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Boston Office Market Report BOSTON OFFICE MARKET REPORT FOURTH QUARTER 2017 OUTSTANDING YEAR LEAVES BRIGHT FUTURE The past year's headlines were marked by all the premier movers and shakers within the commercial real estate industry. Amazon remained the elephant in the room, with everyone from City Hall to Fenway Park speculating where the eCommerce behemoth will erect its new HQ2, if anywhere locally. Shrouded with somewhat less intrigue, GE began renovation efforts for its Fort Point headquarters despite shifting timelines and some uncertainty surrounding the scope of the larger development component. Beyond the stalwart Downtown and Seaport markets, the less publicized but increasingly competitive fringe markets including North Station and Brighton surged to close out the end of the year. Several tenant relocations from the Core markets to these burgeoning markets bolstered the nascent Class A markets. Primarily, Boston Properties rejuvenation of the parking lot outside TD Garden into a dynamic mixed-use urban playground will firmly anchor North Station, while at Boston Landing in Brighton, New Balance and its partners have quite literally created a new neighborhood as a viable alternative for ultra competitive Cambridge. 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. 3.6% 4.1% # 2.9% 2ND NOVEMBER NOVEMBER ANNUAL HIGHEST GDP PER MASSACHUSETTS NATIONAL WAGE GROWTH CAPITA NATIONALLY UNEMPLOYMENT UNEMPLOYMENT MARKET CLASS A TRENDS ASKING RATE VS. DIRECT VACANCY $61.00 16.0% $58.00 14.0% BOSTON 10TH LARGEST $55.00 12.0% NATIONAL METRO $52.00 Faster population growth than 10.0% New York & San Francisco $49.00 8.0% VACANCY DOWN $46.00 6.0% TO 6.7% $43.00 4.0% Strong demand across all eight downtown submarkets $40.00 2.0% $37.00 0.0% 2017201620152014201320122011201020092008200720062005 ASKING RATES Average Asking Rate Direct Vacancy (%) RISE AGAIN Demand continued out-pacing supply, modern space rules COWORKNG SPACE HOT CLASS B Tenants like flexibility and ASKING RATE VS. DIRECT VACANCY short term commitments $47.00 16.0% TENANTS FAVOR $43.00 14.0% CREATIVE OFFICE $39.00 12.0% Open layouts, contemporary and collaborative environments $35.00 10.0% $31.00 8.0% INVESTMENT SALES QUESTIONS $27.00 6.0% Where in the cycle are we? Is there just a new $23.00 4.0% baseline for the city? $19.00 2.0% ADAPTIVE REUSE $15.00 0.0% EMERGENCE 2017201620152014201320122011201020092008200720062005 Average Asking Rate When soaring constructions costs Direct Vacancy (%) meet creative demand DIRECT VACANCY RATE BY SUBMARKET Midtown Back Bay Financial District Seaport Fenway North Station South Station Charlestown 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% QUICK GLANCE MARKET STATS VACANCY SUBLEASE AVAILABILITY 6.7% 1.8% 12.6% ABSORPTION CONSTRUCTION ASKING RATE 265K SF 1.9 MM SF $55.45/SF North Station North End $49.99/SF Beacon Hill Financial District Back Bay $55.55/SF $60.54/SF Midtown $44.41/SF South End South Station $49.32/SF Seaport $57.99/SF CLASS A OFFICE • Beyond Amazon scouting numerous Greater Boston locations 7.5% for its new HQ2, the market remained extremely active DIRECT VACANCY juggling several large requirements. Last quarter 121 Seaport Boulevard quickly finished its lease up when PTC announced it will relocate from suburban Needham into 250,000 square feet and Alexion Pharmaceuticals signed for the remaining 150,000 square feet. Similarly this quarter, 140 Northern Avenue and 101 Seaport Boulevard also completed their leasing programs. In a move across Fort Point, from 10 Channel Center, Cengage Learning has inked an approximate 117,000 square foot lease at 1.7% 140 Northern Avenue, joining law firm Goodwin. Meanwhile Vivint committed to roughly 26,000 square feet at 101 Seaport SUBLEASE AVAILABILITY Boulevard. • Across the channel in the Financial District, market activity remained robust with WeWork Labs adding another 60,000 square feet to its local operations at One Beacon Street. Trader Joe's announced it will relocate from 711 Atlantic into 16,000 square feet at 160 Federal Street. Meanwhile, ahead of its rumored sale, ownership renewed Hinckley Allen for 52,000 13.1% square feet at 28 State Street. TOTAL AVAILABILITY • As the Cambridge lab market boils over into periphery Boston locations, the largest beneficiaries have been the Seaport and Brighton. Mass Innovation Labs announced it will plant their flag in both locations. The Biotech incubator doubled down on the strength of these