Where are we in the recovery? According to JLL Research, direct asking rents in Greater Boston and the CBD are recovering since the recession. While the city is recovering faster, rents in both markets remain off peak.
In an exclusive article for GlobeSt.com entitled “On the Heels of Boston’s Rapid Rent Growth,” New England Research Director Lori Mabardi offered an optimistic view of the market’s rent growth potential. “We may begin to see acceleration, and we may be at a tipping point in Boston’s recovery cycle.”
According to Lori, employment in Greater Boston is now back to pre-recession levels, meaning we are officially in growth mode. The metro area has added another 50,000 jobs above previous peak levels. Vacancy in the CBD and the suburbs continue to decline. Overall, vacancy is nearing levels last seen in 2008.