metro boston… · biotech firms continue cluster outside of cambridge; benefiting demand for space...
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METRO BOSTONQ1 2018 | BIOTECH REPORT
TOTAL VACANCY RATE
Q1 NET ABSORPTION (SF)
ASKING RENT ($/SF)
UNDER CONSTRUCTION (SF)
3.9% 257,764 $45.00 1,781,695
303 Congress Street | Boston, MA 02210 | 617.457.3400 | www.NAIHunneman.com
2
TOTAL INVENTORY
(SF)
TOTAL VACANT
(SF)
TOTAL VACANCY
RATE
Q1 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
Boston 5,705,748 261,927 4.6% 86,379 86,379
Suburban 7,623,620 705,637 9.3% 182,371 182,371
TOTAL 13,329,368 967,564 7.3% 268,750 268,750
2013201320142014201420142015201520152015201620162016201620172017
Future Supply
-300
-200
-100
0
100
200
300
400
500
600
700
2013 2014 2015 2016 2017 2018
SF (0
00s)
Boston Suburbs
Available Leased
NET ABSORPTION
NOTABLE TRANSACTIONS
FUTURE SUPPLY
TRENDS• Biotech firms continue cluster to outside of Cambridge; benefiting from demand
for space in relief valve markets like Watertown, Waltham, Bedford, and Brighton. First quarter net absorption totaled roughly 269,000 square feet in Boston and the Suburbs combined, and vacancies declined to 7.3%. The future remains bright for life science hubs outside of Cambridge as demand for lab space far outstrips supply. While tenant preferences will remain focused on Kendall Square, the lack of space and frothy pricing will push growth out along Route 2 and the Route 128 Corridor.
• Longwood Center, the newest lab building in the Longwood Medical Area, is now fully-occupied just three years after delivery. Dana-Farber Cancer Institute expanded into another 83,550 square feet this quarter; now occupying more than half of the building. There are only a handful of large blocks of space left in the Boston Lab market, with 80 Guest Street and 27 Drydock Avenue boasting the only availabilities above 30,000 square feet.
• Drug manufacturing operations are moving to suburban locales with accessibility to R&D operations in Cambridge. High costs and a non-existent inventory have led firms such as Alnylam and Moderna to establish manufacturing facilities in the Route 128 Corridor. Activity is moving further out to the Route 495 area as well. LakePharma, Inc. recently acquired 35 South Street in Hopkinton and plans to launch a 69,000-square-foot GMP manufacturing facility in the building. King Street Properties is throwing its hat into the ring as well. The Cambridge-based life science real estate owner purchased the former headquarters of the MetroWest Daily News on New York Avenue in Framingham, and is planning to create a life science hub at the site, which could include manufacturing space. Expect this trend to continue as scientists and other R&D employees seek direct access to production operations.
• Tenants are flocking to the Route 128 West Submarket. With the addition of two new tenants, the LINX in Watertown is fully leased up. Aileron Therapeutics signed a lease for 18,609 square feet, and Kala Pharmaceutics is taking down more than 66,000 square feet in the building. The former is relocating from Waltham, and the latter is moving in from Cambridge. Visterra is also making the jump from Cambridge as the biotech company has outgrown its Kendall Square facility. Visterra executed a lease for 27,000 square feet at a recently converted lab building on Second Avenue in Waltham.
• The area’s IPO and venture funding landscape remains solid. Boston-based resTORbio recently raised $85 million in its initial public offering, and Bedford-based Homology Medicine filed a $144 million IPO in March. Regarding venture capital, Finch Therapeutics ($36 million), Partner Therapeutics ($60 million), and Stoke Therapeutics ($40 million) were among several companies located outside of Cambridge that raised funds in the first quarter.
2013201320142014201420142015201520152015201620162016201620172017
Future Supply
-300
-200
-100
0
100
200
300
400
500
600
700
2013 2014 2015 2016 2017 2018
SF (0
00s)
Boston Suburbs
Available Leased
Q1 Net AbsorptionYTD Net
Absorption86,379 86,379
182,371 182,371 268,750 268,750
Type
Boston SuburbanVacancy Net Absorption Vacancy Net Absorption
2013 4.8% (2,489) (2.49) 7.7% 176,861
Biotech firms continue cluster outside of Cambridge; benefiting demand for space in relief valve markets like Watertown, Waltham, Bedford, and Brighton. First quarter net absorption totaled roughly 269,000 square feet in Boston and the Suburbs combined, and vacancies declined to 7.3%. The future remains bright life science hubs outside of Cambridge as demand for lab space far outstrips supply. While tenant preferences will remain focused on Kendall Square, the lack of
occupied just three years after delivery. Dana-Farber Cancer Institute expanded into another 83,550 square feet this quarter; now occupying more than half of the building. There are only a handful of large blocks of space left in the
igh costs and a non-existent inventory have led firms such as Alnylam and Moderna to establish manufacturing facilities in the Route 128 Corridor. Activity is moving further out to the Route 495 area as well.
