The Greater Boston suburban office market recorded 685,680 sq. ft. of negative absorption in
Q1 2021. The vacancy rate increased by 150 basis points (bps) to 16.9% while availability increased by 110 bps to 21.6%. The sublease rate remained flat at 2.8%, remaining the highest rate in themarket since Q3 2012, but the rate at which sublease space was added in the first quarter noticeably slowed from the last 12 months.
The Greater Boston suburban lab market recorded 613,551 sq. ft. of positive absorption in Q1, the most growth recorded in a single quarter since CBRE started tracking suburban lab in 2003. Availability finished the quarter 4.4% lower than it did in Q4, at 10.4%, while vacancy decreased to 4.8%. As a result of this sharp decrease in both availability and vacancy, along with increased availability in higher priced submarkets, the average
asking rent jumped to an all-time high of $59.98 per sq. ft. NNN.