Savills Studley Releases Boston Q3 2016 Office Market Report

Savills Studley, the leading global commercial real estate services company specializing in tenant representation, has released its 2016 Q3 Boston edition of the Savills Studley Office Market Report.

The quarterly report is an in-depth compilation of office leasing statistics and trends, major transactions, submarket comparisons, employment trends and investment and development trends specific to the Boston area.

“Despite a slowdown in venture capital funding for much of this year, biotech firms in Boston still have ample fund for R&D and hiring. They continue to expand in suburban locations, offsetting relatively anemic demand from banks, law firms and many other professional/business services firms,” said Savills Studley Senior Managing Director Steve Woodworth.

Highlights from the 2016 Q3 Boston Office Market Report include:

• New construction has been kept under strict control, but is starting to heat up. Even as demand moderates, availability remains tight across much of the market
• Life sciences firms have been shifting some production to a broader area of suburban Boston. Elevated rents and limited space options have push companies to lower cost alternatives
• High rents and escalating construction costs are encouraging tenants to remain in place, as opposed to relocating

The 2016 Q3 Savills Studley Boston Office Market Report, as well as a national report and reports for each of its 29 major U.S. markets, can be found on Savills Studley’s webpage.