foot GMP manufacturing facility in the building. King Street based life science real estate owner purchased the former headquarter of the MetroWest Daily
News on New York Avenue in Framingham, and is planning to create a life science hub at the site, which could include manufacturing space. Expect this trend to
Tenants are flocking to the Route 128 West Submarket. With the addition of two new tenants, the LINX in Watertown is fully leased up. Aileron Therapeutics signed a lease for 18,609 square feet, and Kala Pharmaceutics is taking down more than 66,000 square feet in the building. The former is relocating from Waltham, and the latter is moving in from Cambridge. Visterra is also making the jump from Cambridge as the biotech company has outgrown its Kendall Square facility. Visterra executed a lease for 27,000 square feet at a recently converted lab building on Second Avenue in Waltham.
based resTORbio recently raised $85 million in its initial public offering, and Bedford-based Homology Medicine snapped a $144 million IPO in March. Regarding venture capital, Finch Therapeutics ($36 million), Partner Therapeutics ($60 million), and Stoke Therapeutics ($40 million) were among several companies located outside of Cambridge that raised funds in the first quarter.
90K SF70K SF50K SF10K SF 30K SF
Notable Transactions
MicroMedicine
Aileron Therapeutics
Visterra
Kala Pharmaceuticals
Dana-Farber
2018Q1 BOSTON /
SUBURBAN LAB
Route 128 West Boston
214,910 SF
144,400 SF
3
TOTAL INVENTORY
(SF)
TOTAL VACANT
(SF)
TOTAL VACANCY
RATE
Q1 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
East Cambridge 9,311,288 48,444 0.5% (30,391) (30,391)
Vacancy2013201320132013201420142014201420152015201520152016201620162016
Construction Trends
20152015201520152016201620162016201720172017201720182018
0
100
200
300
400
500
600
700
800
900
2013 2014 2015 2016 2017 2018
SF (0
00s)
Leased Available
0%
2%
4%
6%
8%
10%
-200
-100
0
100
200
300
400
500
600
2013 2014 2015 2016 2017 2018
SF (0
00s)
Net Absorption Vacancy
VACANCY
NOTABLE TRANSACTIONS
CONSTRUCTION TRENDS
TRENDS• Vacancies in Cambridge’s premiere lab market are still essentially zero. Although
rates inched up to 0.5% in the first quarter of 2018, there is less than 50,000 square feet of vacant space in East Cambridge. As has been the trend over the last two years, any available space is quickly leased up here — in many cases through off-market deals. There doesn’t seem to be any clouds in East Cambridge’s forecast. Expect tenants to struggle to find space to accommodate their growth as tight fundamentals and higher rents will continue to characterize this market in the near-term. While overall rent growth has slowed, lease rates on higher-end space are now in the low-$90s on a per-square-foot basis.
• Space is leasing up faster than it can be built. Alexandria Real Estate’s 164,000-square-foot speculative project at 399 Binney Street is almost fully-occupied. Relay Therapeutics and Cellular Ecosystems Therapeutics will join Rubius Therapeutics once the new facility delivers at the end of this year; bringing occupancy to more than 83%. Reportedly a fourth tenant has signed an LOI, which would make the building 100% occupied. Tenants are paying top dollar for this space with base rents in the low-to-mid $80/SF, and TI allowances are roughly $200/SF. Alexandria’s 431,500-square-foot 100 Binney Street will delivery completely full in the second quarter. While an office user, Philips North America, plans to occupy 80% of the first phase of DivoWest’s Cambridge Crossing development, the building is lab-capable and the remaining space is being marketed towards lab tenants.
• Lab users are hiring. Alnylam is looking to grow its employee base, particularly in East Cambridge. The pharmaceutical company plans to add up to 200 additional employees in the near term and grow its global workforce to 1,250-1,500 by 2020. Gene-editing biotech, Editas Medicine, has also been boosting headcount as it prepares to launch U.S. clinical trials. Local labor markets are tighter-than-ever, especially for highly-skilled research personnel, but increasing headcounts bodes well for future lab demand.
