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.