News: Front Section
Posted: April 15, 2016
Encompass releases blue 2016.1 - report covering Gtr. Boston’s commercial office real estate market
Boston, MA Encompass Real Estate Strategy Inc. has released blue 2016.1, the company’s report covering Greater Boston’s commercial office real estate market for the first quarter of 2016.
Greater Boston’s commercial office market continues to exhibit landlord-favorable conditions despite a new product supply trend that has seen more than 5 million s/f delivered since 2013, with 3.3 million additional s/f presently under construction. The report shows vacancy decreased to 11% from the 11.1% observed last quarter on 273,000 s/f of positive absorption. Vacancy was 11.9% a year ago and reached a recent high of 14.9% in the first quarter of 2011.
“The Boston region’s position in the global economy continues to elevate” said Brendan Carroll, director of intelligence. “Boston is the conglomeration of everything a leading tech group wants, and this affects landlords too.”
The report also discusses General Electric’s decision to relocate its corporate headquarters to the city, suggesting the move could not only have substantial additional ramifications in its own right, but could, in a broader sense, be an inflection point in the melding of modern technologies with the predominant long-established businesses of the world. “We’re getting General Electric,” Carroll said, “something fairly profound is going on here.”
blue 2016.1 is the first report of the quarterly “blue” series, and is the first release of Spectrum, a large suite of reports covering various sectors of the city’s real estate market.
The Spectrum report series is the first product of encompass, which itself launched last week. Carroll said, “It’s an exciting time to be in the business of augmenting the environment we live in, particularly here in Eastern Massachusetts.”
Encompass is a provider of information services to existing and potential participants in Greater Boston’s commercial real estate industry. Through its array of research products and services, the Company meets a growing demand from an expanding and evolving set of parties interested in Boston’s commercial real estate market with an array of information tools not presently available from existing sources.
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