• Takeda Pharmaceuticals’ potential takeover of Shire may make waves in the local lab market. While there is little overlap in real estate footprints between the two companies, there could be some fallout if the deal were to move forward. In addition to its large presence in Lexington, Shire has re-established its Kendall Square presence within the past year. The pharmaceutical giant inked a deal for 343,000 square feet at 500 Kendall Street and subleased 223,000 square feet at 125 Binney Street. Takeda maintains a presence at 35 Landsdowne Street in Mid Cambridge, occupying the entire 202,000-square-foot building.
• Funding momentum is strong among East Cambridge life science companies. Surface Oncology and Solid Biosciences raised $100 million and $153 million in their initial public offerings, respectively. Several major VC investments took place this quarter as well. Moderna Therapeutics raised a whopping $500 million, while Generation Bio and TCR2 Therapeutics both raised $100 million or more in the first quarter.
Vacancy2013201320132013201420142014201420152015201520152016201620162016
Construction Trends
20152015201520152016201620162016201720172017201720182018
0
100
200
300
400
500
600
700
800
900
2013 2014 2015 2016 2017 2018
SF (0
00s)
Leased Available
0%
2%
4%
6%
8%
10%
-200
-100
0
100
200
300
400
500
600
2013 2014 2015 2016 2017 2018SF
(000
s)
Net Absorption Vacancy
f 2018, there is less than 50,000 sed up here — in many cases
market deals. There doesn't seem to be any clouds in East Cambridge's forecast. Expect tenants to struggle to find space to accommodate their term. While rent growth has slowed lease rates on higher-
Street is almost fully-occupied. nd of this year; bringing
occupancy to more than 83%. Reportedly a fourth tenant has signed an LOI, which would make the building 100% occupied. Tenants are paying top dollar for foot 100 Binney Street will delivery
voWest's Cambridge Crossing
lans to add up to 200 editing biotech, Editas Medicine, has also been boosting
d research personnel, but increasing
l estate footprints between on, Shire has re-established its
reet and subleased 223,000 square feet at 125 Binney Street. Takeda maintains a presence in at 35 Landsdowne Street in Mid Cambridge, occupying the entire 202,000-square-foot
Funding momentum is strong among East Cambridge life science companies. Surface Oncology and Solid Biosciences raised $100 million and $153 million in raised a whopping $500
50K SF40K SF30K SF10K SF 20K SF
Notable Transactions
Avrobio
Eli Lilly & Co.
Gemini Therapeutics
CellularEcosystems
Relay Therapeutics
EAST CAMBRIDGE LAB
4
L I F E S C I E N C E FUNDINGBLOOMBERG MASS LIFE SCIENCE INDEX MORE THAN DOUBLED SINCE BOTTOMING IN EARLY 2012;
REACHING A PEAK IN EARLY 2018.
KEY: VC FUNDING BY CITY
$1.03 B - $1.72 B
$210 M - $1.03 B
$70 M - $210 M
$20 M - $70 M
0 - $20 M
VC Funding by City
$1.03 B to $1.72 B
$210 M to $1.03 B
$70 M to $210 M
$20 M to $70 M
0 to $20 M
FDA DRUG APPROVALS ( 2 0 1 1 - 2 0 1 7 )
2018Q1
5
MA Life Science IPOs
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800
2012
2013
2014
2015
2016
2017
YTD
MA LIFE SCIENCE IPOs
L I F E S C I E N C E FUNDINGBLOOMBERG MASS LIFE SCIENCE INDEX MORE THAN DOUBLED SINCE BOTTOMING IN EARLY 2012;
REACHING A PEAK IN EARLY 2018.Life Science Total
$1,020,265,000 $1.02 $2,566,844,000 $1,546,579,000 $1.55$1,090,350,000 $1.09 $2,417,630,000 $1,327,280,000 $1.33
$834,680,000 $0.83 $2,552,995,000 $1,718,315,000 $1.72$2,152,600,000 $2.15 $3,703,510,000 $1,550,910,000 $1.55$1,510,700,000 $1.51 $2,651,810,000 $1,141,110,000 $1.14$2,588,000,000 $2.59 $3,977,925,000 $1,389,925,000 $1.39$1,631,600,000 $1.63 $2,438,000,000 $806,400,000 $0.81
MA Venture Capital Funding
40% 45%33%
58%
57%
65%
67%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
2012 2013 2014 2015 2016 2017 YTD
Life Science Funding Total Funding
MA VC FUNDING
FDA Approvals
109%
0
5
10
15
20
25
30
35
40
45
50
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
FDA DRUG APPROVALS
250
148
FDA DRUG APPROVALS ( 2 0 1 1 - 2 0 1 7 )
F R O M MASSACHUSETTSCOMPANIES
(In Millions)
6
MID CAMBRIDGE LAB
TOTAL INVENTORY
(SF)
TOTAL VACANT
(SF)
TOTAL VACANCY
RATE
Q1 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
Mid Cambridge 5,262,211 28,019 0.5% 19,405 19,405
Vacancy
Rents
2017201720172018
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
2014 2015 2016 2017
0%
5%
10%
