A new article from the Boston Business Journal came with good news: according to a new analytis by Richards Barry Joyce & Partners the office market in the Greater Boston area is closing on the best quarter its seen in four years, even nearing an all-time high occupancy rate. An excerpt from the article:
The region's impressive gains are rooted in its employment growth since early 2009 and run counter to the contraction and rising vacancy rates rippling throughout most other office markets nationally. The occupancy upticks also can be linked to the flood of major life sciences companies and "think tank economy" employers flocking to the Bay State, said Bob Richards, a partner at RBJ.
"There are only so many of them out there," said Richards, alluding to the major firms — Bain Capital, Forrester Research, Pfizer Inc. and Vertex Pharmaceuticals, in particular — who have locked up significant office and laboratory space in recent months. "But we expect that trend to continue."
According to the U.S. Bureau of Labor Statistics, Boston has seen its employment expand by around 2.5 percent since February 2009, versus a 0.3 percent contraction in the United States as a whole. Demand for space has been especially acute in the technology and financial hubs of East Cambridge and the Back Bay, where double-digit rent growth is commonplace among Class A properties, according to RBJ.
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