Y-O-Y Percent Ch

0%

MARKET REPORT
-5%

-10%
17 18 19 20 21*

OFFICE
Boston Metro Area
Metro
10%
Employment Trends
United States
10%
Employment Trends
Supply and Demand
CompletionsMetro Net Absorption
United States
4Q/21
Vacancy Rate

(Millions)
8 16%

Y-O-Y Percent Change

Y-O-Y Percent Change

5% 5%
4 14%
Office 2021 Outlook

Completions/Absorption

Vacancy Rate
0% 0%0 12%

EMPLOYMENT: CONSTRUCTION: VACANCY:

-5%
RENT:
-5% -4 10%

+5.3% -10%
135,000 JOBS 1.2% 4,300,000 SQ. FT. 13.6% -10%
-8
20 BASIS POINT
17 18
$29.56
19
0.6% INCREASE
8%
17 18
will be created 19 of stock 20 21*will be completed 17
increase 18
in vacancy 19 sq. ft.
per 20 20 21*
21*in asking rent

Employment Trends
Supply and Demand Supply
Rentand Demand
Trends
CompletionsMetro Net Absorption
United States
Vacancy Rate Completions
Average Rent Net Absorption
Y-O-Y PercentVacancy
Change Rate

(Millions)
10%8
(Millions)

16% 8
$36 16%
12%

Sq. Ft.

Y-O-Y
Y-O-Y Percent Change

5%4 14%
Average Asking Rent per
Completions/Absorption 4
$31 14%
6%

Vacancy
Completions/Absorption

Vacancy Rate

PercentRate
0%0 12% 0
$26 12%
0%

Change
-5%
-4 10% -4
$21 10%
-6%

-10%
-8 8% -8
$16 8%
-12%
17
17 1818 19 19 20 20 21* 21* 17 18 19 20 21*

Supply
Rentand Demand
Trends Rent Trends
Sales Trends
Average Rent Net Absorption
Completions Y-O-Y PercentVacancy
Change Rate Average
AverageRent
Price Y-O-Y Percent
Average Change
Cap Rate
(Millions)

$36
8 12%
16% $36
$360 12%
8%
Sq. Ft.
Sq. Ft.

per Foot

Y-O-Y
Y-O-Y

Square
Average Asking Rent per

$31
4 6%
14% $31
$320 6%
7%

Average
Completions/Absorption

Vacancy

perRent

Percent
PercentRate

$26 0% $26
$280 0%
6%
Asking

0 12% Cap
AveragePrice

Change
Change

Rate

$21 -6%
10% $21
$240 -6%
5%
Average

-4

$16
-8 -12%
8% $16
$200 -12%
4%
17
17 18
18 19
19 20
20 21*
21* 17 18 19 20 21*
21**

* Forecast ** Through 2Q
Sources: BLS; CoStar Group, Inc.
Sales Trends
Rent Trends Sales Trends
Boston Office: Average
AverageRent
Price Y-O-Y Percent
Average Change
Cap Rate Average Price Average Cap Rate
Thomas Shihadeh The information contained in this report was obtained from sources deemed to be reliable. Every
$360
$36 8%
12% $360 8%
effort was made to obtain accurate and complete information; however, no representation, warranty
Ft.

Regional Manager
Average Price per Square Foot
Foot

or guarantee, express or implied, may be made as to the accuracy or reliability of the information
per Sq.

100 High Street, Suite 1025 contained herein. Note: Metro-level employment growth is calculated based on the last month of
Y-O-Y

Boston, MA 02110 the quarter/year.

$320Sales data includes transactions sold for $1 million or greater unless7% otherwise
Square

$320
$31 7%
6%
Average Cap Rate
Average

Tel: (617) 896-7200 | thomas.shihadeh@marcusmillichap.com noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a
perRent

future event. This is not intended to provide specific investment advice and should not be considered
Percent

For information as investment advice. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics;
$26on national office trends, contact:
$280 6%
0% CoStar Group,$280
Inc.; Real Capital Analytics 6%
Asking

CapChange

John Chang
Average Price

© Marcus & Millichap 2021 | www.MarcusMillichap.com

Rate

Senior Vice President, National Director | Research Services

$240
$21 | john.chang@marcusmillichap.com 5%
-6% $240 5%
Average

Tel: (602) 707-9700 Price: $250

$200
$16 4%
-12% $200 4%
17 18 19 20 21**
21* 17 18 19 20 21**