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495 NORTHEAST
128 WEST OFFICE MARKET
495 NORTH
128 NORTH
128 NORTHWEST INNER SUBURBS
128 WEST 495 WEST FRAMINGHAM/ NATICK
128 SOUTH
495 SOUTH
DIRECT VACANCY
SUBLEASE VACANCY
12-MONTH ABSORPTION
LEASING ACTIVITY
Q3
ASKING RENT
STATISTICS
OVER THE LAST 12 MONTHS
303 Congress Street | Boston, MA 02210 | 617.457.3400 www.NAIHunneman.com
201 6
Q3
128 WEST OFFICE MARKET
STATISTICS TOTAL INVENTORY (SF)
UNDER CONSTRUCTION (SF)
DIRECT VACANT (SF)
SUBLEASE VACANT (SF)
TOTAL VACANCY RATE
Q3 YTD NET NET ABSORPTION (SF) ABSORPTION (SF)
ASKING RENT ($/SF)
Class A
12,017,757
1,263,595
685,193
295,287
8.2%
94,879
107,167
$36.81
Class B
9,487,185
127,000
859,456
112,799
10.2%
42,931
58,522
$32.65
TOTAL
21,504,942
1,390,595
1,544,649
408,086
9.1%
137,810
165,689
$34.49
Arrows Direct Vacancy Sublease Vacancy Down Up
SUBMARKET TRENDS
12-month Absorption Down
26,020 SF
•
While vacancies have remained elevated above 9% for the majority of the last two years, rates are well below the submarket’s 5-year average vacancy of 11.7%.
400 FIFTH AVENUE, WALTHAM
•
Construction recently wrapped up on Thermo Fisher’s new headquarters in Waltham and Clarks Shoes is expected to move into their new office early in the fourth quarter.
26,020-square-foot lease represents a significant expansion Notable Transactions from Yardi’s previous office at 307 Waverley Oaks, also Tenant Address City in Tesaro 1000 Winter Street Waltham Waltham.
•
Seaport Total Inventory Under Construction Direct Vacant Sublease Vacant Class A 12,017,757 1,263,595 685,193 295,287 NAI Hunneman assisted software firm, in Class B Yardi, a real estate9,487,185 127,000 859,456 112,799 Total 21,504,942 1,544,649 408,086 relocating its operations to 400 Fifth Avenue in Waltham. The 1,390,595
Trinity Partners 230 Third Avenue Dun & Bradstre 610 Lincoln Street Yardi 400 Fifth Avenue Bridge Energy 75-95 Wells Avenue *Renewal
Crosspoint Associates is redeveloping TripAdvisor’s former headquarters on Needham Street in Newton into a mixed-use development with offices, retail and restaurants dubbed Newton Nexus.
TENANT
Tesaro* Trinity Partners*
•
FEATURED DEALRent Leasing ActivityAsking Down Up
Currently there is 1.4 million square feet of office space under construction in Route 128 West. Once delivered, total inventory in this submarket will have increased by another 6.5%.
Dun & Bradstreet Yardi
Waltham Waltham Waltham Newton
ADDRESS
Size
122,000 45,000 30,000 26,020 NOTABLE TRANSACTIONS 7,372 CITY
Featured Deal 1000 Winter Street
Waltham
SIZE
122,000
NAI Hunneman assisted Yardi, a real estate 230 Avenueits operations to Waltham software firm, in Third relocating 400 Fifth Avenue in Waltham. The 26,020610 Lincoln Streeta significant Waltham square-foot lease represents expansion from Yardi's previous office at 307 400 Fifth Avenue Waltham Waverley Oaks.
Bridge Energy
75-95 Wells Avenue
45,000 30,000 26,020
Newton
7,372
*Renewal Vacancy and Net Absorption
Class A&B Rents
CLASS A & B RENTS
VACANCY AND NET ABSORPTION
350,000
$40
12.0%
300,000
$35
10.0%
250,000
$30
200,000
$25
150,000
$20
100,000
8.0% 6.0%
50,000
$15
4.0%
0
$10
-50,000
$5
2.0%
-100,000 0.0%
-150,000
$0 2014 Q4
2015 Q1
2015 Q2
2015 Q3 Class A
2015 Q4 Class B
Submarket Trends ‐ While vacancies have remained elevated above 9% for the majority of the last two years, rates are well below the submarket's 5‐year average vacancy of 11.7%.
2016 Q1
2016 Q2
2016 Q3
2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 Net Absorption
Vacancy
303 Congress Street | Boston, MA 02210 | 617.457.3400 www.NAIHunneman.com