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DRAFT

Total Inventory
(Sq. Feet)
Back Bay

8,427,951

934,935

114,021

1,048,956

18

9.7%

10.8%

11.1%

12.4%

3,377,658

483,701

41,031

524,732

24

15.1%

15.6%

14.3%

15.5%

10

14.4%

14.4%

16.2%

16.2%

(9,488)

11.4%

12.3%

12.2%

13.5%

(144,968)

11,950

11,950

5.8%

5.8%

5.8%

5.8%

502,777

5,249

508,026

11

31.3%

31.6%

32.6%

32.9%

N/A

N/A

N/A
514,727

N/A
5,249

519,976

14

0
(20,057)

Direct
Weighted
Avg. Rent
($/SF)

Direct Rental

Range
($/SF)

686,260

8.1%

$56.74

$39.50

$70.00

382,705

11.3%

$33.57

$30.00

$38.00

55,223

10.5%

$27.93

$22.00

$31.00

9.1%

$52.83

$22.00

$70.00

1,124,188

11,950

5.8%

$34.00

$34.00

$34.00

202,904

13.2%

$22.54

$22.00

$31.00

N/A

N/A

N/A

N/A

N/A

28.3%

28.6%

29.4%

29.7%

(20,057)

N/A
214,854

N/A
12.3%

N/A
$22.80

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

138,901

138,901

14

8.1%

8.1%

8.8%

8.8%

(11,084)

52,439

3.3%

1.4%

1.4%

1.4%

1.4%

0.0%

$0.00

7.0%

7.0%

7.6%

7.6%

(11,084)

2.8%

$32.90

$20.00

$34.00

321,560

4,414

1,898,192

143,315

0
0

4,414
143,315

23

0
0

52,439

$20.00
N/A

N/A
$34.00

N/A

$32.90

N/A

1,576,632

Total:

N/A

N/A
$22.00

Class B

N/A
$34.00
N/A

Class A

24,826,685

4,120,622

267,990

4,388,612

48

17.2%

18.4%

16.6%

17.7%

170,830

2,520,262

10.2%

$49.24

$35.00

$68.00

Class B

5,261,856

605,657

87,667

693,324

57

10.6%

12.4%

11.5%

13.2%

(41,055)

401,840

7.6%

$38.06

$25.00

$43.00

Class C

832,778

110,425

6,936

117,361

20

12.2%

13.3%

13.3%

14.1%

(6,751)

61,063

7.3%

$26.79

$22.00

$29.50

15.9%

17.2%

15.6%

16.8%

9.6%

$47.49

$22.00

$68.00

30,921,319

4,836,704

362,593

5,199,297

125

123,024

2,983,165

Class A

636,544

46,709

46,709

9.1%

9.1%

7.3%

7.3%

11,095

0.0%

$49.00

$49.00

$49.00

Class B

2,331,310

422,516

18,995

441,511

27

12.7%

13.7%

18.1%

18.9%

(123,162)

187,866

8.1%

$35.24

$29.00

$39.00

7,160

4.6%

$29.00

$29.00

$29.00

195,026

6.2%

$36.61

$29.00

$49.00

Total:

154,650

4,981

2179

3,122,504

474,206

21,174

7,160
495,380

7.0%

8.4%

3.2%

4.6%

33

11.7%

12.5%

15.2%

15.9%

Class A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Class B

1,381,259

221,023

6,341

227,364

16

17.0%

17.5%

16.0%

16.5%

Class C
Total:

630,850
2,012,109

13,404
234,427

1,855
8,196

15,259
242,623

5
21

5,775
(106,292)
N/A
13,948

N/A

N/A

53,427

3.9%

12,117

N/A
$39.03

N/A
$32.00

N/A
$41.00

2.1%

4.8%

2.1%

2.4%

15,088

1.9%

$24.00

$24.00

$24.00

12.3%

13.5%

11.7%

12.1%

29,036

65,544

3.3%

$38.27

$24.00

$41.00
$56.50

Class A

3,190,260

153,544

66,164

219,708

5.4%

7.0%

4.8%

6.9%

3,019

157,039

4.9%

$55.92

$54.00

Class B

4,357,393

398,759

81,790

480,549

42

8.9%

11.2%

9.2%

11.0%

5,487

266,695

6.1%

$39.92

$27.50

$44.00

Class C

300,000

300,000

300,000

100.0%

100.0%

100.0%

100.0%

300,000

100.0%

$32.00

$32.00

$32.00
$56.50

Total:

10.9%

12.9%

10.9%

12.7%

8,506

9.2%

$39.39

$27.50

Class A

2,128,945

29,767

25,634

55,401

1.9%

3.1%

1.4%

2.6%

10,545

14,634

0.7%

$57.00

$57.00

Class B

651,970

35,577

2,681

38,258

3.6%

3.6%

5.5%

5.9%

(14,626)

23,632

3.6%

$27.81

$25.00

11.5%

15.7%

9.6%

9.6%

6,698

0.0%

2.7%

3.7%

2.6%

3.6%

2,617

Class C
Total:
Boston Overall

N/A
1,748,336

2,746

Percent
Vacant
Q1 2015

Class A

Class C

South Station

52

205,386

Total:

Seaport

85,352
1,659,040

1,542,950

Class C

Midtown

0
155,052

Class B

Total:

Government Center/
North Station

85,352
1,503,988

Class A

Class C

Financial District

527,015
12,332,624

(138,226)

Construction
Completions Total Vacant Q1
YTD '15
2015

Class B
Class C

Fenway

Direct
Direct
Overall
Percent Overall Percent
Percent
Percent
# of Available Q4
Available Available Q1 Available Q1 Net Absorption
Buildings
2014
Q4 2014
2015
2015
YTD '15

Class A

Total:
Charlestown

Sublease
Direct Available Available (Sq. Total Available (Sq.
(Sq. Feet)
Feet)
Feet)

BOSTON OFFICE MARKET STATISTICS Q1 2015

Class A
Class B

7,847,653

110,860
2,891,775
39,415,771
20,481,028

852,303

10,690
76,034
5,297,527
2,808,911

147,954

0
28,315
473,809
243,754

1,000,257

10,690
104,349
5,771,336
3,052,665

51

11

13.6%

14.8%

13.4%

14.6%

57,263

196

84

12.8%

14.0%

13.7%

14.9%

(187,803)

723,734

38,266
3,390,145

1.3%

N/A
$41.90

N/A
$25.00

$57.00
$32.50
N/A
$57.00

8.6%

$50.59

$34.00

$70.00

1,571,508

7.7%

$33.36

$20.00

$44.00

Class C

2,877,713

529,266

10,970

540,236

50

18.0%

19.2%

18.4%

18.8%

11,322

435,563

15.1%

$30.26

$22.00

$32.00

TOTAL

62,774,512

8,635,704

728,533

9,364,237

330

13.5%

14.7%

13.8%

14.9%

(119,218)

5,397,216

8.6%

$44.76

$20.00

$70.00

2015 DTZ. All rights reserved.

CAMBRIDGE OFFICE / LAB MARKET STATISTICS Q1 2015


OFFICE MARKET

Total
Inventory (Sq.
Feet)
Alewife / West Class A
Cambridge
Class B/C
Total:

