Viewpoint Q4 11

8/3/2019 Viewpoint Q4 11

1/12

GREATER BOSTONMARKET VIEWPOINTTH QUARTER

Accelerating success.


2/12

The vacancy rate in the Boston of ce market dropped one

percentage point in rom .% to .%as over ,

square eet o positive absorption was recorded. Although the

recovery has occurred at a more gradual pace than most market

observers would like, the act that this ollows three consecutiveyears o negative absorption is a signal that market conditions are

stabilizing.

The perormance gap between the Financial District and Back

Bay submarkets persists, with vacancy rates o .% and .%,

respectively. There are even ewer options or Class A space in

the Back Bay, where the vacancy rate is .% at year-end.

Key statistics at the end o include:

MarketSupply SF

(s)Vacancy

Rate Absorption

SF (s)

Total Boston* 60,562 15.8% 608

Back Bay 11,982 6.2% 298

Financial District 33,597 19.4% 39

Charlestown 2,707 8.5% 77

Crosstown 1,122 6.3% 16

Fenway/Kenmore 1,826 13.6% (46)

North Station 1,882 14.5% 73

Seaport 6,262 19.5% 178

South Station 1,184 23.6% (27)

* includes sublease space

SUPPLY AND DEMAND

Supply totals over million square eet, with . million square

eet or %, located in the core Financial District and Back Bay

submarkets.

At the end o the ourth quarter there were approximately

tenants in the market seeking an aggregate o over million

square eet o of ce space. Although the median requirement

is , square eet, some o the larger requirements include:

Tenant SF Industry

State Street Bank 1,000,000 Financial Services

Blue Cross Blue Shield oMassachusetts

350,000 Health Care/Medical

Brown Brothers Harriman 300,000 Financial Services

Mintz Levin 225,000 Legal

Lexington Insurance 175,000 Insurance

Cambridge Associates 150,000 Investment Advisory

Iron Mountain 100,000 Inormation Management Services

VELOCITY

Velocity (signed lease activity) totaled over million square

eet in , and was largely dominated by Vertex

Pharmaceuticals second quarter lease or . million square

eet o build-to-suit of ce and lab space at the Fan Pier

development.

With the exception o the Vertex lease and Pioneer

Investments third quarter renewal or , square eet a

State Street, the remainder o leases executed in

were less than , square eet in size.

Although the economic recovery has been gradual and grow

rom Bostons existing tenant base was modest during the

year, it is notable that there were more than companies

totaling over . million square eet that migrated to the Bostmarket rom Cambridge or suburban locations in . Thes

ranged in size rom less than , square eet to the Vertex

transaction, with some o the larger companies including:

Tenant Prior Location New Location SF

Vertex Pharmaceuticals Cambridge Seaport 1,100,00

Brightcove Cambridge Financial District 80,00

CBIZ Toas Cambridge Back Bay 40,00

Jones Day New to Market Financial District 35,00

Allen & Gerritsen Watertown Seaport 33,20

Finnegan Henderson,Farabow, Garret & Dunner

Cambridge Seaport 33,00

W2 Racepoint Waltham Financial District 32,00

Heartland Robotics Cambridge Seaport 18,40

Latham & Watkins New to Market Back Bay 18,00

Elysium Digital Cambridge Financial District 18,00

ABSORPTION AND VACANCY

The Back Bay outperormed the rest o the market in , a

this was particularly true or Class A buildings.

The Seaport District also had a strong showing in , withnearly , square eet o positive absorption. This was

split almost evenly between the Class A and Class B segmen

o the submarket and driven in large part by an inux o new

tenants rom Cambridge and the suburbs. The City is

promoting the submarket as the Innovation District and cit

over new businesses moving to the area since the initiativ

was launched in .

MARKET VIEWPOINT | Q

p. | Colliers International

Boston Overview


3/12

Assuming relatively modest absorption over the next ew

years, the vacancy rate will likely remain above % or the

overall market through the orecast period. Back Bay will

likely remain the statistical exception, with single-digit vacancy

rates. The projection includes the addition o . million squareeet to the of ce supply in , representing Liberty Mutuals

new headquarters in the Back Bay and the two Vertex

buildings in the Seaport District.

