Our Research team at Jones Lang LaSalle tracks tenant demand in order to stay close to the market and truly understand what’s driving corporate decisions. Looking at requirements over time, we can follow trends such as overall growth/contraction, industry performance, geographic share, and size of requirements.
Senior Research Analyst Rebecca Herbst tells us that Greater Boston suburban demand continues to grow, having increased 9.2 percent overall since December 2012. “The high-tech, life sciences, and manufacturing sectors continue to fuel demand,” she said. “Together they account for over 50 percent of the total suburban requirements.”
There are a number of larger requirements in the market as well. Seventeen companies are seeking in excess of 100,000 square feet. Approximately 93 percent of tenants are either growing or looking to maintain their current footprint. This is a very healthy indicator for the state of the market.
Firms are beginning to invest in the future and look past near-term uncertainty. In the coming months, we expect to see even more tenants out in the market looking to make significant real estate decisions.