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Into the Sunshine, But Not Out of the Woods

BOSTON-According to office stats from Richards Barry Joyce, the market is testing its lease rates, but may still be in store for a round of consolidations.

By Ryan Clark | Updated on October 15, 2010

BOSTON-During the second quarter, according to Richards Barry Joyce & Partners’ figures, Boston showed 39,000 square feet of positive absorption, which as SVP of Research Brendan Carroll tells GlobeSt.com, is pretty negligible in a 177-million-square-foot market. This past quarter amounted to 401,000 square feet, which not only shows a significant drop in vacancy, also links two consecutive quarters of positive absorption. “This is a potentially indicative trend to be entering of positive absorption of space being taken, as opposed to companies shedding space,” he explains.

The beating that Boston and its outlying submarkets took immediately following the tech bust took some time for recovery, but when it arrived, the precursor was flat absorption that led into a rally of 20 consecutive quarters of positive growth. Caroll points to the current trend as aping the this previous trend, although it is too soon to say for sure.  However, “this is exactly how the last recovery began,” he says.

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