RENTAL RATES

Average asking rents have been relatively at since the latter

hal o , but are beginning to show some incremental

growth in certain segments o the market. Back Bay landlords

began to push rental rates during the ourth quarter or Class

A and Class B buildings. The Seaport District and select

Financial District properties, particularly high-rise tower

locations are also beginning to see some moderate growth in

rents.

Rents have stabilized in the Financial District, but a surplus o

low-rise space in the Class A towers is subduing rental growth

in this segment o the market.

The spread between asking rents in various segments o the

market is depicted in the ollowing table.

Space Type Rental Range/SF

Class A high rise $55 - $75

Class A mid rise $45 - $55

Class A low rise $40 - $45

Class B $25 - $35

TRENDS

The vacancy rate peaked in , and should gradually decli

over the next ew years.

Positive absorption is anticipated over the - orecaperiod.

Tenant interest in the Seaport Innovation District will rema

strong in .

Less is more as tenants ocus on reduced occupancy costs

and improved ef ciency.

Rents will continue to be segmented between various classe

o space.

Projected Vacancy & Absorption

-,

-,

-,

-

,

,

,

%

%

%

%

%

SF(

Thous

ands)

Total BostonVacancy Rate

Back BayVacancy Rate

.%

Financial DistrictVacancy Rate

Total BostonAbsorption


Colliers International | pCONTACT: Mary Sullivan Kelly | [email protected]


4/12

Cambridge was an active market in , riding a dual wave o

growth rom lie sciences and technology companies. The city has

long been acknowledged as a global hub or these sectors, but the

attraction o the Kendall Square area has never been more evident

than over the past year with pharmaceutical and biotechnologyleaders and technology giants making signicant lease

commitments or new space as they try to gain greater access to

the resources and inrastructure surrounding MIT, and as they

look to tap into one o the most talented and deep labor pools in

the world.

The lie sciences sector is driving signicant new building in East

Cambridge, with eight buildings totaling just under million

square eet under constructionthe most new lab and of ce

space under construction in the market at a given time since

. In total, over million square eet o new leases were

signed during the year, including . million square eet o build-

to-suits or lie sciences organizations.

The vacancy rate in Cambridges .-million-square-oot of ce

and lab market dropped rom .% to .% over the course o

with , square eet o positive absorption, ,

square eet o which occurred during the ourth quarter. Not yet

reected in the statistics is the positive absorption related to the

build-to-suit lease activity described above, which will be recorded

upon completion o the buildings.

Key statistics at the end o include:

MarketSupply SF

(s)Vacancy

Rate

Absorption SF(s)

Q YTD

Total Cambridge* 19,813 12.9% 197 218

Of ce 10,256 10.0% 83 244

Lab 8,774 17.0% 110 (42)

* includes R&D space

OFFICE MARKET

The vacancy rate in the .-million-square-oot of ce marketdropped rom .% to .% over the course o , as a result

o , square eet o positive absorption. While these are

relatively healthy statistics rom a landlords point o view,

segments o the market, such as East Cambridge/Kendall Square

are even tighter than the vacancy rate would imply, as there are

several leases pending and much o the available space is in one

building, RREEFs Main Street.

Velocity (signed lease activity) totaled over . million square eet

during . Large pharmaceutical and biotech companies were

the most signicant drivers o velocity, accounting or ov

, square eet, ollowed by technology companies w

approximately , square eet.

The largest leases signed during are listed below:

Tenant Address SF

Biogen Idec 241 Binney Street (bts) 300,000

Biogen Idec 17 Cambridge Center (bts) 190,000

Pegasystems One Rogers Street (r) (e) 160,000

Google 4 Cambridge Center (e) 80,000

Google 3 Cambridge Center (e) 60,000

(bts) build-to-suit (r) relocation (e) expansion

Demand during the year was driven by larger, strong-cre

companies and institutions such as Google, Genzyme/Sano

Nokia, Millennium and MIT, contributing to pockets o extrem

tightness in the Kendall Square submarket. At the close o

tenants in the market totaled approximately , square e

o demand.