East CambridgeClass A

Mass Avenue
Corridor

Direct
Available
(Sq. Feet)

Sublease
Available
(Sq. Feet)

Total
Available
(Sq. Feet)

Direct
Overall
Direct
Overall
Percent
Percent
Percent
Percent
# of Available Q4 Available Q4 Available Q1 Available Q1
Buildings
2014
2014
2015
2015

Net Absorption
YTD '15

Construction
Completions Total Vacant Q1
YTD '15
2015

Percent
Vacant Q1
2015

Direct
Weighted
Avg. Rent
($/SF)

Direct Rental Range


($/SF)

1,135,767

175,567

162,052

337,619

19.0%

32.7%

15.5%

29.7%

33,983

214,263

18.9%

$42.08

$38.00

800,828

32,099

32,099

10

7.8%

7.8%

4.0%

4.0%

30,000

32,099

4.0%

$35.00

$35.00

$35.00

162,052

369,718

17

14.3%

22.4%

10.7%

19.1%

63,983

246,362

12.7%

$41.75

$35.00

$47.00

1,936,595

207,666

$47.00

5,134,441

749,644

43,235

792,879

27

13.7%

14.8%

14.6%

15.4%

(34,711)

377,238

7.3%

$63.28

$55.00

$70.00

Class B/C

1,384,792

41,320

68,767

110,087

14

7.2%

12.7%

3.0%

7.9%

65,248

46,479

3.4%

$46.90

$35.00

$55.00

Total:

6,519,233

112,002

902,966

41

12.4%

14.3%

12.1%

13.9%

30,537

423,717

6.5%

$62.35

$35.00

$70.00

Class A

790,964

814,048

518

5,600

6,118

12

0.6%

0.9%

0.1%

0.8%

1,079

1,118

0.1%

$55.00

$55.00

$55.00

Class B/C

1,018,297

53,138

53,138

17

4.4%

4.4%

5.2%

5.2%

(8,629)

35,834

3.5%

$41.13

$32.00

$45.00

Total:

1,832,345

53,656

5,600

59,256

29

2.7%

2.8%

2.9%

3.2%

(7,550)

36,952

2.0%

$41.52

$32.00

$55.00

7,084,256

925,729

210,887

1,136,616

46

13.1%

16.0%

13.1%

16.0%

351

592,619

8.4%

$58.94

$38.00

$70.00

3,203,917

126,557

68,767

195,324

41

6.5%

8.8%

4.0%

6.1%

86,619

114,412

3.6%

$43.91

$32.00

$55.00

10,288,173

1,052,286

279,654

1,331,940

87

11.0%

13.8%

10.2%

12.9%

86,970

707,031

6.9%

$57.84

$32.00

$70.00

Cambridge Ove Class A


Class B/C
Total:

LAB MARKET

Total
Inventory (Sq.
Feet)
Alewife / West Lab
Cambridge

504,511

East CambridgeLab

5,341,248

Mass Avenue
Corridor

Lab
TOTAL

Direct
Available
(Sq. Feet)

Sublease
Available
(Sq. Feet)

40,673

Total
Available
(Sq. Feet)

Overall
Direct
Overall
Direct
Percent
Percent
Percent
Percent
# of Available Q4 Available Q4 Available Q1 Available Q1
2014
2014
2015
2015
Buildings

Net Absorption
YTD '15

Construction
Completions Total Vacant Q1
YTD '15
2015

Percent
Vacant Q1
2015

Direct
Weighted
Avg. Rent
($/SF)

Direct Rental Range


($/SF)

40,673

10

8.1%

8.1%

8.1%

8.1%

353

35,673

7.1%

$29.36

$29.00

$30.00

122,559

73,175

195,734

26

2.4%

6.0%

2.3%

3.7%

127,029

176,328

3.3%

$62.77

$55.00

$64.00

3,280,458

166,802

312,929

479,731

31

5.8%

16.3%

5.1%

14.6%

54,067

373,817

11.4%

$56.47

$52.00

$61.50

9,126,217

330,034

386,104

716,138

67

3.9%

9.8%

3.6%

7.8%

181,449

6.4%

$57.92

$29.00

$64.00

585,818

2015 DTZ All rights reserved.

SUBURBAN OFFICE / R&D MARKET STATISTICS Q1 2015


ROUTE 128 CENTRAL

Total Inventory
(Sq. Feet)
Bedford

19

20.8%

21.0%

21.1%

21.3%

(4,164)

189,723

11.7%

$24.91

$13.30 -

$28.00

34

17.7%

23.0%

14.6%

20.0%

56,522

168,964

9.1%

$12.13

$11.00 -

$15.00

19.1%

22.1%

17.6%

20.6%

52,358

358,687

10.3%

3,482,958

613,721

103,894

717,615

53

Office

5,707,919

768,340

135,367

903,707

60

14.4%

16.9%

13.5%

15.8%

62,688

539,814

9.5%

$28.67

$18.00 -

$35.00

R&D

1,321,757

247,601

6,821

254,422

38

17.0%

17.5%

18.7%

19.2%

(23,206)

167,341

12.7%

$11.82

$11.00 -

$12.00

14.9%

17.0%

14.5%

16.5%

39,482

707,155

10.1%

Office

983,235

280,520

33,869

314,389

11

31.0%

34.4%

28.5%

32.0%

24,071

236,126

24.0%

$22.72

$21.00 -

$23.00

R&D

169,600

34,953

34,953

19.6%

19.6%

20.6%

20.6%

(1,655)

26,549

15.7%

$10.50

$10.50 -

$10.50

29.3%

32.2%

27.4%

30.3%

22,416

262,675

22.8%

Office

Office

7,029,676

1,152,835

1,015,941

315,473

13,685

394,198

38

26.3%

26.8%

14.1%

14.6%

329,173

321,150

11.9%

$27.27

$18.97 -

$33.00

17,931

187,216

17

21.7%

23.3%

18.4%

20.3%

27,968

157,220

17.1%

$27.81

$27.00 -

$27.81

3,625,125

25.1%

25.9%

15.2%

16.0%

357,141

478,370

13.2%

128,500

549,798
32,032

32,032

24.9%

24.9%

24.9%

24.9%

32,032

24.9%

$28.00

$28.00 -

$28.00

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A -

N/A

24.9%

24.9%

32,032

24.9%

1,615,705

137,773

1,371,607

72,201

Office
R&D
Overall
Office
R&D
Overall
Office
R&D

14

380,513

Office

Overall

349,342

98

169,285

R&D

Office

33,869

1,158,129

922,045

32,032

Office

142,188

2,703,080

128,500

R&D

TOTAL

Direct Rental
Range ($/SF)

345,175

Overall

Weston

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)

372,440

R&D

Wellesley

Construction
Completions YTD
'15

3894

Overall

Wayland

Net Absorption
YTD '15

100,000

Overall

Waltham

Overall
Percent
Available
Q1 2015

341,281

R&D

Newton

Direct
Percent
Available
Q1 2015

272,440

Overall

Needham

Overall
Percent
Available
Q4 2014

1,620,068

R&D
Lincoln

Direct
Percent
Available
Q4 2014

1,862,890

Overall
Lexington

Total Available
(Sq. Feet) # of Buildings

Office

Overall
Concord

Sublease
Available (Sq.
Feet)

