From Julia Georgules
New England Research Director
What a year it was for Boston metro’s office market in 2017. As economic conditions locally continued to improve, the office market benefited from significant tenant demand, bolstered not only by locally-based companies expanding in the market, but also by new entrants looking to tap into the area’s talent and innovation engines.
Likewise, the metro’s industrial market also recorded another year of highs and lows. Rents by year-end reached an all-time market high, crossing the $7-per-square-foot threshold for the first time, while vacancy continued to decline, ending the year at 7.5 percent. Largely driven by the growing ecommerce and complimentary last-mile-delivery sectors, the warehouse and distribution markets remain the most demanded property type in the industrial market.