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8/6/2019 Average Rents
http://slidepdf.com/reader/full/average-rents 1/11
ENTS R
225 Franklin Sree Boson, MA 02110 • (617) 951-4100 • www.lpcboson.com
Boston OfficeBoston Office
Q2 2011
VERAGEA
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ResearchQ2 20
Renal raes, and heir lucuaions, are maybe he mos imporan
indicaors o he healh o a marke. Developmen projecs, invesmen
aciviy and corporae coss are all ied o how renal raes are adjusing
o economic condiions. Vacancy and unemploymen levels are cerainly
imporan acors when sudying commercial real esae condiions;
however, renal raes are wha can make or break a budge. As mos real
esae expers would aes o, i he pricing doesn’ work, han he deal
shouldn’ happen. I is or his reason ha Lincoln Propery Company
Boson has dedicaed a condensed bi-quarerly repor o addressing he
average asking rae rom a submarke and individual ciy level o explore
which areas o he Greaer Boson oice marke are improving, versus
hose ha are slipping. Some ciies have a limied supply or may be well
leased; hereore hese were omied due o a lack o daa. I his repor
does no address a Massachuses ciy you are ineresed in, please conac
one o Lincoln Propery Company’s leasing represenaives and hey will
gladly assis you.
Inroducion
For Greaer Boson he average asking rae or oice space declined by
3.1 percen rom Q2 2010. Despie he overall negaive rend, he leading
markes o Boson, Cambridge and Roue 128 Wes have eiher increased
or measured only a sligh decrease in heir average rens. Looking more
closely, he submarkes o he Financial Disric, Back Bay, Eas Cambridge
and he ciy o Walham have all rebounded nicely since heir rens all hi
boom in 2010. On he oher hand, Inersae 495 coninued o be plagued
by ren decreases. These submarkes have undergone a loss o enancy
since mid-2010 due o beer opions available along Roue 128 and
inward. Unorunaely or Inersae 495, his rend is quie common aer
he Greaer Boson marke experiences a depression in rens. Thereore,
rens along Inersae 495 are expeced o lag is closer in neighbors by 2 o
4 quarers in ren recovery. Overall, he Greaer Boson oice marke has
hi boom and has begun o recover. Incremenal growh is orecased or
he Greaer Boson oal average asking rae in he remaining wo quarers
o 2011.
Execuive Summary Lincoln Propery Com
225 Franklin Sree, 23rd F
Boson, MA 0(617) 951-
www.lpcboson
Congraulaions o he Boson Bruins
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ResearchQ2 20
Cambridge
Boson
Inner Suburbs
128 Norh
495 Norheas
495 Souh
Roue 3 Norh
Mass Pike Wes
Roue 2 Wes
128 Souh
128 Wes
Submarke View
Toal Greaer Boson
Q2 2010: $26.88/RS
Q2 2011: $26.05/RS
% Change: -3.1%
Greaer han 5%
Greaer han -5%
Beween 2% and 5%
Beween 0% and 2%
Beween -2% and -5%
Beween 0% and -2%
Measured Ren Growhrom Q2 2010 o Q2 2011
$10
$15
$20
$25
$30
$35Toal Greaer Boson Rae
'10'09'08'07'06
$/RSF
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ResearchQ2 20
Boson & Cambridge
Town Price/RSFYear-Over-Year
Change
Boston $39.27 -0.6%
Financial Disric $42.21 0.3%
Back Bay $40.06 3.7%
Seapor $37.40 -3.5%
Charlesown $27.05 -2.1%
Norh Saion $25.92 -3.1%
Midown $23.71 2.0%Souh Saion $23.32 -10.6%
Cambridge $35.10 -1.0%
Eas Cambridge $40.88 11.9%
Mid Cambridge $38.18 8.1%
Wes Cambridge $28.49 -12.7%
Boson
Cambridge
The Boson oice marke’s average asking rae ell slighly in early 2011
o he relaively limied negaive ne absorpion recorded in each subma
However, he delivery o Alanic Whar caused a ripple eec o neg
ne absorpion in he Financial Disric ower marke, conribuing o
year-over-year negaive 900,000 square ee o absorpion measured in
submarke. Forunaely, he addiional vacancy did no negaively inlu
he average asking rae in he Financial Disr ic. The rae has seadily impr
due o view-space pricing since mid-2010. In he Back Bay, he vacancy
dropped below 5 percen a he end o Q2, bu he availabiliy o ower s
has shrunk. Alhough he submarke was he healhies, he space avai
here will no drive rens wih much velociy.
