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Colliers Meredith & Grew is pleased to provide a copy of its First Quarter 2009 Market Viewpoint, including commentary on trends and transactions in the metropolitan Boston real estate and capital markets. A section is included on each of the following: Boston, Cambridge, Suburbs, Investment Sales, and Capital Markets.
The overall vacancy rate in the greater Boston office and R&D markets increased from 15.5% to 16.5% during the quarter as 1.7 million square feet of negative absorption was recorded. This was due in part to an increase in sublease availability of over 900,000 square feet as companies either facing consolidation or contraction shed space. Many tenants appear to be delaying decision-making if they can, and much of the first quarter leasing activity was driven by renewals. Rental rates softened during the quarter, and depending on market segment have decreased by approximately 10 to 15% over the past twelve months.
Please refer to the Investment Sales and Capital Markets sections of the report for insights and commentary on challenges and emerging trends in the real estate debt and equity markets. With the CMBS market effectively shut down since late 2007, limited transaction volume is feeding a lack of confidence in pricing and the capital required to maintain steady market activity remains scarce.
Contact Mary Kelly at 617.330.8059 for more information.
  viewpoint_q1_09.pdf
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