R&D
Overall
Burlington

Direct Available
(Sq. Feet)

2,987,312

581,414

55

32,032

24.9%

24.9%

12,579

150,352

20

8.1%

9.1%

8.5%

9.3%

(3,880)

53,607

3.3%

$26.48

$19.00 -

$28.00

72,201

20

5.8%

5.8%

5.3%

5.3%

7,230

55,256

4.0%

$14.75

$14.75 -

$14.75

7.1%

7.6%

7.0%

7.4%

3,138,092

386,081

40,802

426,883

40

9.0%

9.8%

12.3%

13.6%

614,252

245,604

245,604

10

40.1%

40.1%

40.0%

40.0%

3,752,344

209,974

31,616

222,553

40

884

108,863

3.6%

225,280

7.2%

$29.98

$15.00 -

$45.00

76,690

12.5%

$22.00

$22.00 -

$22.00

40,802

672,487

14.1%

14.8%

16.8%

17.9%

(117,004)

301,970

8.0%

1,218,759

440,282

1,659,041

75

13.9%

18.1%

12.9%

17.5%

50,065

949,577

10.0%

$29.58

$19.00 -

$41.00

985,474

63,357

12,251

75,608

19

4.7%

5.9%

6.4%

7.7%

(17,400)

39,557

4.0%

$30.00

$30.00 -

$30.00

13.1%

16.9%

12.3%

16.6%

32,665

989,134

9.5%

1,282,116

452,533

1,734,649

50

3,350
(117,888)

9,463,726
10,449,200

631,685

12,579

94

59,900

6,609

6,609

0.0%

0.0%

11.0%

11.0%

(6,609)

0.0%

$19.50

$19.50 -

$19.50

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A -

N/A

0.0%

0.0%

11.0%

11.0%

(6,609)

0.0%

59,900

6,609

6,609

2,093,315

249,843

8,311

258,154

37

9.8%

10.5%

11.9%

12.3%

(37,358)

182,602

8.7%

$42.50

$20.00 -

$47.00

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A -

N/A

37

9.8%

10.5%

11.9%

12.3%

(37,358)

182,602

8.7%

2,093,315

249,843

8,311

258,154

551,492

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

0.0%

N/A

N/A -

N/A

N/A

N/A

N/A

N/A

N/A -

N/A

Overall

551,492

0.0%

0.0%

0.0%

0.0%

0.0%

Office:

28,065,032

3,801,751

688,789

4,490,540

305

14.8%

17.1%

13.5%

16.0%

296,098

2,729,911

9.7%

$29.14

$13.30

$47.00

7,247,625

1,105,441

137,003

1,242,444

141

16.0%

17.8%

15.3%

17.1%

50,343

691,577

9.5%

$27.11

$10.50

$30.00

35,312,657

4,907,192

825,792

5,732,984

446

15.0%

17.2%

13.9%

16.2%

346,441

3,421,488

9.7%

R&D:
Overall:

2015 DTZ All rights reserved.

SUBURBAN OFFICE / R&D MARKET STATISTICS Q1 2015


ROUTE 128 NORTH

Direct Available
(Sq. Feet)

Sublease
Available (Sq.
Feet)

2,156,000

249,434

111,660

361,094

236,100

117,100

117,100

Total Inventory
(Sq. Feet)
Beverly

Office
R&D
Overall

Danvers

11.6%

16.7%

(5,720)

49.6%

49.6%

15.6%

19.8%

15.3%

20.0%

0
(5,720)

210,555

9.8%

$17.43

$15.95

$20.00

54,600

23.1%

$10.60

$9.00

$12.00

265,155

11.1%

238,459

11

24.9%

25.4%

27.3%

27.3%

(17,032)

85,748

9.8%

$17.75

$16.50

$22.00

291,159

14

29.3%

29.3%

30.6%

30.6%

(12,570)

132,581

13.9%

$7.30

$6.00

$9.95

27.2%

27.4%

29.0%

29.0%

(29,602)

218,329

12.0%
$20.32

$15.00

$22.00

Office

Office

1,823,300

529,618

529,618

25

167,695

11,892

11,892

7.1%

7.1%

7.1%

7.1%

2,850

1.7%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

29.3%

7.1%

7.1%

7.1%

2,850

1.7%

167,695

11,892

11,892

260,000

55,430

40894

96,324

26.3%

22.0%

21.3%

37.0%

(39,203)

18,806

7.2%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

26.3%

22.0%

21.3%

37.0%

(39,203)

18,806

7.2%

260,000

55,430

40,894

96,324

N/A
$23.00
N/A

N/A
$23.00
N/A

N/A
$23.00
N/A

Office

457,358

199,881

199,881

43.0%

43.0%

43.7%

43.7%

(3,232)

148,377

32.4%

$17.82

$13.50

$21.00

R&D

894,204

118,619

118,619

18.5%

18.5%

13.3%

13.3%

46,890

54,772

6.1%

$9.82

$9.00

$10.50

26.8%

26.8%

23.6%

23.6%

43,658

203,149

15.0%
$28.50

$28.50

$28.50

Office
Overall
Office
R&D
Overall
Office
R&D
Overall

TOTAL

49.6%

Direct Rental
Range ($/SF)

R&D

Woburn

16.5%

49.6%

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)

238,459

Overall

Wakefield

11.8%

Construction
Completions YTD
'15

291,159

Overall

Stoneham

7
12

Net Absorption
YTD '15

872,572

R&D

Reading

478,194

Overall
Percent
Available
Q1 2015

950,728

Overall

Peabody

111,660

Direct
Percent
Available
Q1 2015

Office

R&D
Middleton

366,534

Overall
Percent
Available
Q4 2014

R&D
Overall
Lynnfield

2,392,100

Direct
Percent
Available
Q4 2014

Total Available
(Sq. Feet) # of Buildings

1,351,562

318,500

318,500

16

138,000

60,948

60,948

44.2%

44.2%

44.2%

44.2%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

44.2%

44.2%

44.2%

138,000

31,098

22.5%

N/A

N/A

44.2%

31,098

22.5%

13,702

40,941

9.7%

N/A

N/A
9.7%

420,058

40,541

400

40,941

12.9%

13.0%

9.7%

9.7%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

9.7%

9.7%

13,702

40,941

40,541

1,771,399

224,997

188,563

65,379

1,959,962

290,376

400

60,948

420,058

60,948

0
N/A

N/A

N/A
$17.98
N/A

N/A
$16.50
N/A

N/A
$18.75
N/A

40,941

12.9%

13.0%

106,489

331,486

12

13.9%

19.7%

12.7%

18.7%

17,897

200,357

11.3%

$23.42

$16.50

$29.50

65,379

34.7%

34.7%

34.7%

34.7%

65,379

34.7%

$9.50

$9.50

$9.50

15.9%

21.2%

14.8%

20.2%

17,897

265,736

13.6%

106,489

396,865

15

Office

3,986,383

617,957

26,815

644,772

32

15.0%

15.8%

15.5%

16.2%

(13,048)

