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Suburbs May See Boom in Speculative Office

Waltham, MA-Developers are eyeing at least six speculative office projects that could place more than 1 million sf of class A office product on the market within the next few years.

By Beverly Ford | Updated on October 29, 2006

WALTHAM, MA-Boston’s suburban office market may soon be in the midst of a speculative building boom that could put more than 1 million sf of office space online within the next few years with at least six new speculative projects already under construction or in the planning stages.

Taking the lead in the speculative race is Boston-based Davis Marcus Partners which recently completed construction on 450,000 sf of spec office space in Waltham. The $83 million building is already 80% leased. The firm is also planning to break ground on an 180,000-sf speculative office building in January on another Waltham site.

“About one and a half years ago we looked at rising rents and double A space in the suburbs and we were projecting below 10% vacancy rates in the truly high class office market,” Paul Marcus, a partner in the firm tells GlobeSt.com. “Given that we’re 80% leased on our first speculative project, we’ve proving the concept.”

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