The tight supply and high rents have orced many younger, co

conscious technology companies to consider of ce optio

outside o East Cambridge, with the up and coming Innovati

District in Bostons Seaport area being the most popu

alternative. Below is a list o notable East Cambridge compan

that moved, or are seriously considering a move, to Bosto

Seaport District.

Tenant SF Status

Brightcove 80,000 Atlantic Whar

Zip Car 45,000 Active

SCVNGR 30,000 Signed LOI

ChoiceStream 18,000 Active

amaPR 10,000 Liberty Whar

Rents, which had been airly steady or the rst three quarters

, spiked during the ourth quarter with top o the mark

asking rents moving rom - per square oot to psquare oot almost overnight. Generally, asking rents in E

Cambridge are up to % compared to a year ago, depend

on the building.

Direct Asking Rents PSF

Space Type - Location Q4 2009 Q4 2010 Q4 2011

Class A East Cambridge $30-$45 $35-$48 $40 - $5

Class B East Cambridge $28-$33 $30-$35 $35 - $4

Class A Alewie $24-$28 $24-$28 $26 - $3



Cambridge Overview


5/12

LAB MARKET

The .-million-square-oot lab market nished with a

deceivingly high vacancy rate o .%, down rom the third

quarter rate o .%, but higher than the year-end rate o

.%. Although the year ended on a positive note with positive

absorption in the ourth quarter o , square eet, absorption

was negative , square eet or the year. While the statistics

seem indicative o an uneventul year, they do not present a ull

measure o the current market activity, as the . million square

eet o lab space under construction will not be accounted or

until construction completion occurs.

For the rst time in many years, the availability o Class A existing

lab space increased, giving tenants multiple options. Even more

Class A space can be expected to become available over the next

two years when Vertex vacates its approximately , squareeet and some other signicant leases are not renewed. The chart

below depicts the breakdown o available lab space by type and

quality.

Space Type SF Available % of Available Space

Class A Biotech-Ready Shell 754,000 50%

Class A Existing Lab 389,000 26%

Class B Existing Lab 205,000 14%

Obsolete Lab 152,000 10%

Totals 1,500,000 100%

Transaction velocity in the lab market totaled approximately

,, square eet during , over million square eet o

which represented growth.

Two signicant build-to-suit lab leases were signed in . The

largest transaction was the Broad Institutes ground lease or a

,-square-oot build-to-suit research acility located

physically adjacent and connected to the Broads headquarters.

But perhaps the most notable transaction was Pzers build-to-

suit lease or , square eet with MIT at Main Street on

the Osborne Triangle. Pzer plans to move signicant researchoperations rom its company-owned Groton, Connecticut campus

to a site that is essentially on the MIT campus.

In addition to these build-to-suit leases, Novartis started

construction on two new lab and of ce buildings totaling

approximately , square eet on land that it leases rom

MIT, also located on the Osborne Triangle, at Massachusetts

Avenue and Windsor Street.

The largest lab leases signed during the year ollow:

Tenant Address SF

Broad Institute 75 Ames Street 250,000 (bts)

Pzer 610 Main Street 184,000 (bts)

Vertex Pharmaceuticals 88 Sidney Street 145,300 (r)

Quest Diagnostics 415 Massachusetts Avenue 114,000 (r)

Ariad 26 Landsdowne 100,400 (r)

Pzer 700 Main Street 100,000

(bts) build-to-suit (r) relocation

At the close o , tenants in the market represent

approximately . million square eet o demand driven prima

by larger, emerging biotech and pharma users. As was the ca

throughout , demand rom small- to medium-sized biote

companies remains relatively light.

