Welcome to this month's Marketscape - a compendium of market insight. In this month's release, please find links to our ten Quarterly
Submarket Reports which cover ground level trends and market dynamics. The Seaport District stands out this quarter, having been ranked 4th
nationally out of 118 submarkets for total demand as a percentage of stock! [Read about it in our blog]! Kendall Square's evolution and
strength was highlighted on WBUR this month and featured our Life Science lead, Don Domoretsky. [See here.]
In this Marketscape edition, we are also pleased to introduce the first Quarterly Boston High Tech Report. This report covers Boston High
Tech developments in a national context.
The Associated Industries of Massachusetts Business Confidence Index has recorded four consecutive months of growth in confidence, but the
index stalled in March. Still the above 50 reading of 54.8 indicates improving conditions overall. Whether this pause is temporary or
indication of new slowing period remains to be seen. See "Chart of the month" below.
Employment growth through the first quarter was encouraging with the state adding 30,000 new jobs - tripling the total new jobs added in all
of 2011. Still, the recovery is uneven to this point and financial services/legal services have yet to turn the corner. These are
traditionally large office users in our market, and hence seeing a recovery in these sectors would greatly support fundamentals. With high
tech and biotech leading the way, some submarkets continue to record staggering rent growth. On average, rents in Greater Boston are up 5%
year over year.
Feel free to reach out with any questions,
Thank you,
Lori Mabardi
Research Manager
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