While the pace of recovery has varied across submarkets, the Greater Boston office market overall has seen strong and steady improvements. Its average asking rent has grown 1.8 percent over the year. For the second quarter in a row, the vacancy rate remains below 15%.
The outlook is bright. The effects of sequestration, however, remain to be seen in this market that relies heavily on NIH funding and defense spending.
Consumers appear to be weathering the impact of a rise in taxes. Firms continue to consider strategic real estate decisions that combine growth with space saving strategies.