BOSTON – Boston-based commercial real estate firm Cresa has released its annual Market Insight Reports this week. The Cresa report provides a unique perspective on the market state, notable trends, and considerations to inform real estate strategies for businesses in Massachusetts and beyond.
Cresa’s dedicated research team works with consultants from each submarket to summarize market changes over the past year and develop data-backed insights and predictions for the future of real estate and jobs.
- Downtown Boston: The downtown market is shifting due to sluggish demand and increasing availability of sublets. The good news for users: rents seem to be falling and high-quality space is on the rise.
- Life Sciences: Though the funding environment has cooled since the 2020-2021 frenzy, the life sciences ecosystem in the greater Boston area is still strong. Recent market shifts are giving tenants more options and more time to search for property.
- Cambridge office: With activity in the life sciences market slowing only slightly, the Cambridge office market is left to support itself from organic demand from office tenants. Low demand and widespread availability of subleases are redefining this competitive market.
- Suburban Route 495: Flex and industrial spaces continue to dominate the 495 market. Although demand is slow, it still exceeds supply, allowing landlords to drive rent increases.
- Suburban Route 128: 2023 offers opportunities for suburban land occupiers: the pendulum swings back in their favor and landlords are delivering high-value assets.
View and download all market reports here.
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