15%
20%
25%
2013 2014 2015 2016 2017 2018
5-Year Historical Average = 8.5%
42% Increase
VACANCY
NOTABLE TRANSACTIONS
RENTS
TRENDS• Positive net absorption pushed vacancies down to a paltry 0.5% in Mid Cambridge;
declining by 40 basis points over the quarter and 100 basis points over the year. With a handful of mid-sized leases signed this quarter, there is less than 30,000 square feet of vacant space in this submarket. Tenants looking to expand here will struggle to find space, especially given that new construction is concentrated elsewhere in Cambridge. While rent growth has slowed, asking rents remained elevated in the mid-to-high-$70/SF. Look for fundamentals to remain tight and higher lease rates in the near-term forecast.
• Similar to East Cambridge, available space is quickly snapped up in Mid Cambridge. Takeda Pharmaceuticals has been successful in leasing up ARIAD’s former space at 26 Landsdowne Street, which is currently under renovation. Most recently, Beam Therapeutics inked a deal for 38,203 square feet in the building. Fulcrum Therapeutics took down 28,731 square feet recently as well. Other major leases signed this quarter include Abbvie’s 42,313-square-foot expansion at 200 Sidney Street, Mersana Therapeutics’ 34,324-square-foot deal at 840 Memorial Drive and Spero Therapeutics extension and expansion at 675 Massachusetts Avenue.
• Solid IPO activity taking place among Mid Cambridge biotechs over the last 12-18 months is driving strong leasing. Evelo Biosciences recently filed to raise $100 million and Unum Therapeutics raised $69 million in its initial public offering. Aileron Therapeutics ($73 million), Mersana Therapeutics ($92 million), and Spero Therapeutics ($92 million) have signed leases recently; after filing IPOs last year. Continued IPO activity in the local life science arena ultimately bodes well for future lab demand here.
• Traditionally a relief valve for nearby East Cambridge, Sidney Street has evolved into a top-tier lab cluster in Mid-Cambridge. Anchored by BioMed Realty’s Sidney Research Campus, this corridor is home to 1.1 million square feet of lab space and tenants like Agios Pharmaceuticals, Blueprint Medicines, and Abbvie. As of the first quarter, there was only one availability here. Addgene is subleasing close to 18,000 square feet at 75 Sidney in anticipation of its move to LINX in Watertown. This represents a marked change from just three years ago when vacancies were in the 30-40% range following Vertex’s relocation to the Seaport. Voyager Therapeutics also renewed and expanded by more than 10,000 square feet in 75 Sidney Street in the first quarter; highlighting the area’s desirability among tenants.
• Rents continue to climb in the Mid Cambridge lab market. Historically there has been a much larger delta between lease rates in this submarket and East Cambridge. As space has become scarce and Mid Cambridge’s status has grown, landlords have been able to push through outsized rent gains here. Since the end of 2014, average asking rents increased by 42%. While peak growth is likely behind us, look for modest gains in the near future.
Vacancy
Rents
2017201720172018
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
2014 2015 2016 2017
0%
5%
10%
15%
20%
25%
2013 2014 2015 2016 2017 2018
5-Year Historical Average = 8.5%
42% Increase
Positive net absorption pushed vacancies down to a paltry 0.5% in Mid Cambridge; declining by 40 basis points over the quarter and 100 basis points over the year. sized leases signed this quarter, there is less than 30,000 square feet of vacant space in this submarket. Tenants looking to expand here will
struggle to find space, especially given that new construction is concentrated elsewhere in Cambridge. While rent growth has slowed, asking rents remained elevated
Similarly to East Cambridge, available space is quickly snapped up in Mid Cambridge. Takeda Pharmaceuticals has been successful in leasing up ARIAD's former space at 26 Landsdowne Street, which is currently under renovation. Most recently, Beam Therapeutics inked a deal for 38,203 square feet in the building. Fulcrum Therapeutics took down 28,731 square feet recently here as well. Other major leases signed this quarter include Abbvie's 42,313-square-foot expansion at 200 Sidney
foot deal at 840 Memorial Drive and Spero Therapeutics extension and expansion at 675 Massachusetts Avenue.