Six Monh Projecion: Moderae Increase
The Cambridge oice marke observed a sligh decrease in he weig
average asking rae due o he square ooage available in he inerior subma
Wes Cambridge. Boh Eas and Mid Cambridge have displayed rapid
growh since 2010 due o he increased leasing velociy in boh subma
and he scheduled conversion o oice buildings o lab. The vacancy or
wo markes si righ below 7 percen, whereas Wes Cambridge calcu
a rae o 17.2 percen a he conclusion o he second quarer. Blacksmarke sraegy or he newly purchased roubled Wes Cambridge build
125/150 Cambridgepark Drive, will surely drive he overall ren here
i accouns or over 2/3
o oal vacancy in ha submarke. Addiional
growh is orecased or Eas and Mid Cambridge due o he employmen
venure capial g rowh measured in hose submarkes.
Six Monh Projecion: Rapid Increase
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0% Quarer-Over-Quarer Change in Tenan Demand
'14'13'12'11'10'09'08'07'06'05'04'03'02'01'00
Tenan Demand
Source:
As he graph displays, modes enan
demand is orecased or Greaer Boson
oice produc. Employmen has perked
up in 2011, bu he orecas or demand
has been downgraded over he las six
monhs o a slower, more incremenal
pace han a he conclusion o 2010.
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ResearchQ2 20
128 North $20.01 -0.8%
Burlingon $23.00 2.1%
Wakeield $20.35 1.8%
Woburn $20.09 -0.7%
Wilmingon $19.50 0.0%
Lynnield $18.51 5.7%
Beverly $18.41 6.5%
Soneham $17.81 6.2%
Peabody $17.10 -4.0%
Danvers $16.54 -0.3%
Lynn $15.50 -3.1%
Salem $13.83 -1.6%
Town Price/RSFYear-Over-Year
Change
128 West $23.62 2.5%
Wellesley $31.11 0.7%
Brookline $29.00 -4.1%
Lexingon $24.76 0.6%
Walham $24.43 3.8%
Newon $23.21 2.0%
Waerown $22.20 -3.5%
Needham $22.12 -2.7%
128 South $19.00 1.4%
Weswood $24.70 3.3%
Dedham $20.80 -0.3%
Quincy $20.03 3.4%
Rockland $19.33 -3.4%
Norwood $18.36 0.2%
Norwell $18.13 2.5%
Brianree $18.03 2.2%
Weymouh $17.00 -8.1%
Brockon $16.50 4.3%
Canon $16.18 -4.4%
Randolph $14.67 -14.2%
Roue 128
128 Wes
128 Norh
128 Souh
Due o some signiican leasing compleed a he newly consruced build
in Roue 128 Wes, he vacancy rae has recenly decreased and renal r
have begun o increase. Walham, he ciy wih he mos newly deliv
produc measured he greaes improvemen in rens a 3.8 percen,
sill remains a lower rae han Wellesley and Lexingon, boh o which
exhibied increases. Newon’s average asking ren grew o $23.21 per sq
oo due o he ren growh calculaed along Washingon Sree. Needh
average asking ren ell slighly since he Highland Avenue properies aver
only slighly above he overall average o $22.12 per square oo. Ren gro
is expeced o coninue or Class A heavy municipaliies as enans upg
space.
Six Monh Projecion: Moderae Increase
Alhough he Roue 128 Norh marke ell slighly in a year-over
comparison, he growh measured in Burlingon and Wakeield bodes we
uure ren growh. The submarke’s vacancy rae has allen year-o-da
18.2 percen, bu ha rae remains higher han boh he Wes and Souh R
128 submarkes. Signiican vacancy was measured in Wilmingon (ove
percen) and Peabody (44.7 percen) a he conclusion o Q2; hus aec
ren growh in hose owns. Alhough Woburn displayed a sligh decr
in he average asking rae, he own’s vacancy rae sa below he submaaverage a jus over 16 percen. Beverly and Soneham calculaed renal
growh since vacancy remained below he submarke’s rae and sublease s
was very limied.
Six Monh Projecion: Sligh Increase
Roue 128 Souh’s oice marke undamenals remained relaively healh
he conclusion o he second quarer wih vacancy a 16.1 percen and lim
uure availabiliy measured in he submarke. However, in erms o growh, he submarke hisorically moves a a slower pace han is wes
and norhern Roue 128 neighbors. Posiive ren growh was observed in
ollowing ciies since heir vacancy raes were lower han he submark
Quincy (13 percen vacan), Weswood (13.6 percen) and Brockon (
percen). Canon and Randolph boh measured a drop in he average
due o heir high vacancy raes: 23.5 and 38.7 percen respecively. Brain
ren grew by 2.2 percen, alhough he vacancy rae recorded in ha ciy
slighly higher han he submarke’s a 16.7 percen.
