Hunneman Update 04/13/20

Hunneman's Q1 Metro Boston Office Market Report

Over the last eleven years, The Greater Boston Area (GBA) has exhibited the longest economic expansion since the Post World War II Era and has emerged as an international business hub and a world leader in technology and the life sciences. Similarly, the GBA’s office market has run parallel, helping provide the region with the largest construction boom since the same time period which has allowed for the adoption of a significantly more diverse industry base now more than ever before. However, while the GBA does provide a buffer against global forces that hinder this growth through the economic backbones of healthcare and education, the metro is still subject to the universal headwinds brought on by unseen circumstances such the COVID-19 pandemic which is currently sweeping the country.

Looking ahead, limited pressure on urban market rents is expected to persist in the short-term with construction freezes in Boston and Cambridge still in play and tenants hesitant to make immediate decisions if they are able to. Furthermore, tenant build-outs are anticipated to be less popular through the remainder of the year with more companies expected to be agile with time-to-occupancy projects. This is expected to bode well for landlords who have built-out spec suites and can capture tenants in a tighter window. Conversely, tenants who are able to renew and extend their current leases in the short term are expected to do so to defer real estate decisions at the moment.

Check out the full report here.

hunneman market report

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