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Boston Office Continues Positive Trend

BOSTON-According to Brendan Carroll of Richards Barry Joyce & Partners, it’s expected that the Boston office market will continue to thrive – although perhaps not as rapidly.

By Miriam Lamey | Updated on July 17, 2012

BOSTON-For a pretty impressive five quarters now, the Boston office market has experienced positive growth, according to Richards Barry Joyce & Partners’ senior vice president of research, Brendan Carroll. And it seems the firm’s most recent OfficeSTATus report indicates that this positive commercial real estate trend will continue. The area continues to attract major companies and to lease up space.

In the past quarter, the report reveals that the number of properties that gained tenants in the market outnumbered those properties that lost tenants: 16% gained occupancy and 13% saw occupancy decrease.  Carroll opines, “It’s the continuation of a trend we’ve been seeing from 5 quarters ago – of positive and organic growth. “ And why? “the area’s value proposition has largely been the same for decades: skilled labor force, world class education, topographical desirability and, in a way, the knowledge economy.” These factors are attracting and should continue to attract big lease signings to the area. For instance, Google “recognizes” the world of taking space in Cambridge – right near Harvard, and MIT to name but two – and the coffee giant Keurig recently signed up for significant space in Burlington, Massachusetts. Carroll says this company’s decision is “basically the example of a business that has been successful locally and with new technology.” The move points to “significant expansion, [and]new construction in the market.”

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