Tenants seeking and willing to pay or Class A lab space have tmost options in the Cambridge market. Younger biotech compan

looking to nd rents in the s ps NNN range and below ha

ewer options ( existing lab, shell), with most o the optio

having sat vacant or several years. These dynamics have orc

many o the early- to mid-stage companies to consider suburb

alternatives. While not near the levels experienced in the pa

mainly due to the lack o activity in this segment o the mark

there were a handul o younger biotech companies (For

Therapeutics, Quanterix, Blend Biosciences) that relocated to t

suburbs in search o lower priced options. Larger tena

(, to , square eet +) in East-Mid Cambridge ato wait up to months or delivery have ten options ( exist

lab, shell, build-to-suit) with six dierent landlords.

The spread between asking rents in various segments o t

market is depicted below:

Direct Asking Rents PSF, NNN

Space Type - Location Q4 2011

Class A Existing - East Cambridge $50 - $65

Class A Shell - East Cambridge $58 - $70

Class B Existing/Shell - East Cambridge $35 - $48

Class B Existing Alewie $28 - $35

TRENDS

The time is now or a speculative of ce building in Kendall

Square.

There will be greater availability o existing Class A lab spac

over the next two plus years.

Expect more build-to-suit activity rom lie science companie




6/12

The suburban Boston of ce and R&D market was statistically at

in , with the vacancy rate virtually unchanged over the course

o the year, closing the ourth quarter at .%. While there were

pockets o positive absorption in the northern submarkets, and

Route Northwest in particular, this was outweighed by nearly, square eet o negative absorption in the Route

West submarket. The Route West submarket has been hit

hard by a handul o large corporate consolidations, the most

recent being Fidelitys decision to vacate over , square

eet at its Puritan Way, Marlborough campus.

Aggregate statistics or the of ce and R&D market are provided

below:

MarketSupply SF

(s)Vacancy

Rate

Absorption SF(s)

Q YTDSuburban Boston 128,529 21.0% (267) 30

Inner Suburbs 5,850 15.8% 13 (82)

Route 128 73,099 18.5% 331 416

Route 495 47,566 25.8% (765) (261)

Worcester 2,014 15.3% (1) (43)

SUPPLY AND DEMAND

The suburban of ce and R&D market totals . million

square eet, with perormance and product varying rom one

submarket to the next. The our Route submarkets reporta combined vacancy rate o .%, compared to .% in the

three Route submarkets.

Although the median suburban requirement is , square

eet, there are some sizeable tenants in the market with

potential requirements over the next to months,

including:

Tenant SF Industry Target Market

TJX Companies 1,000,000 RetailRoutes 495 West/128 Mass Pike

Keurig 500,000 Consumer Products Route 128 North

NetApp 400,000 Computer Sotwareand Services

Route 128 Mass Pike

Kronos 350,000Computer Sotwareand Services Route 495 North

Athenahealth 250,000 Electronic HealthRecords

Inner Suburbs/Route 128 Mass Pike

Dunkin Brands 210,000 RetailRoutes 128 South/128 Mass Pike

Converse 200,000 Retail Route 495 North

Arbella Insurance 180,000 Insurance Route 128 South

VELOCITY

Velocity (signed lease activity) totaled over million square ee

, with the majority o transactions less than , squa

eet in size. Some o the larger transactions executed during

year included:

Tenant Address SF

Motorola 900 Chelmsord Street, Lowell 194,000

The Shaw Group 150 Royall Street, Canton 190,000

NxStage Medical 439 South Union Street, Lawrence 140,000

E Ink 1000 Technology Park Drive, Bil ler ica 139,000

Avaya 600 Technology Park Drive, Billerica 135,000

Vecco Solar 558 Clark Road, Tewksbury 90,000

ABSORPTION AND VACANCY

The suburban vacancy rate has been at a virtual standstill o

the past two years, hovering around %. The year was

statistically unremarkable, with a meager , square ee

o positive absorption.

Despite the sluggish absorption in aggregate, the Route

Northwest submarket recorded over , square eet o

positive absorption in , with Burlington alone accounting

or , square eet. Class A buildings in Burlington we

able to outperorm some o their suburban counterparts due

a strong amenity base and close proximity to major highway

(Routes and , I-).

