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Colliers Meredith & Grew is pleased to provide a
copy of its Second Quarter 2008 Market Viewpoint, including commentary
on trends and significant 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.
Halfway through 2008, the leasing markets appear "stuck in neutral."
Net absorption was 575,000 square feet during the second quarter, and totaled
just over 1 million square feet for the first six months of 2008. Despite
the positive absorption, the addition of over a half million square feet
of new supply has kept the vacancy rate unchanged at 14.3% since the fourth
quarter 2007. Demand is steady, however, and there has been no significant
increase in sublease activity — usually an early indicator of a negative
market turn.
The ongoing volatility in the global capital markets and mortgage lending
markets has slowed investment sales volume considerably. Life insurance
companies and banks have virtually taken over the lending arena for commercial
real estate, which has caused increased scrutiny, tighter underwriting
standards, and higher premiums than 12 months ago.
Contact Mary Sullivan Kelly at 617.330.8059 for more information.
  viewpoint_q3_08.pdf
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