The Greater Boston real estate market continues to evolve, with Q3 data from CBRE revealing notable trends across various sectors. The industrial market remains strong, boasting a record-low vacancy rate of 4.0%. However, the office sector paints a different picture. Downtown Boston’s office market experienced negative absorption of 611,943 square feet in Q3 and over 1.5 million square feet year-to-date. Historic highs were reached for availability, vacancy rates and sublease rates.
In Cambridge specifically, there was an increase in availability during Q3 – particularly in the Mid-Cambridge submarket – resulting in an overall rise of 19.7%. Despite these challenges, leasing activity remained robust for Greater Boston’s industrial market with 2.31 million square feet leased during the quarter and a total of 7 .70 million square feet leased year-to-date . On the other hand , negative absorption was recorded for the second consecutive quarter within t he life science sector , largely driven by East Cambridge area .
This article originally appeared on Connect CRE.