18 months is driving such strong leasing. Evelo Biosciences recently filed to raise $100 Therapeutics ($92 million), and Spero
ience arena ultimately bodes well for future
Cambridge. Anchored by BioMed Realty's Sidney Research Campus, this corridor is home to 1.1 million square feet of lab space and tenants like Agios Pharmaceuticals, Blueprint Medicines, and Abbvie. As of the first quarter, there was only one availability here. Addgene is subleasing close to 18,000 square feet at 75 Sidney in anticipation of its move to LINX in Watertown. This
40% range following Vertex's relocation to the Seaport. Voyagers Therapeutics also renewed and expanded by more than 10,000 square feet in 75 Sidney Street in the first quarter; highlighting the area's desirability among tenants.
Rents continue to climb in the Mid Cambridge lab market. Historically there has been a much larger delta between lease rates in this submarket and East Cambridge. As space has become scarce and Mid Cambridge's status has grown, landlords have been able to push through outsized rent gains here. Since the end of 2014, average
50K SF40K SF30K SF10K SF 20K SF
Notable Transactions
Spero Therapeutics
Voyager Therapeutics
Mersana Therapeutics
Beam Therapeutics
Abbvie
2018Q1
7
WEST CAMBRIDGE LAB
TOTAL INVENTORY
(SF)
TOTAL VACANT
(SF)
TOTAL VACANCY
RATE
Q1 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
West Cambridge 787,860 72,632 9.2% - -
2014201420142015201520152015201620162016201620172017201720172018
Asking Rents
-10%
0%
10%
20%
30%
40%
50%
-300
-250
-200
-150
-100
-50
0
50
100
150
2013 2014 2015 2016 2017 2018
SF (0
00s)
Net Absorption Vacancy
$0
$10
$20
$30
$40
$50
$60
2014 2015 2016 2017
31% Increase
VACANCY AND NET ABSORPTION
CONTIGUOUS BLOCKS
ASKING RENTS
TRENDS• With little leasing or absorption taking place during the first quarter, vacancies
remained unchanged, at 9.2%, in the West Cambridge lab market. Much of Cambridge’s available lab space is located here, with more than 70,000 square feet of space currently vacant. The delivery of the 227,000-square-foot 35 Cambridgepark Drive will add another large block of space to the available inventory here. With that said, fundamentals remain ultra-tight in both East and Mid Cambridge, and West Cambridge remains a key relief valve for these more established life science hubs. Look for continued movement into the market as space constraints and historically-high rents push tenants out of Cambridge’s core lab markets.
• Celgene continues to expand its presence in the West Cambridge Submarket. Most recently, the biopharmaceutical company leased another 20,000 square feet at 200 Cambridgepark Drive — bringing the firm’s occupancy to roughly 127,000 square feet (more than half of the building). Celgene has also been on a shopping spree recently. Earlier this year the firm acquired Waltham-based Juno Therapeutics for $9 billion, which followed the acquisition of Impact Biomedicines for several billion dollars.
• Rents continue to climb in the West Cambridge lab market. As lab space has become scarce throughout Cambridge, tenants have been willing to move further out from Core Kendall Square and into this market. As a result, landlords have been able to push through stronger rent gains over the past few years, with lease rates rising by 31% since the end of 2014. Despite this growth, rates for space in West Cambridge offer a steep discount compared to neighboring submarkets. Existing lab space boasts a mid-to-high-$50s/SF price tag, while asking rents are in the high $60s/SF at 35 Cambridgepark Drive, which is not included in the current stats. While peak growth is likely behind us, look for modest gains in the near future.
• While venture capital has been comparatively less active in West Cambridge, a handful of funding events took place over the last several months. Most recently, Cytier Therapeutics raised $29 million in a Series B round, and Ultivue also closed a Series B round; raising $20 million. Late last year, Aura Biosciences raised another $30 million while LifeMine Therapeutics closed a $55 million Series A round.