Negative absorption o , square eet in the Route

West submarket is largely attributable to Fidelity vacating ov

, square eet at and Puritan Way,

Marlborough. Although the submarket has been hit hard by a

Historical Vacancy and AbsorptionOfce and R&D

-,

-,

-,

-,

-,

,

,

,

,

,

%

%

SF

(Thousands)

Total Vacancy

Absorption



Suburban Overview


7/12

handul o large campus consolidations and the vacancy rate is

%, the year ended on a positive note with ourth quarter

absorption o , square eet.

OFFICE RENTAL RATES

Weighted average Class A of ce rents range rom . per

square oot in the Route West submarket to - in

the Mass Pike and Inner Suburban submarkets.

Rents were generally stable during and will be held in

check so long as the vacancy rate tops %.

Select landlords that were successul in their leasing

campaigns during are beginning to push rents in premier

Class A buildings, but any across-the-board increases are

unlikely in the near term.

TRENDS

Small- to mid-sized users are the most active segment o the

market headed into .

Larger tenants (over , square eet) will seek to do

more with less. Ef ciency and cost control are critical.

A marginal decrease in the vacancy rate is expected in ,

with expansion primarily rom small businesses and start-ups.

Select Class A, amenity-rich buildings located along thestretch rom Burlington to Needham and close to Route

will be able to realize rental growth in .


Colliers International | CONTACT: Mary Sullivan Kelly | [email protected]


8/12

INVESTMENT SALES

Aggregate sale volume in totaled approximately . billion, or nearly twice the volume. The volume increased or all majo

property types, as illustrated below.

Boston remains one o a select group o sought-ater coastal cities considered sae bets due to its a uent population, knowledge-

based economy, institutional demand drivers and inherent constraints on new supply.

Sale volume and pricing was dominated by und managers, and in particular by core institutional investors. Given the current low-

interest rate environment and relative to alternative asset classes, real estate perormed well or this buyer sector in . With man

investors ocused on downside protection versus upside potential during times o volatility, Boston is seen as a sae harbor.

For much o the year, private buyers were rustrated by the lack o distress at the opportunistic end o the spectrum and aggressivepricing at the core end o the spectrum. Foreign investment was limited to a ew transactions, the largest o which was German und

Jamestowns Newbury Street, Boston portolio acquisition.

The macro national trends are clear that troubled loans need to be resolved or disposed. Locally, rising property values and an

abundance o available equity or re-capitalization has mitigated the distress and thus the opportunities. However, many loans

temporarily modied through restructures and/or extension during to are nearing the end o their modication period an

may hit the market in .

OFFICE

Aggressive bidding on core downtown of ce assets continued during the ourth quarter. Notable transactions included two Class A

trophy assetsExchange Place in the Financial District and One Exeter Plaza in the Back Bayselling at greater than persquare oot and at cap rates at or below %.

.

.

.

.

.

.

Pending

Annual Sales Volume by Type

Billions

Multiamily Industrial Retail Suburban Ofce CBD Ofce



Capital Markets


9/12

Outside o Boston, ourth quarter transactions reect investor demand or well-located and well-leased properties with those in less

avorable submarkets demanding increased yields. Among the ourth quarter trades were two sizable portolio transactions in

Cambridge, including MetLies sale o Cambridge Place, a three-building of ce/lab complex, to BioMed Realty Trust or million

or a .% cap rate. The ourth quarter also included the sale o the Campus at Marlborough, a ully-leased our-building portolio, at

% cap rate, and the REO sale o Van De Graa drive in Burlington to user Oracle Corporation.

