Midtown/South End
Q4 2018
Delivery of investment grade product expected in 2019
Quick Stats
Inventory (s.f.)
(percent of total market)
Q4 2018
2,893,172
(5.7%)
Total vacancy 6.6%
Direct vacancy 6.1%
YTD total net absorption (s.f.)
Under construction
YTD completions (s.f.)
42,033
761,006
0
Overall average asking rent $34.84
Class A average asking rent $35.27
Class B average asking rent $30.91
• With a slew of projects set to deliver in 2019,
vacancy should remain tight as preleasing efforts
continue.
• 300 W Summit is set to deliver in early January. The
Stiles development is the first of what is anticipated
to an active year for major projects in South End to
be completed with The Railyard, The Refinery and
Dimensional Place all nearing the final phases of
construction. In Midtown, Selwyn Property group
announced they will develop 20,000 sf of office on
Lexington Avenue.
Rent vs Vacancy
$40.00
10.0%
8.0%
$35.00
6.0%
$30.00
4.0%
$25.00
$20.00
2.0%
2014
2015
2016
Rent
• Beacon Partners announced a new mixed use
project, Common Square, at the corner of S. Tryon
& West Blvd. The development will include 130,000
SF of office and potentially a boutique hotel.
2017
2018
0.0%
Vacancy
Absorption vs Completions
250,000
200,000
150,000
100,000
50,000
-
2014
2015
Net absorption
18
2016
2017
Completions
2018