• The majority of Cambridge’s construction remains concentrated in East Cambridge, but West Cambridge could see some more action in the future. The Bulfinch Companies is planning to build out the remaining parcel at the Cambridge Discovery Park. The campus can accommodate up to two additional office/lab buildings totaling 250,000 square feet.
2014201420142015201520152015201620162016201620172017201720172018
Asking Rents
-10%
0%
10%
20%
30%
40%
50%
-300
-250
-200
-150
-100
-50
0
50
100
150
2013 2014 2015 2016 2017 2018
SF (0
00s)
Net Absorption Vacancy
$0
$10
$20
$30
$40
$50
$60
2014 2015 2016 2017
31% Increase
Vacancy Net Absorption2013 3.8% 17,402 17.40 2013 3.8% 275 0.28 2013 0.9% 21,691 21.69 2013 6.8% (43,967) (43.97)
With little leasing or absorption taking place during the first quarter, vacancies remained unchanged, at 9.2%, in the West Cambridge lab market. Much of Cambridge's available lab space is located here, with more than 70,000 square feet of space currently vacant. The delivery of the 227,000-square-foot 35 Cambridgepark Drive will another large block of space to the available inventory here. With that said, fundamentals remain ultra-tight in both East and Mid Cambridge, and West Cambridge remains a key relief valve for these more established life science hubs. Look for continued movement into the
Celgene continues to expand its presence in the West Cambridge Submarket. Most recently, the biopharmaceutical company leased another 20,000 bringing the firm's occupancy to roughly 127,000 square feet (more than half of the building). Celgene has also
based Juno Therapeutics for $9 billion, which followed the acquisition of
Rents continue to climb in the West Cambridge lab market. As lab space has become scarce throughout Cambridge, tenants have been willing to move further out from Core Kendall Square and this market. As a result, landlords have been able to push through stronger rent gains over the past few years, with lease rates rising by 31% since the end of 2014. Despite this growth, rates for space in West Cambridge offer a step discount compared to
$50s/SF price tag, while asking rents are in the high $60s/SF at 200 Cambridgepark Drive,
While venture capital has been comparatively less active in West Cambridge, a handful of funding events took place over the last several months. Most recently, Cytier Therapeutics raised $29 million in a Series B round, and Ultivue also closed a Series B round; raising $20 million. Late last year, Aura
The majority of Cambridge's construction remains concentrated in East Cambridge, but West Cambridge could see some more action in the future. The Bulfinch Companies is planning to build out the remaining parcel at the Cambridge Discovery Park. The campus can accommodate up to two additional
40K SF30K SF20K SF0K SF 10K SF
Contiguous Blocks
2
1
1
1
M E T R O B O S T O NQ1 2018
BIOTECH RECAP
LIZ BERTHELETTE | Director of Research 617.457.3306 | [email protected]
METHODOLOGY
SOURCE: Co-Star, NAI Hunneman Commercial Company. PREPARED: March 2018.
DISCLAIMER: The above data is from sources deemed to be generally reliable, but no warranty is made as to the accuracy of the data nor its usefulness for any particular purpose.
Average Rental Rates are asking rents on direct space. Vacant space includes both direct and sublease space.
TOTAL INVENTORY
(SF)
UNDER CONSTRUCTION
(SF)
DIRECT VACANT
(SF)
SUBLEASE VACANT
(SF)
TOTAL VACANCY
RATE
Q1 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
BOSTON TOTAL 5,705,748 214,400 239,809 22,118 4.6% 86,379 86,379
East Cambridge 9,311,288 1,195,500 25,439 23,005 0.5% (30,391) (30,391)
Mid Cambridge 5,262,211 - 28,019 - 0.5% 19,405 19,405
West Cambridge 787,860 226,885 69,632 3,000 9.2% - -
CAMBRIDGE TOTAL 15,361,359 1,422,385 123,090 26,005 1.0% (10,986) (10,986)
Route 128 North 1,134,676 - 32,688 10,243 3.8% 38,926 38,926
Route 128 Northwest 2,261,210 - 172,888 18,859 8.5% - -
Route 128 West 2,123,558 144,910 199,374 6,000 9.7% (15,275) (15,275)
Route 495 North 849,329 - 120,702 - 14.2% (92,093) (92,093)
South 276,159 - - - 0.0% - -
West 978,688 - 82,869 62,014 14.8% 250,813 250,813
SUBURBAN TOTAL 7,623,620 144,910 608,521 97,116 9.3% 182,371 182,371
MARKET TOTAL 28,690,727 1,781,695 971,420 145,239 3.9% 257,764 257,764