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Colliers Meredith & Grew is pleased to provide a copy of its Fourth Quarter 2008 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 leasing markets managed to hold their own for much of 2008, although conditions deteriorated in the latter half of the year. Net negative absorption of nearly 600,000 square feet was recorded across all submarkets, representing the first year of negative absorption since 2002. The combined vacancy rate — including office, lab and R&D space — increased from 14.3% to 15.6%. While there has not been a significant deterioration in rental rates, the degree to which landlords are adjusting their expectations in response to economic uncertainty varies according to location and market segment.
Please refer to the Investment Sales and Capital Markets sections of the report for insight into the ongoing turmoil in the financial markets. While some capital providers were still active during 2008, pricing benchmarks were volatile, debt underwriting standards were stringent, and investment sales volume was anemic. Despite the challenging conditions, greater Boston held up well relative to many markets across the country and has thus far seen very few distressed debt or property transactions.
Contact Mary Kelly at 617.330.8059 for more information.
  viewpoint_q4_08.pdf
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