17 495 NORTHEAST STATISTICS…Trinity Partners230 Third Avenue Waltham 45,000 Dun & Bradstre610...
Transcript of 17 495 NORTHEAST STATISTICS…Trinity Partners230 Third Avenue Waltham 45,000 Dun & Bradstre610...
495 WEST
495 NORTH
495 NORTHEAST
495 SOUTH
128 NORTHWEST
128 NORTH
FRAMINGHAM/NATICK
INNERSUBURBS
128 SOUTH
128 WEST
NO
RTH OFFICE MARKET
ASKING RENT
LEASING ACTIVITY
12-MONTH ABSORPTION
SUBLEASE VACANCY
DIRECT VACANCY
STATISTICS OVER THE LAST 12 MONTHS
303 Congress Street | Boston, MA 02210 | 617.457.3400
www.NAIHunneman.com
303 Congress Street | Boston, MA 02210 | 617.457.3400
www.NAIHunneman.com
VACANCY AND NET ABSORPTIONCLASS A & B RENTS
TENANT ADDRESS CITY SIZE
Smith & Nephew* 150 Minuteman Road Andover 112,148
Symantec 80 Central Street Boxborough 42,500
Anokiwave* 296 Concord Road Billerica 27,020
128 Technology 200 Summit Drive Burlington 16,400
Rift.io 77 South Bedford Street Burlington 12,549
*Renewal
NOTABLE TRANSACTIONS
TOTAL INVENTORY
(SF)
UNDER CONSTRUCTION
(SF)
DIRECT VACANT
(SF)
SUBLEASE VACANT
(SF)
TOTAL VACANCY
RATE
Q3 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
ASKING RENT ($/SF)
Route 128 North 14,248,204 145,000 1,334,914 80,832 9.9% 7,213 (38,835) $22.14
Route 128 Northwest 13,574,687 280,000 1,733,254 200,690 14.2% 47,767 (29,423) $30.98
Route 495 North 13,208,246 - 2,759,695 111,451 21.7% (61,205) (31,418) $18.89
Route 495 Northeast 7,453,186 - 1,495,408 12,331 20.2% (11,145) 75,948 $18.52
TOTAL 48,484,323 425,000 7,323,271 405,304 15.9% (17,370) (23,728) $22.27
FEATURED DEAL
5,506 SF6 FORTUNE DRIVE, BILLERICA
NAI Hunneman’s North suburban team represented the landlord, Farley White Management Company, with the execution of three leases at 6 Fortune Drive in Billerica. ProEx Physical Therapy inked a deal for 2,082 square feet, Hillmann Consulting leased 2,398 square feet and Diversified Technology Consultants took down 1,026 square feet
STATISTICS
NORTH OFFICE MARKET
ArrowsDirect Vacancy Sublease Vacancy 12-month Absorption Leasing ActivityAsking RentDown Up Down Down Up
Seaport Total Inventory Under Construction Direct Vacant Sublease VacantClass A 12,017,757 1,263,595 685,193 295,287Class B 9,487,185 127,000 859,456 112,799Total 21,504,942 1,390,595 1,544,649 408,086
Notable TransactionsTenant Address City SizeTesaro 1000 Winter Street Waltham 122,000 Trinity Partners 230 Third Avenue Waltham 45,000 Dun & Bradstre 610 Lincoln Street Waltham 30,000 Yardi 400 Fifth Avenue Waltham 26,020 Bridge Energy 75-95 Wells Avenue Newton 7,372 *Renewal
Featured Deal
Vacancy and Net Absorption
NAI Hunneman assisted Yardi, a real estate software firm, in relocating its operations to 400 Fifth Avenue in Waltham. The 26,020-square-foot lease represents a significant expansion from Yardi's previous office at 307 Waverley Oaks.
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Net Absorption Vacancy
SUBMARKET TRENDS
• Vacancies in Route 128 North are the lowest among the
northern markets, at 9.9% and rents are highest in Route
128 Northwest at roughly $31 per square foot.
• Unitrends/KForce moved into close to 35,000 square feet at
200 Wheeler Road in Burlington.
• Digital Federal Credit Union is expanding its footprint and
has acquired the former Kronos headquarters at 297
Billerica Road in Chelmsford.
• Aspect Software relocated from 300 Apollo Drive in
Chelmsford to 5 Technology Park Drive in Westford;
downsizing to just 29,900 square feet.
• Constant Contact is close to inking a deal in Burlington and
relocating from 1601 Trapelo Road in Waltham, while Alexion
will be closing its facility at 33 Hayden Avenue in Lexington
in favor of the Seaport.
• Campanelli sold the 84,351-square-foot 289 Great Road
in Acton for $7.6MM or $90.10/SF. The property was 85%
occupied at the time of sale.
2017 2017Q3 Q3
ArrowsDirect Vacancy Sublease Vacancy 12-month Absorption Leasing ActivityDown Flat Up Down
Submarket Total Inventory Under Construction Direct VacantRoute 128 North 14,248,204 145,000 1,334,914Route 128 Northwest 13,574,687 280,000 1,733,254Route 495 North 13,208,246 0 2,759,695Route 495 Northeast 7,453,186 0 1,495,408Total 48,484,323 425,000 7,323,271
Notable TransactionsTenant/Buyer Address City Size/$SFSmith & Nephew* 150 Minuteman Road Andover 112,148 Symantec 80 Central Street Boxborough 42,500 Anokiwave* 296 Concord Road Billerica 27,020 128 Technology 200 Summit Drive Burlington 16,400 Rift.io 77 South Bedford Street Burlington 12,549 *Renewal
Featured Deal
Vacancy and Net Absorption
Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017
NAI Hunneman's North suburban team represented the landlord, Farley White Management Company, with the execution of three leases at 6 Fortune Drive in Billerica. ProEx Physical Therapy inked a deal for 2,082 square feet, Hillmann Consulting leased 2,398 square feet and Diversified Technology Consultants took down 1,026 square feet.
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Q42014
Q12015
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Q42016
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Q22017
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Net Absorption Vacancy
Class A&B Rents
Submarket Trends
Net Absorption Vacancy
$10
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Route 128 North Route 128 Northwest Route 495 North Route 495 Northeast
- Vacancies in Route 128 North are the lowest among the northern markets, at 9.9% and rents are highest in Route 128 Northwest at roughly $31 per square foot.
- Unitrends/KForce moved into close to 35,000 square feet at 200 Wheeler Road in Burlington.
- Digital Federal Credit Union is expanding its footprint and has acquired the former Kronos headquarters at 297 Billerica Road in Chelmsford.
- Aspect Software relocated from 300 Apollo Drive in Chelmsford to 5 Technology Park Drive in Westford; downsizing to just 29,900 square feet.
- Constant Contact is close to inking a deal in Burlington and relocating from 1601 Trapelo Road in Waltham, while Alexion will be closing its facility at 33 Hayden Avenue in Lexington in favor of the Seaport.
- Campanelli sold the 84,351-square-foot 289 Great Road in Acton for $7.6MM or $90.10/SF. The property was 85% occupied at the time of sale.