380,581

9.5%

$21.42

$13.00

$29.00

R&D

2,648,291

277,992

45,929

323,921

46

10.2%

12.1%

10.5%

12.2%

(4,162)

151,294

5.7%

$13.50

$8.00

$19.35

13.1%

14.3%

13.5%

14.6%

(17,210)

531,875

8.0%

Overall

6,634,674

895,949

72,744

968,693

Office:

10,229,465

1,699,539

286,258

1,985,797

81

16.2%

19.0%

16.6%

19.4%

(46,636)

1,119,313

10.9%

$20.27

$13.00 -

$29.50

4,917,886

870,249

45,929

916,178

76

18.3%

19.2%

17.7%

18.6%

30,158

458,626

9.3%

$9.93

$6.00 -

$19.35

15,147,351

2,569,788

332,187

2,901,975

157

16.9%

19.0%

17.0%

19.2%

(16,478)

1,577,939

10.4%

R&D:
Overall:

78

2015 DTZ All rights reserved.

SUBURBAN OFFICE / R&D MARKET STATISTICS Q1 2015


ROUTE 128 SOUTH

Braintree

Office
R&D
Overall

Canton

2,214,138

20.5%

20.5%

21.1%

(11,214)

0.0%

0.0%

0.0%

0.0%

274,016

12.8%

0.0%
12.4%

$18.68
N/A

$17.00 -

$32.00

N/A - N/A

20.3%

(11,214)

274,016

7.3%

11.4%

(22,965)

85,972

7.0%

$15.00

$15.00 -

$15.00

R&D

1,423,250

382,289

382,289

18

29.5%

29.5%

26.9%

26.9%

37,224

322,023

22.6%

$10.52

$8.00 -

$11.00

$23.19

$17.00 -

$29.00

20.2%

20.2%

17.8%

19.7%

14,259

407,995

15.4%

Office

756,738

113,100

14,600

127,700

12

12.1%

14.0%

14.9%

16.9%

(21,418)

85,741

11.3%

R&D

500,000

160,000

160,000

32.0%

32.0%

32.0%

32.0%

160,000

32.0%

Office

1,256,738

20.0%

21.2%

21.7%

22.9%

(21,418)

245,741

19.6%

19,237

24.9%

24.9%

19.2%

19.2%

5,661

19,237

19.2%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

$18.00
N/A

$18.00

$18.00

N/A - N/A

24.9%

24.9%

19.2%

19.2%

5,661

19,237

19.2%

182,459

182,459

32.7%

34.1%

32.2%

32.2%

10,564

154,792

27.3%

$20.47

$15.88 -

$21.50

R&D

979,285

154,911

154,911

12

18.8%

18.8%

15.8%

15.8%

28,844

130,569

13.3%

$9.17

$8.50 -

$11.00

23.9%

24.4%

21.8%

21.8%

39,408

285,361

18.5%

41,467

728,835

17.4%

$19.82

$16.34 -

$23.00

N/A

N/A
17.4%

Office

337,370

N/A

N/A - N/A

566,523

337,370

19,237

13

N/A

Office

1,545,808

287,700

19,237
19,237

14,600

31

100,000
100,000

273,100

521,672

29

19.8%

50,131

449,535

Direct Rental
Range ($/SF)

9.5%

471,541

11,696

19.8%

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)

19.8%

2,651,112

437,839

28

Construction
Completions YTD
'15

9.5%

20

4,198,713

907,376

31,930

939,306

32

22.9%

23.4%

21.6%

22.4%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

4,198,713

22.9%

23.4%

21.6%

22.4%

41,467

728,835

177,098

15,695

15,695

8.9%

8.9%

8.9%

8.9%

10,610

6.0%

R&D

81,200

0.0%

0.0%

0.0%

0.0%

0.0%

6.1%

6.1%

6.1%

6.1%

10,610

4.1%

197,000

99.4%

99.4%

100.0%

100.0%

197,000

100.0%

R&D

104,000

0.0%

0.0%

0.0%

0.0%

0.0%

65.4%

N/A
$20.00
N/A

$17.00 -

$17.00

N/A - N/A
$20.00 -

$20.00

N/A - N/A

70.5%

70.5%

65.4%

65.4%

197,000

31,974

31,974

2.7%

2.7%

4.5%

4.5%

(12,309)

12,631

1.8%

$17.54

$17.00 -

$18.50

R&D

557,053

408,678

29,100

437,778

58.1%

63.3%

73.4%

78.6%

(84,960)

264,578

47.5%

$8.09

$7.50 -

$11.00

27.0%

29.3%

34.6%

36.9%

(97,269)

277,209

21.8%

Office:
R&D:
Overall:

440,652

29,100

10,074,194

1,993,932

3,724,788

1,105,878

13,798,982

3,099,810

$17.00

N/A - N/A

716,122
1,273,175

197,000

N/A

Office
Overall

15,695

32

197,000
197,000

939,306

197,000
301,000

15,695

31,930

Office
Overall

258,298

907,376

N/A

Office
Overall

TOTAL

Net Absorption
YTD '15

19.1%

Overall

Westwood

449,535

Overall
Percent
Available
Q1 2015

13

R&D

Stoughton

11,696

Direct
Percent
Available
Q1 2015

139,383

Overall

Randolph

437,839

80,000

Overall
Percent
Available
Q4 2014

50131

Overall

Quincy

2,134,138

Direct
Percent
Available
Q4 2014

Total Available
(Sq. Feet) # of Buildings

89,252

R&D
Norwood

Sublease
Available (Sq.
Feet)

1,227,862

Overall
Milton

Direct Available
(Sq. Feet)

Office
Overall

Dedham

Total Inventory
(Sq. Feet)

469,752

15

108,357

2,102,289

106

20.2%

20.8%

19.8%

20.9%

(10,214)

1,568,834

15.6%

$19.69

$15.00 -

$32.00

29,100

1,134,978

42

29.2%

30.0%

29.7%

30.5%

(18,892)

877,170

23.5%

$9.92

$7.50 -

$11.00

137,457

3,237,267

148

22.6%

23.2%

22.5%

23.5%

(29,106)

2,446,004

17.7%
2015 DTZ All rights reserved.