Address/Property Name Buyer Seller Price Size (SF) $/SF

Boston

Exchange Place, 53 State Street UBS Brookeld Of ce Properties $610 million 1,194,000 $511

One Exeter Plaza AEW Capital Management Ruben Companies $112 million 211,351 $530

Cambridge

Cambridge Place I-3, Cambridge (of ce/lab) BioMed Realty Trust MetLie $120 million 286,878 $418

Campus at Marlborough (of ce) Hines Global REIT Eaton Vance Investment Managers $103 million 557,035 $185

617 & 625 Concord Avenue; 20-26, 36 MoultonStreet; 77 Fawcett Street, Cambridge (of ce/ex)

Goldman Sachs Cabot, Cabot, & Forbes $53.6 million 244,023 $219

4 Van De Graa Drive, Burlington (of ce) Oracle Corporation Capmark Bank $16.5 million 93,000 $177

20 Computer Drive, Haverhill (industrial) Paradigm Properties Suolk Advisors, LLC $15.5 million 203,818 $76

RETAIL

Boosted by a number o landmark transactions, ourth quarter retail sales were especially strong, comprising over two-thirds o

total retail sales activity. The most notable o the ourth quarter transactions was the . million purchase by Jamestown

Properties, a German und manager, o properties on or near Newbury Street totaling , square eet. The portolio was larg

retail, but also included residential and of ce uses.

Retail sales volume will start strong with Macquaries sale o Shoppers World in Framingham to a joint venture between

Blackstone and DDR or million. Part o a -property portolio in which DDR owned a percentage o each center prior to sale,this sale is just one example o the numerous national portolio transactions that have become more common.

Address/Property Name Buyer Seller Price Size (SF) $/S

Boston

Newbury Street Portolio Jamestown Urban Meritage/Taurus Investment Holdings $182.5 million 302,918 $602

Faneuil Hall Marketplace Ashkenazy Acquisition Corp GGP, Inc. $140.0 million 201,656 $694

350 Washington Street Invesco Real Estate Capital Partners $128.0 million 149,977 $853

MULTIFAMILY

The multiamily sector also nished the year strong. Throughout pricing or apartments was aggressive due to strong real esta

undamentals and abundant nancing opportunities. The largest transaction o the quarter was JPIs sale o the ,-unit JeersonHills apartments in Framingham to Greystar Real Estate Partners at a .% cap rate. The Invesco sale o the Walden Park Apartmen

in Cambridge to Equity Residential or . million is notable or its .% cap rate.

Address/Property Name Buyer Seller Price # of Units $/Unit

Jeerson Hills Apartments, Framingham Greystar Real Estate Partners JPI $128.0 million 1,020 $125,490

Walden Park Apartments, Cambridge Equity Residential Invesco $64.9 million 232 $279,741

200 Oak Point Drive, Oak Point, Middleborough Hometown America Saxon Real Estate Partners $55.0 million 870 $63,218




10/12

Annual Sales Volume by Type

Seattle

Phoe

nix

Riverside

-Ontario

SanFr

ancis

co

Boston

Detro

it

Atlan

ta

Housto

n

Washi

ngto

nDC

Miam

i

Dalla

s

Phila

delph

ia

Chica

go

LosAn

geles

New

York

% + Days Delinquent

% Perorming Specially Serviced

Source: Trepp, Colliers International

DEBT

is positioned to be a year with increased lender volume because o renance needs and an uptick in acquisitions. As banks

continue to be a great source o to million dollar loans, lie companies are expected to increase their allocations to real estate

and CMBS to re-emerge, both driving up competition or loans in .

New England-based borrowers are very ortunate with the quality o our commercial banks and the act that most have a avorable

view o real estate. For stabilized assets with proven sponsorship, banks have been waiving recourse requirements and providing

%-% leverage with rates ranging rom high threes up to ve percent.

In light o national statistics with respect to growing delinquencies and uncertainty regarding ballooning loan maturities, Boston is

perorming substantially better than the rest o the country. The ollowing graph illustrates the CMBS loans currently delinquent or in

special servicing in the largest of ce markets:

The CMBS market was dealt a major setback in late July when Citigroup and Goldman Sachs were orced to cancel a . billion

securitization. Only the strongest CMBS lenders that have the ability to utilize their balance sheet or that have built-in B-piece buyer

will emerge rom this downturn. The already reduced pool o lenders in the CMBS market are quoting spreads to basis poi

over the -year swap, which translates to all-in-rates between .% and .%. Even with higher rates than some other sources o

permanent capital, CMBS shops are competitive when every last dollar counts or with assets in secondary or tertiary locations.