pioneering markets by committing to 54,000 square feet at Innovation Square in the Seaport's outer reaches as well as 84,000 square feet at 40 Guest Street in Brighton where they will be joined by Bose next door at 80 Guest Street. (9,150) SF • North Station's dynamic renaissance, anchored by the Hub on 12-MONTH ABSORPTION Causeway, and supported by the surrounding brick & beam assets along Canal and Portland Streets has helped offset the city's gravitational pull southeast towards the Seaport and South Station. In fact, one of the Financial District's early adopters of creative office tower space, Rapid7, has only recently announced it will relocate from its relatively new digs at 100 Summer Street to the loft style low-rise portion of 80 Causeway Street. # $60.49/SF AVERAGE ASKING RATE CLASS A OFFICE NOTABLE QUARTERLY LEASES ADDRESS SUBMARKET TENANT SF Hub on Causeway North Station Rapid7 147,000 140 Northern Avenue Seaport Cengage Learning 117,000 80 Guest Street Brighton Bose 98,000 40 Guest Street Brighton Mass Innovation Labs 84,000 100 Northern Avenue Seaport Aptiv 62,000 One Beacon Street Financial District WeWork Labs 60,000 80 Guest Street Brighton Roche Therapeutics 54,000 6 Tide Street Seaport Mass Innovation Labs 54,000 28 State Street Financial District Hinckley Allen 52,000 80 Guest Street Brighton Protesostasis Therapeutics 29,800 160 Federal Street Financial District Trader Joe's 16,000 100 Cambridge Street North Station Sattler College 15,500 Schraft's Center Charlestown AccionSystems 13,500 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 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Financial District Seaport Back Bay 2ND HALF 2017 INVESTMENT SALES 253 Summer Street One South Station 250 Summer Street 1000 Washington Street 253 Summer Street One South Station $140,000,000 ($695/RSF) $119,000,000 ($566/RSF) Recap: Morgan Stanley Buyer: Ashkenazy 1000 Washington Street 250 Summer Street $114,200,000 ($472/RSF) $62,500,000 ($595/RSF) Buyer: Nordblom Company Buyer: Morgan Stanley CLASS B OFFICE 5.3% • Over the past 24-36 months the Class B market has re-invented DIRECT VACANCY itself into the market leader for today’s creative & innovative tenants. The authentic character and boutique feel coupled with modern technologies and contemporary finishes have become 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. • Despite frantic movement within the Class A market, the leasing 2.0% energy did not extend into the Class B market during the SUBLEASE AVAILABILITY second half of 2017. Perhaps due to the limited available supply, the pace of new transactions felt slower. High construction and relocations costs are making tenants a bit stickier and landlords are content with mark-to-market renewals. Subsequently, only a handful of new deals were inked across South Station and the Financial District while Safety Insurance's 85,000 square foot renewal at 20 Custom House was largest overall transaction. • The Seaport posted the most movement this quarter with GE 11.7% commencing its renovation program along Necco Street, Duck TOTAL AVAILABILITY Creek's relocation to the newly constructed 22 Boston Wharf Road drawing nearer and JP Morgan significantly expanding and extending its presence at 451 D Street on the Fort Point outskirts. The Financial Services giant took a an additional 61,000 square feet and extended term on their existing 79,000 square foot premises, helping stabilize the asset's rent roll prior to it reportedly coming to the investment sale market in early 2018. (204K) SF • The investment sales market remained hot, however the 12-MONTH ABSORPTION quantity of buildings hitting the market has slowed. In an off market transaction, Jumbo Capital and Guggenheim Partners picked up 12 PO Square/10 Liberty Square from Marwick Associates for just over $400 PSF. The same partnership recently acquired 50 Congress Street next door and they reportedly have plans to activate the alley space between the buildings. # $46.34/SF AVERAGE ASKING RATE CLASS B OFFICE NOTABLE QUARTERLY LEASES ADDRESS SUBMARKET TENANT SF 451 D Street Seaport JP Morgan 140,500 20 Custom House Financial District Safety Insurance 85,000 22 Boston Wharf Road Seaport Duck Creek 22,700 Schraft's Center Charlestown Accion Systems 13,500 399 Boylston Street Back Bay Workbar 12,000 40 Court Street Financial District Anti-Defamation League 9,500 54 Canal Street North Station Appcues 7,000 179 Lincoln Street Financial
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