feet at One Federal Street, the 1.1 million square foot office tower owned by Tishman Speyer, through 2035. Other # 2.0% notable leases this quarter include RA Capital grabbing over 23,000 square feet at 200 Berkeley Street, Clark and Elbing SUBLEASE AVAILABILITY for over 19,000 square feet at 101 Federal Street, and The Reputation Institute signing for 17,000 square feet at 399 Boylston Street. It is also rumored that Grubhub, Car Gurus and DataRobot are in the market for larger chunks of space. • With the occupancy rate right around 95 percent, developers have been clamoring to identify and permit new sites. Most # 13.0% notably, Millennium Partners recently broke ground with their $1.3 billion Winthrop Square Tower. The project will TOTAL AVAILABILITY include two towers with 750,000 square feet of office space. Additionally, Boston Global Investors has been selected by The Massachusetts Port Authority to develop a tower on Parcel A2 in the Seaport District, which is currently designed to include 600,000 square feet of new office space when complete. • After a busy third quarter, the investment sales market 675,300 SF continued its run during quarter four, with the $845 million acquisition of 53 State Street headlining the news. The 12-MONTH ABSORPTION Massachusetts Pension Reserves Investment Board, Allianz Real Estate, and Beacon Capital formed the joint venture that was able to pull off this significant acquisition. The Longwood Center, an office condominium including lab space, set a record for a lab sale in Boston when Clarion Partners bought the property from the existing ownership team for $349.5 million, or $1,659/SF. Rounding off this quarter of significant sales, Norges Bank and American Realty Advisors teamed up to buy # $62.94/SF 121 Seaport Boulevard for $455 million, or $1,136/SF. AVERAGE ASKING RATE CLASS A OFFICE NOTABLE QUARTERLY LEASES ADDRESS SUBMARKET TENANT SF 399 Boylston Street Back Bay Slalom Consulting 30,000 200 Berkeley Street Back Bay RA Capital 23,900 101 Federal Street Financial District Salsify 20,000 101 Federal Street Financial District Clark and Elbing 19,300 One Post Office Square Financial District Anchor Capital 19,000 265 Franklin Street Financial District Boston Health Economics 17,000 399 Boylston Street Back Bay Reputation Institute 17,000 100 Summer Street Financial District Cantina 16,150 53 State Street Financial District Clough Capital Partners 9,200 33 Arch Street Financial District Karuna Pharma 7,050 111 Huntington Avenue Back Bay Quinn Emanuel Urquhart & Sullivan 6,400 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% 6.0% $52.00 3.0% $47.00 0.0% $42.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Financial District Seaport Back Bay RECENT 53 State Street INVESTMENT 501 Boylston Street SALES CLASS A 121 Seaport Blvd 360 Longwood Ave 53 STATE STREET 360 LONGWOOD AVENUE $845,000,000 ($685/RSF) $349,500,000 ($1,659/RSF) Buyer: Beacon Capital Buyer: Clarion Partners 121 SEAPORT BOULEVARD 501 BOYLSTON STREET $455,000,000 ($1,136/RSF) $290,900,000 ($954/RSF) Buyer: American Realty & Norges Bank Recap: Norges Bank (49.9%) CLASS B OFFICE • As the co-working trend continues to disrupt the Boston office # 6.0% market, it is interesting to note where this trend is heading. When co-working initially entered Boston, the spaces were DIRECT VACANCY tailored to small or medium sized tenants looking for flexible leases and flashy working environments. Now co-working companies are competing for larger corporate tenants and presenting competition for both Class A towers and Class B properties alike. • With co-working asserting its influence over the Boston # 2.1% office market, many tenants are now looking for the shorter and more flexible lease terms. Often times, these tenants SUBLEASE AVAILABILITY are willing to pay a premium for the benefit of flexibility. This is reflected in recent rising rents of the Class B market. As tenants seek leases that allow them to commit to a term shorter than the standard five years, Class B office rents in the market have risen to an average rate of just under $49/SF. • During the fourth quarter, the Financial District saw a handful 1 of notable leases get signed. Simplisafe, the Boston-based 11.6% home security company, relocated their operations with a TOTAL AVAILABILITY 30,000 square foot lease at 294 Washington Street. Racepoint Global, an integrated marketing and communications agency, signed a lease at Center Plaza for just under 30,000 square feet. Rounding off the list of Financial District leases, Jobs for the Future, a non-profit company working to change peoples’ understanding of the workforce and education system in America, signed a lease for over 20,000 square feet at 88 Broad Street. (149,276)SF • The investment sales market volume picked up and finished 12-MONTH ABSORPTION 2018 on a strong note. Although predominantly consisting of retail space, Asana Partners acquired the Newbury Collection from Jamestown for an impressive $298 million.
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