Transwestern | RBJ – Boston Joins the Transwestern Roster
Transwestern | RBJ is thrilled to officially become the newest member of the Transwestern team. The acquisition of Richards Barry Joyce & Partners by Transwestern, announced in September, was finalized on Friday, Nov. 1, and the team here could not be more excited.
This comes at a terrific time in Boston. The “Olde Towne Team” – the Boston Red Sox – just capped an amazing season with a World Series victory. It’s the team’s third championship since 2004 but the first won at Fenway Park since 1918. The championship was not only thrilling but also unexpected – the team was picked by most baseball “experts” to come in last in their division.
What’s a bit less unexpected are the findings from Transwestern | RBJ’s third quarter reports – officeSTATus and indSTATus, on the office and industrial markets, respectively. These property types are in the midst of a continued stretch of very strong results.
officeSTATus – Across Greater Boston, the overall vacancy rate for office properties dropped to 13.8 percent on 1.4 million square feet of absorption. This marks the greatest quarterly absorption rate in six years. The market also posted the highest twelve months absorption rate (3.0 million square feet) of the past five years.
Boston also boasts a privately funded construction pipeline not matched anywhere else in the nation. The region has more than 7.4 million square feet of commercial office space that has either opened during the past year, is currently under construction or will begin construction this quarter (based on in-place commitments).
indSTATus – Not to be outdone, the
industrial market is also on a tear. Each industrial property type – warehouse, flex and manufacturing – is in the midst of a multi-quarter positive absorption streak. The four-quarter absorption rate for the overall industrial market is at 3.3 million square feet – the highest level since 2000.
The warehouse market is on a five-quarter stretch of positive absorption, while flex tenants have driven positive absorption for nine of the past ten quarters. The manufacturing market closed the quarter with vacancy of 12.5 percent, a significant drop from 15.6 percent last quarter – and an even more precipitous drop from 18.5 percent just two years ago (Q3 2011).
To read the complete findings, please click on the report names above. The firm’s bioSTATus report, highlighting the region’s stellar life sciences market, will be published by the end of the month.
We are very pleased to relay these positive results and to become Transwestern | RBJ!