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VTS Workplace Demand Index Studies Highest Workplace Requirement Velocity in Boston in 14 Months

BOSTON–VTS launched its Month-to-month Knowledge Insights for the month of Could, which reveals new requirement velocity for workplace house in Boston totaled 824,000 sq. toes, the best in 14 months and 50 PERCENT above the 2021-2023 month-to-month common.

This development was pushed by bigger tenants (50k+ sq. toes), and was up 217% month-over-month.

Further Boston workplace demand information for Could contains:

  • 5k sq. toes of latest necessities entered year-to-date in 2024, 21% larger than year-to-date in 2023
  • Following a gradual April, there was 263k sq. toes of latest FIRE (finance, insurance coverage, and actual property) demand in Could, up 166% month-over-month and 38% larger than the month-to-month common in 2023
  • The Skilled Companies and TAMI (tech, promoting, media, and data) sectors had month-over-month declines (down 8% and 23% respectively), however remained above their 2023 month-to-month averages
  • The quantity of Class A proposals with 36+ month phrases in Again Bay, Fenway elevated 89% throughout the trailing 6 months vs. the prior 6 months. Over that time-frame, beginning rents elevated 3% and length elevated by 22%
  • 5M sq. toes of tenants have been energetic on the finish of Could, growing 8% month-over-month and the best whole since March 2022.

The publish VTS Office Demand Index Reports Highest Office Requirement Velocity in Boston in 14 Months appeared first on Boston Real Estate Times.