Unlike CMBS, lie company delinquencies have remained extremely low, less than % during the downturn. Because o their prudent

underwriting, lie companies have almost across the board increased their allocation or mortgages and increased exposure to the

Northeast is a key goal or .



Capital Markets


11/12

TRENDS

REITs raised billion in , the highest annual raise in the last years, and positioning REITS to be market makers in .

The pipeline o new property oerings is expected to expand into , particularly or retail and industrial properties. Multiamily aCBD of ce will continue to experience the lowest cap rates, given core investor demand and the likelihood or income growth over th

next ew years.

For those loans that are maturing or underperorming, expect to see more debt restructuring and discounted payos in as

lenders continue to clean up their balance sheets.

Lie companies will continue to deliver certainty and be a preerred choice o capital or core and well located assets in .




12/12

Colliers International Federal StreetBoston, MA,

The inormation contained herein has been obtained rom sources deemed reliable. While every reasonable eort has been made to

ensure its accuracy, we cannot guarantee it. No responsibility is assumed or any inaccuracies. Readers are encouraged to consult their

proessional advisors prior to acting on any o the material contained in this report. This publication is the copyrighted property o Colliers

International and/or its licensor(s).

C lli I t ti l All i ht d

To be placed on our mailing list, please visit www.colliers.com/boston

MARKETSQUARE FEET

(SF) SUPPLY

DIRECT SF

AVAILABLE

SUBLEASE SF

AVAILABLEVACANCY*

Q4 2011

ABSORPTION

YTD

ABSORPTI

BOSTON 60,561,709 8,497,416 1,078,625 15.8% 108,158 608,079

Back Bay 11,981,716 603,151 139,041 6.2% 86,224 297,666

Financial District 33,597,405 5,909,323 599,487 19.4% 16,303 38,640

Charlestown 2,706,860 177,649 51,814 8.5% 42,343 76,736

Crosstown 1,122,326 71,170 0 6.3% 5,202 16,546

Fenway/Kenmore 1,826,057 138,173 111,000 13.6% 0 (45,761

North Station 1,881,789 253,848 18,561 14.5% 18,096 72,898

Seaport 6,261,539 1,097,207 126,379 19.5% (54,211) 178,366

South Station 1,184,017 246,895 32,343 23.6% (5,799) (27,012

CAMBRIDGE 19,813,110 2,275,183 284,877 12.9% 196,980 217,730

Alewife Station/Route 2 2,756,411 365,674 15,000 13.8% 48,366 279,248

East Cambridge 15,132,939 1,790,266 259,877 13.5% 149,000 (58,573

Harvard Square/Mass Ave 1,923,760 119,243 10,000 6.7% (386) (2,945

SUBURBS 128,528,885 23,963,004 3,086,314 21.0% 266,637 29,595

Inner Suburbs 5,850,321 873,531 49,495 15.8% 12,704 (82,739

Route 128 North 7,974,140 1,244,658 261,789 18.9% 3,797 157,816

Route 128 Northwest 21,798,448 3,178,989 642,045 17.5% (255,363) 354,377

Route 128 Mass Pike 28,318,820 4,587,813 516,920 18.0% 210,221 (56,173

Route 128 South 15,007,596 2,850,427 271,932 20.8% 144,872 (39,711

Route 495 North 25,138,162 5,348,760 559,628 23.5% 11,600 183,862

Route 495 West 17,916,828 4,685,043 665,489 29.9% 132,247 (460,434

Route 495 South 4,510,903 886,309 119,016 22.3% 7,684 15,460

Worcester 2,013,667 307,474 0 15.3% (1,125) (42,863

TOTAL 208,903,704 34,735,603 4,449,816 18.8% 571,775 855,404

*Including sublease space

CONTACT:Mary Sullivan KellySenior Vice President & Chie Research Of cer

DIR + FAX +

[email protected]

Q STATISTICS | OFFICE/R&D

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