At just shy of 2 million sq. ft. of absorption year to date, the Downtown Boston Office market continued its stretch of impressive gains in Q3 2018. With more than 7 million sq. ft. of active demand, the market’s exploding tech sector continues to be the driving force, with TAMI companies making up more than 40% of the current tenant pool looking for space.
The Downtown market posted a healthy 506,000 sq. ft. of positive absorption in Q3 2018 and saw vacancy decline by 50 basis points (bps) to 7.6%. Overall asking rents increased more than 5%, breaking the $60 per sq. ft. mark for the first time, to reach $60.31 per sq. ft. gross.