Statistics newly released by Spaulding & Slye reveal amarket that is solid and shows no sign of slowing. Looking at thegreater Boston areaas a whole, S&S reveals that some 7.8million sf of space was available in the quarter from a totalinventory of 125.3 sf. Thatbrought the availability rate to6.2%.


Year-to-date net absorption came in at 8.9 sf with absorptionfor the quarter posted at 4.2 million sf. Average asking rentshovered around $37.69 per sf.


Breaking the market down into subsectors, the winner in terms ofQ3 availabilities was South Station, which logged 0.3%availabilities(6,070 sf). Bringing up the rear was Back Bay, whichposted a 5% availability rate or 543,667 sf. Oddly, rents toppedthe charts at $56.39.


"Availabilities have gone down from last quarter's 7%," notesprincipal Tamie Thompson, "and vacancies at the time were at 3.3%.There's more leasing occurring and more letters of intent outthere. In the suburbsalone, demand still outweighs the supply, andeven if the demand went away, we'd still have a very strongmarket."


Helping that strength is the lack of spec construction, shetells "It's a very smart market," she notes. "Thereare plenty of memories out there, and people are still reluctant.The market strategies are so much better thought-out."

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.