Boston Year-End 2019 Market Report
The Greater Boston office market ended 2019 on solid footing. Rents in Downtown Boston increased by over 15 percent year-over-year, and tech companies continued to absorb significant space in prime locations.
Landlords will remain in the driver’s seat for the foreseeable future. In Cambridge and Downtown, tenant demand remains voracious – particularly for well-amenitized buildings with a focus on tenant experience – as companies seek to gain an edge in recruiting and retaining millennial talent. There are a number of companies currently seeking large blocks of quality space and only limited supply, and while there is a robust development pipeline, the majority of that space has been preleased. Those factors should ensure that rents will continue to increase, although not as sharply as in 2019.
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Senior Vice President, Marketing