Boston CRE situation improves

Commercial real estate in Boston has improved for multiple reasons.

More property management companies with interests in Boston may have seen an increase in rentals, as the city's commercial real estate market has improved significantly, according to Cushman & Wakefield.

Boston's Financial District experienced a 0.4 percent decline in vacancies during the second quarter, while overall occupancy rose by approximately 300,000 square feet. Furthermore, the Back Bay area has a vacancy rate of 5.7 percent.

"Boston's economic expansion and job growth, combined with powerful demand for urban lifestyle communities are driving the recovery in Boston’s real estate markets," said Robert Griffin, Jr., president of Cushman & Wakefield’s New England Region.

Griffin added that demand in the city is high, and redevelopment has increased in multiple parts of the city.

Other areas outside Boston have also improved, the report noted. In Cambridge, the Mass Ave/Harvard square area had its vacancy level drop to 2.5 percent, which is the lowest of any area in or around the city. The Kendall Square/East Cambridge section had a vacancy rate of 6.4 percent.

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