According to a recent Jones Lang LaSalle Research study, the Seaport District stands out as one of the strongest submarkets in the US. A ranking of 118 submarkets across the top 40 metro areas ranks the Seaport District fourth in total net absorption as a percentage of stock.
Some tenants are choosing to leave neighboring submarkets to come to the Seaport. Examples include recent leases signed by Bernkopf Goodman and Boston Plan for Excellence (both coming from the Financial District), and Occhiuti, Rohlicek & Tsao, LLP (from Cambridge).
With an availability rate that has dropped 880 basis points year-over-year, and rents up a staggering 14.6% over the same period, it’s clear the submarket is in growth mode. With rent spreads to Back Bay, Financial District and Cambridge in the $7-10 range, it’s also a value play.
Something good is happening on the other side of the Channel!