SUBURBAN OFFICE / R&D MARKET STATISTICS Q1 2015


ROUTE 3/24 SOUTH

Total Inventory
(Sq. Feet)
Brockton

Office
R&D

Hingham

TOTAL

Overall
Percent
Available
Q4 2014

Direct
Percent
Available
Q1 2015

Overall
Percent
Available
Q1 2015

Net Absorption
YTD '15

Construction
Completions YTD
'15

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)

Direct Rental
Range ($/SF)

40,000

0.0%

0.0%

0.0%

0.0%

0.0%

N/A

N/A - N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A - N/A

40,000

0.0%

0.0%

0.0%

0.0%

0.0%

32,311

6,278

38,589

16.2%

18.3%

13.2%

15.7%

6,177

29,247

11.9%

$23.14

$19.00 -

$30.00

R&D

105,600

9,441

9,441

8.9%

8.9%

8.9%

8.9%

9,441

8.9%

$14.50

$14.50

$14.50

14.0%

15.5%

11.9%

13.7%

6,177

38,688

11.0%

350,830

41,752

6,278

48,030

Office

441,964

75,677

12,520

88,197

20.5%

21.2%

17.1%

20.0%

5,615

55,677

12.6%

$18.85

$18.00 -

$22.00

R&D

166,500

17,200

17,200

11.6%

11.6%

10.3%

10.3%

2,100

17,200

10.3%

$9.00

$9.00 -

$9.00

18.1%

18.6%

15.3%

17.3%

7,715

72,877

12.0%

Office

608,464

92,877

12,520

105,397

11

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

50,000

4,200

4,200

22.4%

22.4%

8.4%

8.4%

Overall

50,000

4,200

4,200

22.4%

22.4%

8.4%

8.4%

Office

417,978

77,466

224

77,690

16.7%

16.8%

18.5%

18.6%

R&D

125,366

0.0%

0.0%

0.0%

0.0%

Overall
Weymouth

Direct
Percent
Available
Q4 2014

245,230

R&D
Rockland

Total Available
(Sq. Feet) # of Buildings

Office

Overall
Pembroke

Sublease
Available (Sq.
Feet)

Overall:

Overall
Norwell

Direct Available
(Sq. Feet)

543,344

77,466

224

77,690

N/A
7,000

N/A

N/A

N/A

N/A - N/A

4,200

8.4%

N/A

N/A - N/A

7,000

4,200

8.4%

(7,503)

60,149

14.4%

0.0%

12.9%

12.9%

14.3%

14.3%

(7,503)

60,149

11.1%

Office

230,000

45,875

45,875

21.0%

21.0%

19.9%

19.9%

2,475

22,925

10.0%

R&D

79,926

7,130

7,130

8.9%

8.9%

8.9%

8.9%

7,130

8.9%

$19.23
N/A
$20.00
N/A

$16.00 -

$21.00

N/A - N/A
$19.00 -

$21.00

N/A - N/A

Overall

309,926

53,005

53,005

17.9%

17.9%

17.1%

17.1%

2,475

30,055

9.7%

Office:

1,375,172

231,329

19,022

250,351

25

18.1%

18.7%

16.8%

18.2%

6,764

167,998

12.2%

$19.73

$16.00 -

$30.00

527,392

37,971

37,971

8.9%

8.9%

7.2%

7.2%

9,100

37,971

7.2%

$11.94

$9.00 -

$14.50

1,902,564

269,300

19,022

288,322

32

15.5%

16.0%

14.2%

15.2%

15,864

205,969

10.8%

R&D:
Overall:

2015 DTZ All rights reserved.

SUBURBAN OFFICE / R&D MARKET STATISTICS Q1 2015


METROWEST

Framingham

Office
R&D
Overall

Natick

TOTAL

Total Inventory
(Sq. Feet)

Direct Available
(Sq. Feet)

Sublease
Available (Sq.
Feet)

4,339,436

882,436

34,397

916,833

403,747

17,330

17,330

4,743,183

899,766

34,397

Direct
Percent
Available
Q4 2014

Overall
Percent
Available
Q4 2014

Direct
Percent
Available
Q1 2015

Overall
Percent
Available
Q1 2015

Net Absorption
YTD '15

37

20.1%

20.9%

20.3%

21.1%

(10,130)

433,577

10.0%

$23.69

$16.50 -

$30.00

10.5%

10.5%

4.3%

4.3%

24,929

4,400

1.1%

$18.00

$18.00 -

$18.00

19.3%

20.0%

19.0%

19.7%

14,799

437,977

9.2%

Total Available
(Sq. Feet) # of Buildings

934,163

44

Construction
Completions YTD
'15

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)

Direct Rental
Range ($/SF)

Office

464,301

75,054

6,982

82,036

19.2%

19.6%

16.2%

17.7%

9,028

62,108

13.4%

$22.53

$16.00 -

$26.00

R&D

396,997

57,282

57,282

18

17.7%

17.7%

14.4%

14.4%

12,935

20,855

5.3%

$14.48

$12.00 -

$18.00

18.5%

18.7%

15.4%

16.2%

21,963

82,963

9.6%

Overall

861,298

132,336

6,982

139,318

Office:

4,803,737

957,490

41,379

998,869

46

20.0%

20.8%

19.9%

20.8%

(1,102)

495,685

10.3%

$23.60

$16.00 -

$30.00

800,744

74,612

74,612

25

14.0%

14.0%

9.3%

9.3%

37,864

25,255

3.2%

$15.13

$12.00 -

$18.00

5,604,481

1,032,102

41,379

1,073,481

71

19.2%

19.8%

18.4%

19.2%

36,762

520,940

9.3%

R&D:
Overall:

27

495 WEST

Hopkinton

180,796

173,019

173,019

95.7%

95.7%

95.7%

95.7%

R&D

775,604

132,094

4,763

136,857

18

9.1%

9.7%

17.0%

17.6%

25.5%

26.0%

31.9%

309,876

20

$15.00 -

$18.00

(61,341)

41,521

5.4%

$10.64

$7.50 -

$14.00

32.4%

(61,341)

208,001

21.7%

(4,595)

95,591

44.8%

$15.56

$15.00 -

$17.50

22,457

41.6%

$7.50

$7.50 -

$7.50

118,048

44.2%

95,591

42.7%

42.7%

44.8%

44.8%

22,457

22,457

41.6%

41.6%

41.6%

41.6%

42.4%

42.4%

44.2%

44.2%

118,048

118,048

Direct Rental
Range ($/SF)

$17.77

95,591

267,337

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)
92.1%

54,000

0
(4,595)

Office

4,361,774

1,338,393

222,298

1,560,691

40

36.3%

41.8%

30.7%

35.8%

263,361

1,217,219

27.9%

$18.23

$15.00 -

$22.00

R&D

1,150,864

322,960

39,600

362,560

18

28.8%

32.2%

28.1%

31.5%

7,974

249,951

21.7%

$9.73

$8.00 -

$15.00

34.8%

39.8%

30.1%

34.9%

271,335

1,467,170

26.6%

5,512,638

1,661,353

261,898

1,923,251

58

Office

45,000

7,650

7,650

17.0%

33.9%

17.0%

17.0%

7,593

7,650

17.0%

$17.00

$17.00 -

$17.00

R&D

344,108

50,898

62,014

112,912

14.8%

32.8%

14.8%

32.8%

102,514

29.8%

$13.94

$7.50 -

$15.00

7,593

28.3%

Office

389,108

15.0%

32.9%

15.0%

31.0%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

535,000

472,320

472,320

88.3%

88.3%

88.3%

40.0%

40.0%

88.3%

535,000

58,548

472,320

62,014

120,562

472,320

110,164

N/A

N/A

N/A

88.3%

2,895

0.5%

88.3%

2,895

0.5%

75,938

$15.00

9.7%

$19.59

$16.00 -

$23.00

0.0%

$10.00

$10.00 -

$10.00

782,625

163,693

51,803

215,496

12

19.8%

26.4%

20.9%

27.5%

83,500

13,738

13,738

16.5%

16.5%

16.5%

16.5%

19.4%

25.4%

20.5%

26.5%

(9,004)

