News: Front Section
Posted: August 19, 2016
Encompass releases blue Boston Office Real Estate Report
Boston, MA Encompass Real Estate Strategy Inc. has released the blue 2016.2, the company’s report covering Greater Boston’s commercial office real estate market for the second quarter of 2016. The report can be accessed at https://ecs.re/blue20162.
Greater Boston’s commercial office market experienced moderate positive absorption of 92,000 s/f in the second quarter ended June 30, as the completion of the 395,000 s/f building at 100 Northern Ave. in the Seaport District caused vacancy to increase 0.1% to 11.1%. The long-term trend remains heavily positive as tenants have absorbed 3 million s/f over the past four quarters and vacancy is 0.5% below levels observed as of the second quarter of 2015.
“The remarkably diversified economy of the Greater Boston area continues to act as an engine of growth throughout the region” said Brendan Carroll, director of intelligence. “While the region is well-known as a world-class technology hub, recent growth is also coming from the consulting, financial, legal and shoemaking industries as well as other sectors most would consider traditional.”
In this quarter’s “OTB” feature, the report briefly touches on certain aspects of the advent of autonomous cars. Autonomous cars are cars that are able to operate with little or no human control, and are expected by many experts to rapidly replace human operated cars, which typify today’s fleet of cars on the road. OTB then makes certain statements intended to being a conversation about this phenomenon, which will likely have profound implications for real estate throughout the region.
blue 2016.2 is the first report of Spectrum 2016.2, greater Boston’s leading resource for commercial real estate information and analysis, covering the second quarter of 2016. Spectrum, was launched in the first quarter of 2016 with Spectrum 2016.1.
Encompass Real Estate Strategy 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. Subscribe to Spectrum by visiting bit.ly/spectrumsubscribe. Follow us on Twitter @encompassbren.
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