Economy boosts commercial leasing, report says
With momentum continuing and “Greater Boston at a remarkable turning point in its economic development,” analysts from Jones Lang LaSalle (JLL) said they saw strong commercial leasing activity in the second quarter in Boston and core submarkets, including the Interstate 495 and MetroWest regions.
Sublease space made up a large portion of the absorption of space, with more than 250,000 square feet occupied in the quarter, resulting in a sublease vacancy rate below 2 percent, JLL said, marking the lowest sublease vacancy level in years. With this sublease burn off, direct rents are likely to continue to rise, the report added.
Among the leasing moves for the quarter highlighted in the report was that of Kiva, a subsidiary of Amazon, which signed a new lease for 21,000 square feet in Westborough. Also, DCS Corp., which will relocate from Harvard to Littleton, signed for 27,000 square feet at 295 Foster St.
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