75,938

8.8%

177,431

51,803

229,234

14

N/A - N/A
$15.00

Office

866,125

(9,004)

N/A
$15.00

R&D
Overall

TOTAL

4,763

Construction
Completions YTD
'15

166,480

213,337

Overall

Westborough

305,113

Net Absorption
YTD '15

Office

R&D
Southborough

956,400

Total Available
(Sq. Feet) # of Buildings

R&D

Overall
Shrewsbury

Overall
Percent
Available
Q1 2015

Office

Overall
Northborough

Direct
Percent
Available
Q1 2015

Direct Available
(Sq. Feet)

Overall
Marlborough

Overall
Percent
Available
Q4 2014

Total Inventory
(Sq. Feet)

Overall
Hudson

Direct
Percent
Available
Q4 2014

Sublease
Available (Sq.
Feet)

Office

2,983,973

618,055

6,031

624,086

30

20.0%

20.2%

20.7%

20.9%

(22,733)

403,110

13.5%

$19.10

$15.00 -

$24.00

R&D

1,098,597

387,441

387,441

10

36.3%

36.3%

35.3%

35.3%

11,185

43,900

4.0%

$8.11

$8.00 -

$9.75

Overall

4,082,570

1,005,496

6,031

1,011,527

40

24.3%

24.5%

24.6%

24.8%

(11,548)

447,010

10.9%

Office:

8,567,505

2,396,401

280,132

2,676,533

87

30.4%

34.0%

28.0%

31.2%

234,622

1,965,988

22.9%

$18.39

$15.00 -

$24.00

4,041,673

1,401,908

106,377

1,508,285

57

33.6%

36.3%

34.7%

37.3%

(42,182)

463,238

11.5%

$11.42

$7.50 -

$15.00

12,609,178

3,798,309

386,509

4,184,818

144

31.5%

34.7%

30.1%

33.2%

192,440

2,429,226

19.3%

R&D:
Overall:

2015 DTZ All rights reserved.

SUBURBAN OFFICE / R&D MARKET STATISTICS Q1 2015


ROUTE 495 NORTH

Total Inventory
(Sq. Feet)
Acton

39.5%

39.5%

36.1%

36.1%

5,513

28,567

17.7%

$16.00

$16.00 -

$16.00

24.6%

29.6%

25.2%

30.2%

(5,007)

207,321

24.1%

$8.61

$8.50 -

$12.63

27.0%

31.2%

26.9%

31.1%

235,888

23.1%

506

773,352

63,299

836,651

18

27.8%

30.4%

28.3%

30.6%

(4,678)

750,017

27.4%

$20.22

$18.50 -

$24.00

400,114

13

21.5%

21.5%

21.5%

21.5%

(1,000)

259,216

13.9%

$10.03

$8.00 -

$13.00

25.2%

26.8%

25.5%

26.9%

(5,678)

1,009,233

22.0%

4,593,867

1,173,466

63,299

1,236,765

31

Office

1,401,766

287,547

34,071

321,618

20.8%

23.3%

20.5%

22.9%

4,539

270,254

19.3%

$21.89

$14.50 -

$24.00

R&D

4,821,969

1,353,468

53,764

1,407,232

60

29.8%

30.7%

28.1%

29.2%

72,828

1,169,270

24.2%

$9.15

$6.00 -

$11.00

27.8%

29.0%

26.4%

27.8%

77,367

1,439,524

23.1%

6,223,735

1,641,015

87,835

1,728,850

68

Office

425,633

30,265

8,300

38,565

7.1%

9.1%

7.1%

9.1%

11,965

2.8%

$17.00

$17.00 -

$17.00

R&D

410,477

55,067

55,067

13.7%

13.7%

13.4%

13.4%

1,343

33,342

8.1%

$15.50

$15.50

$15.50

10.4%

11.4%

10.2%

11.2%

1,343

45,307

5.4%

Office

Office

836,110

85,332

8,300

93,632

966,370

122,306

86,260

208,566

13.0%

21.9%

12.7%

21.6%

3,206

115,381

11.9%

$19.04

$15.00 -

$22.00

2,132,366

495,406

19,069

514,475

25

23.4%

23.7%

23.2%

24.1%

(8,727)

440,752

20.7%

$9.92

$7.50 -

$11.50

20.2%

23.2%

19.9%

23.3%

(5,521)

556,133

17.9%

3,098,736

617,712

105,329

723,041

33

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

1,690,896

299,805

299,805

16.5%

16.5%

17.7%

17.7%

(20,030)

129,631

7.7%

16.5%

16.5%

17.7%

17.7%

(20,030)

129,631

7.7%

1,690,896

299,805

299,805

N/A
$10.60

N/A - N/A
$7.25 -

Office

632,221

33,954

5880

39,834

2.4%

3.3%

5.4%

6.3%

(18,892)

7,425

1.2%

$16.00

$16.00

503,609

216,463

216,463

46.2%

46.2%

43.0%

43.0%

15,960

74,376

14.8%

$7.55

$7.00 -

$8.00

21.8%

22.3%

22.0%

22.6%

(2,932)

81,801

7.2%

1,135,830

250,417

5,880

256,297

$16.00

$13.00

R&D
Office

1,423,151

353,926

60,486

414,412

27.1%

31.4%

24.9%

29.1%

31,962

165,108

11.6%

$19.86

$15.50 -

$20.00

R&D

1,486,012

488,774

276,808

765,582

35.4%

35.4%

32.9%

51.5%

(239,233)

460,031

31.0%

$7.90

$7.00 -

$15.00

31.4%

33.4%

29.0%

40.6%

(207,271)

