Commercial Investment Real Estate November/December 2018 | Page 42

REGIONAL
OUTLOOK
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CommonWealth Partners’ August purchase of Boston’s new
Pier 4 office tower for $1,208 psf is the highest ever achieved
for a Boston office property, according to the seller, New York-
based Tishman Speyer. The sale price was $450 million for the
13-story, 372,372-sf waterfront building in the city’s Seaport
District. Completed in May, the LEED Gold-certified building
features a rooftop terrace, fitness center, and parking and will
be anchored by Boston Consulting Group.
Industrial Vacancy Rates
Boston’s
Big Deal
The U.S. industrial vacancy rate for 2Q2018 was
5 percent. Thirty markets recorded vacancy levels
at or below the national average.
10 Lowest Vacancy Rates
Boston’s Pier 4 office tower sold for $450 million.
Overall Vacancy Rate (%)
Orange County, Calif. 1.4
Los Angeles 1.4
San Jose/Silicon Valley, Calif. 2.4
Cincinnati 2.8
Detroit 2.9
Long Island, N.Y. 3.0
Minneapolis 3.0
Inland Empire, Calif. 3.3
Seattle 3.5
Nashville, Tenn. 3.8
Source: Transwestern
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L.A. Leads in Multifamily Acquisitions
The Los Angeles metro area led the country in multifamily acquisitions in 2Q2018.
$3.09
Greater Los Angeles
Greater New York
$1.73 $1.60
Dallas/Ft. Worth Phoenix
$1.38
South Florida
Source: CBRE
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November | December 2018
COMMERCIAL INVESTMENT REAL ESTATE
$3.26
City/Area