Greater Boston’s booming market shows no signs of slowing down

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From Julia Georgules
New England Research Director

Boston’s metro economy maintained its leading position going into 2018 as a hotbed for top employers and a skilled workforce. From 2016 to 2017, total nonfarm payroll grew by 2 percent, or more than 51,000 jobs. As a result, the perpetually strengthening labor force remained a major attraction for employers, and announcements of major expansions and relocations have become more of a norm than an exception over the past year.

 

Corporate expansions, in particular, have been a boon to developers with Boston’s 1.4-million-square-foot development pipeline 95 percent pre-leased. A similar story is unfolding in Cambridge, as its 1.3-million-square-foot pipeline is 61 percent pre-leased. With the only remaining blocks of new construction concentrated in the suburbs, the market’s 70 percent pre-lease rate is the highest of any primary office market across the country.

Read our full Q1 Boston Office Insight Report for more information and feel free to contact me with any questions.