625,139

21.5%

40,500

230,522

16.8%

$15.00

$15.00 -

$15.00

N/A

N/A

Office

2,909,163

842,700

337,294

1,179,994

13

1,373,684

257,411

293,441

550,852

10

18.7%

43.0%

18.7%

40.1%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

18.7%

43.0%

18.7%

40.1%

40,500

230,522

16.8%

119,750

84.9%

84.9%

84.9%

84.9%

119,750

84.9%

$16.00

$16.00 -

$16.00

R&D

324,987

65,319

65,319

22.1%

22.1%

20.1%

20.1%

6,517

26,404

8.1%

$8.30

$7.50 -

$10.50

41.1%

41.1%

39.7%

39.7%

6,517

146,154

31.4%

185,069

293,441

550,852

185,069

10

N/A - N/A

119,750

465,987

257,411

N/A

141,000

Office

1,373,684

N/A

Office

105,000

17,368

17,368

18.6%

18.6%

16.5%

16.5%

2,119

5,461

5.2%

$15.04

$15.00 -

$15.96

1,597,840

1,235,646

1,235,646

77.3%

77.3%

77.3%

77.3%

311,711

19.5%

$6.56

$6.00 -

$9.00

73.7%

73.7%

73.6%

73.6%

2,119

317,172

18.6%

1,702,840

1,253,014

1,253,014

Office

237,952

37,764

37,764

15.9%

15.9%

15.9%

15.9%

6,601

2.8%

$24.32

$24.00 -

$25.00

R&D

266,200

50,000

50,000

18.8%

18.8%

18.8%

18.8%

50,000

18.8%

$9.00

$9.00 -

$9.00

17.4%

17.4%

17.4%

17.4%

56,601

11.2%

Overall
Office
R&D
Overall
Office
R&D

504,152

87,764

87,764

539,091

36,514

36,514

11.1%

11.1%

6.8%

6.8%

23,501

22,743

4.2%

$18.00

$17.00

$18.50

1,039,576

679,041

679,041

65.3%

65.3%

65.3%

65.3%

576,841

55.5%

$10.26

$10.00

$11.00

23,501

38.0%

1,578,667

46.8%

46.8%

45.3%

45.3%

N/A

715,555
N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

93,503

11,808

11,808

12.6%

12.6%

12.6%

12.6%

11

599,584

N/A

N/A

N/A

N/A

N/A - N/A

11,808

12.6%

N/A

N/A - N/A

93,503

91,808

11,808

12.6%

12.6%

98.2%

12.6%

11,808

12.6%

Office

930,460

91,808

58,066

149,874

11

10.7%

17.0%

9.9%

16.1%

8,065

116,051

12.5%

$15.09

$11.00 -

$19.50

1,508,993

270,284

218,941

489,225

16

17.9%

30.4%

17.9%

32.4%

(31,043)

323,665

21.4%

$11.47

$8.50 -

$12.00

15.2%

25.3%

28.4%

26.2%

(22,978)

439,716

18.0%

Overall
Office
R&D
Overall

2,439,453

692,007

715,555

Overall
R&D

TOTAL

12

400,114

Overall

Wilmington

317,204

2,733,281

R&D

Westford

42,791

1,860,586

Overall

Tyngsborough

274,413

Office

Overall

Tewksbury

1,019,931

R&D

R&D

North Reading

Direct Rental
Range ($/SF)

58,175

Overall

North Andover

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)

259,029

Overall

Methuen

Construction
Completions YTD
'15

Overall

Maynard

Net Absorption
YTD '15

42,791

R&D

Lowell

Overall
Percent
Available
Q1 2015

58,175

Overall

Littleton

Direct
Percent
Available
Q1 2015

216,238

R&D
Lawrence

Overall
Percent
Available
Q4 2014

161,200

Overall
Chelmsford

Direct
Percent
Available
Q4 2014

858,731

Overall
Boxborough

Total Available
(Sq. Feet) # of Buildings

Office

Overall
Billerica

Sublease
Available (Sq.
Feet)

R&D
Overall
Andover

Direct Available
(Sq. Feet)

277,007

639,099

27

340,000

9,800

9,800

8.6%

8.6%

2.9%

2.9%

19,466

0.0%

$25.00

$25.00 -

$25.00

3,346,092

692,007

31,765

723,772

42

21.0%

22.0%

20.7%

21.6%

11,535

417,823

12.5%

$8.00

$6.00 -

$10.00

19.9%

20.7%

19.0%

19.9%

31,001

417,823

11.3%

3,686,092

701,807

31,765

733,572

44

Office:

11,410,809

2,229,940

609,803

2,839,743

85

20.1%

25.9%

19.5%

24.9%

115,301

1,849,845

16.2%

$19.13

$11.00 -

$25.00

R&D:

21,941,837

6,529,440

643,138

7,172,578

203

30.4%

31.8%

29.8%

32.7%

(196,857)

4,492,191

20.5%

$8.64

$6.00 -

$15.50

Overall:

33,352,646

8,759,380

1,252,941

10,012,321

288

26.9%

29.8%

26.3%

30.0%

(81,556)

6,342,036

19.0%
2015 DTZ All rights reserved.

SUBURBAN OFFICE / R&D MARKET STATISTICS Q1 2015


ROUTE 495 SOUTH

Bridgewater

Office
R&D

Foxborough

2.4%

2.4%

2.4%

N/A

N/A

N/A

N/A

1,876

2.4%

N/A

N/A

2.4%

2.4%

2.4%

1,876

2.4%

41.8%

36.8%

36.8%

32,295

44,345

6.9%

R&D

141,105

15,378

15,378

10.7%

10.7%

10.9%

10.9%

0.0%

N/A
$19.32
N/A

$19.50 -

$19.50

N/A - N/A
$19.00 -

$19.50

N/A - N/A

36.3%

36.3%

32.2%

32.2%

32,021

44,345

5.6%

111,061

45,000

45,000

40.5%

40.5%

40.5%

40.5%

38,056

34.3%

$17.50

$17.50 -

$17.50

R&D

480,313

121,356

30897

152,253

25.5%

31.9%

25.3%

31.7%

891

39,692

8.3%

$9.59

$6.75 -

$11.50

28.3%

33.5%

28.1%

33.4%

891

77,748

13.1%

166,356

30,897

197,253

10

(274)

$19.50

Direct Rental
Range ($/SF)

Office

591,374

253,462

2.4%

1,876

0
N/A

41.8%

253,462

2.4%

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)

787,308

1,876

1
N/A

Construction
Completions YTD
'15

238,084

Office

531,172

59,317

1417

60,734

14.1%

14.6%

11.2%

11.4%

16,627

29,533

5.6%

$18.04

$16.00 -

$19.50

R&D

842,824

140,805

140,805

14

14.2%

14.2%

16.7%

16.7%

(21,458)

64,852

7.7%

$8.00

$7.50 -

$9.95

14.2%

14.3%

14.6%

14.7%

(4,831)

94,385

6.9%

1,373,996

200,122

1,417

201,539

21

Office

90,800

3,063

3,063

6.0%

6.0%

3.4%

3.4%

2,360

0.0%

N/A

N/A - N/A

R&D

435,988

21,126

21,126

4.8%

4.8%

4.8%

4.8%

18,143

4.2%

N/A

N/A - N/A

2,360

18,143

3.4%

N/A

N/A

N/A

N/A - N/A

11,019

8.7%

N/A

N/A - N/A

Office

526,788

5.0%

5.0%

4.6%

4.6%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

127,200

11,019

11,019

12.0%

12.0%

8.7%

8.7%

4,240

12.0%

12.0%

8.7%

8.7%

4,240

11,019

8.7%

6,418

23.5%

23.5%

23.5%

23.5%

5,039

18.5%

R&D

50,000

0.0%

0.0%

0.0%

0.0%

0.0%
6.5%

R&D

11,019

6,418

N/A

6,418

24,189

6,418

77,300

11,019

27,300

Office

127,200

24,189

Office
Overall

TOTAL

N/A

Net Absorption
YTD '15

Overall

Taunton

1,876

N/A

Overall
Percent
Available
Q1 2015

238,084

R&D
Raynham

N/A

Direct
Percent
Available
Q1 2015

77,000

Overall
Norton

1,876

N/A

Overall
Percent
Available
Q4 2014

646,203

Overall
Milford

77,000

Direct
Percent
Available
Q4 2014

Total Available
(Sq. Feet) # of Buildings

Office

Overall
Mansfield

Direct Available
(Sq. Feet)

