Greater Boston’s Commercial Real Estate Market Finally Turning Corner?
At last, some good news about the battered office market.
With companies slowly but steadily adding jobs, there are signs that recovery may be finally taking hold in Greater Boston’s bruised and battered commercial real estate market, a new third quarter report out by Richards Barry Joyce & Partners finds.
Some highlights:
· The July through September stretch marked the second quarter of positive absorption in the Greater Boston office market, with more than 400,000 square feet of empty corporate suites taken off the market.
· The amount of sublease space is falling rapidly. Boston area sublease space is down more than 1.2 million square feet – enough to fill the Hancock – from a year ago. The current level, 5.5 million square feet, is about half of the massive overload that bogged down the Boston area’s office market in the early 2000s after the tech bust.
· Rents are actually edging up again in top office towers in Boston, Waltham and East Cambridge.