Overall

Overall
Franklin

Sublease
Available (Sq.
Feet)

Total Inventory
(Sq. Feet)

$21.75
N/A

$21.75 -

$21.75

N/A - N/A

8.3%

8.3%

8.3%

8.3%

5,039

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A - N/A

473,000

42,559

42,559

9.0%

9.0%

9.0%

9.0%

42,559

9.0%

N/A

N/A - N/A

Overall

473,000

42,559

42,559

9.0%

9.0%

9.0%

9.0%

42,559

9.0%

Office:

1,483,536

353,758

1,417

355,175

20

27.2%

27.4%

23.8%

23.9%

51,282

118,849

8.0%

$18.38

$16.00 -

$21.75

R&D:

2,550,430

352,243

30,897

383,140

35

13.2%

14.4%

13.8%

15.0%

(16,601)

176,265

6.9%

$8.51

$6.75 -

$11.50

Overall:

4,033,966

706,001

32,314

738,315

55

18.3%

19.2%

17.5%

18.3%

34,681

295,114

7.3%
2015 DTZ All rights reserved.

SUBURBAN OFFICE / R&D MARKET STATISTICS Q1 2015


INNER SUBURBS

Allston

Total Inventory
(Sq. Feet)

Direct Available
(Sq. Feet)

Sublease
Available (Sq.
Feet)

Office

150,084

13,636

13,636

R&D

67,041

Overall
Belmont

Office
R&D

Brighton

$18.00
N/A

$18.00 -

$18.00

N/A - N/A

16.2%

13.9%

6.3%

6.3%

16,547

13,636

6.3%

0.0%

0.0%

0.0%

0.0%

0.0%

N/A

N/A - N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A - N/A

0.0%

0.0%

0.0%

0.0%

20.7%

20.7%

128,278

2,163

0.4%

$27.75

$22.00 -

$33.75

R&D

439,040

5,000

5,000

1.1%

1.1%

1.1%

1.1%

5,000

1.1%

$13.75

$13.75

$13.75

$34.00

$34.00 -

$34.00

Office

Office

Office

Office

Office

Office
R&D
Overall
Office
R&D

1,039,557

24.8%

24.8%

12.5%

12.5%

128,278

7,163

0.7%

796,216

9,961

23,764

33,725

12

1.1%

1.8%

1.3%

4.2%

(19,036)

7,331

0.9%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

(19,036)

796,216

129,573

33,725

12

1.1%

1.8%

1.3%

4.2%

7,331

0.9%

0.0%

0.0%

0.0%

0.0%

0.0%

N/A

N/A - N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A - N/A

0.0%

0.0%

0.0%

0.0%

0.0%

385,000

0.0%

0.0%

0.0%

0.0%

0.0%

N/A

N/A - N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A - N/A

385,000

0.0%

0.0%

0.0%

0.0%

0.0%

376,991

26,626

26,626

7.1%

7.1%

7.1%

7.1%

17,802

4.7%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

376,991

7.1%

7.1%

7.1%

7.1%

17,802

4.7%

596,204

74,318

211,653

285,971

16.8%

37.0%

12.5%

48.0%

(65,313)

99,037

16.6%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

(65,313)

596,204

26,626

16.8%

37.0%

12.5%

48.0%

43,030

58.9%

58.9%

58.9%

58.9%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

285,971

43,030
43,030

211,653

26,626

73,000
73,000

74,318

$24.17
N/A

$16.00 -

$23.50 -

99,037

16.6%

43,030

58.9%

N/A

N/A - N/A

N/A

N/A

N/A

N/A

N/A - N/A

58.9%

58.9%

58.9%

58.9%

43,030

58.9%

2,115

4.1%

4.1%

3.4%

3.4%

460

2,115

3.4%

N/A

N/A - N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A - N/A

2,115

4.1%

4.1%

3.4%

3.4%

460

2,115

3.4%

5,375

14,409

19,784

1.4%

5.0%

1.3%

4.9%

404

5,375

1.3%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

14,409

19,784

N/A

$25.39
N/A

$25.00

N/A - N/A

N/A

$16.00

N/A - N/A

62,500

R&D

N/A

2,115

2,115

$16.00

62,500

43,030

400,067

Office

N/A - N/A

Office
Overall

N/A

0
0

23,764

129,573

108,000
108,000

9,961

Overall
R&D

TOTALS

0.0%

42.1%

Overall

SUBURBAN

9.1%

0.0%

R&D

TOTAL

13,636

42.1%

Overall

Watertown

R&D

Somerville

16,547

0.0%

124,573

Overall

Saugus

9.1%

0.0%

R&D

Revere

9.1%

0.0%

Direct Rental
Range ($/SF)

124,573

Overall

Medford

20.1%

0.0%

Direct
Total Vacant Percent Vacant Weighted Avg.
Q1 2015
Q1 2015
Rent ($/SF)

32,000

R&D

Malden

20.1%

Construction
Completions YTD
'15

600,517

Overall

Everett

Net Absorption
YTD '15

13,636

Overall
Percent
Available
Q1 2015

32,000

Direct
Percent
Available
Q1 2015

Office

R&D
Chelsea

13,636

Overall
Percent
Available
Q4 2014

Overall

Overall
Brookline

217,125

Direct
Percent
Available
Q4 2014

Total Available
(Sq. Feet) # of Buildings

$22.50 -

$26.50

N/A - N/A

400,067

5,375

1.4%

5.0%

1.3%

4.9%

404

5,375

1.3%

1,280,409

29,722

29,722

10

2.3%

2.3%

2.3%

2.3%

0.0%

N/A

N/A - N/A

787,940

34,486

28,419

62,905

5.3%

5.3%

4.4%

8.0%

(21,431)

41,680

5.3%

N/A

N/A - N/A

Overall

2,068,349

64,208

28,419

92,627

17

3.4%

3.4%

3.1%

4.5%

(21,431)

41,680

2.0%

Office:

4,860,988

329,356

249,826

579,182

49

10.3%

13.2%

6.8%

11.9%

61,340

190,489

3.9%

$25.91

$16.00 -

$34.00

R&D:

1,294,021

39,486

28,419

67,905

10

3.6%

3.6%

3.1%

5.2%

(21,431)

46,680

3.6%

$13.75

$13.75 -

$13.75

Overall:

6,155,009

368,842

278,245

647,087

59

8.9%

11.2%

6.0%

10.5%

39,909

237,169

3.9%

Office:

80,870,438

13,993,496

2,284,983

16,278,479

804

18.4%

21.0%

17.3%

20.1%

707,455

10,206,912

12.6%

$22.41

$11.00 -

$47.00

47,046,396

11,517,228

1,020,863

12,538,091

596

24.9%

26.3%

24.5%

26.7%

(168,498)

7,268,973

15.5%

$10.02

$6.00 -

$30.00

127,916,834

25,510,724

3,305,846

28,816,570

1,400

20.8%

22.9%

19.9%

22.5%

538,957

17,475,885

13.7%

R&D:
Overall:

2015 DTZ All rights reserved.