Six Monh Projecion: Neural
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ResearchQ2 20
Town Price/RSFYear-Over-Year
Change
495 Mass Pike $17.69 -4.2%
Framingham $19.07 -2.4%
Wesborough $18.21 1.4%
Naick $17.23 -0.3%
Souhborough $16.91 -7.3%
Marlborough $16.77 -6.4%
Route 2 West $15.94 -5.2%
Concord $18.50 0.2%
Wayland $17.25 -2.8%
Boxborough $16.75 -2.9%
Acon $15.68 -2.2%
Lileon $14.90 12.5%Maynard $13.17 5.4%
Route 3 Nor th $17.57 -2.6%
Bedord $20.25 0.8%
Chelmsord $18.33 -1.6%
Tewksbury $18.05 -0.3%
Billerica $16.25 -2.9%
Lowell $16.00 -2.6%
495 Mass Pike
Roue 2 Wes
Roue 3 Norh
Inersae 495
Like all he Inersae 495 submarke, 495 Mass Pike’s average asking
ell year-over-year by over 4 percen o o woes rom Fideliy’s Marlboro
campus and deauling properies. The oal availabiliy rae o he 495 M
Pike submarke was 26.1 percen a he conclusion o he second quare
Marlborough, he oal availabiliy soared o 35.9 percen due o he Fidel
announcemen ha hey will vacae he marke, which sen he average
down o $16.77 per square oo. Framingham also measured a decline du
is vacancy rae o 17 percen, which sa above he submarke’s 16.1 per
vacancy rae as o Q2. Alhough Souhborough’s vacancy rae was a hea
12.4 percen as o Q2, a ew buildings have experienced a rapid enan vaca
ha has resuled in special serv icer involvemen and a subsequen declin
rens.
Six Monh Projecion: Neural
Sublease space in Inersae 495 Roue 2 Wes remained above 6 percen a
end o he second quarer, he highes sublease rae o all he Greaer Bo
submarkes. Typically considered one o he leas expensive submarkes in
Boson suburbs, Inersae 495 Roue 2 Wes lived up o is ex pecaions
a measured rae o $15.94 per square oo, making i he mos econom
opion in all o Greaer Boson. Acon measured a decline in is average as
rae since he vacancy rae in ha ownship measured 43.8 percen, resul
in a average ren o $14.90. On he oher hand, Concord’s rae grew sligdue o is vacancy rae o 4.2 percen, which is signiicanly lower han
submarke’s overall vacancy rae o 24.6 percen as o Q2.
Six Monh Projecion: Neural
Aer losing Dassaul Sysemes o Walham las year, he Roue 3 N
submarke’s vacancy has increased and he average asking rae has decrea
The French soware company moved rom CrossPoin in Lowell, where vacancy rae measured 25.1 percen a he close o Q2, which sa above
submarke oal vacancy rae o 18.6 percen. Bedord, he recen winne
Acme Packe’s requiremen, held a vacancy rae o 11.2 percen, well below
submarke’s oal. Tha ownship holds he highes average asking rae al
Inersae 495 a $20.25 besides R aynham in 495 Souh. Technology en
are expeced o coninue o lease space in Roue 3 Norh as he recov
coninues, crowning i he sole Inersae 495 submarke wih a posiiv
monh oulook.
Six Monh Projecion: Sligh Increase
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ResearchQ2 20
Town Price/RSFYear-Over-Year
Change
495 South $17.62 -5.7%
Raynham $22.33 8.9%
Foxboro $18.00 -10.6%
Franklin $17.75 0.0%
Mansield $17.42 1.7%
495 Souh
495 Norheas
495 Northeast $16.87 -5.3%
Andover $18.13 -4.7%
Norh Andover $12.50 -18.70
Inersae 495 Souh’s average asking rae ell by over 5 percen year-
year due in mos par o he gain in vacancy in he irs hal o 2011 o
submarke’s larges ownship, Foxboro. The oal vacancy rae in he Iner495 Souh submarke was over 23 percen, bu Foxboro’s was well abov
percen a he conclusion o Q2. The amoun o space now vacan in Fox
resuled in he average asking rae’s 10+ percen decrease year-over-year.
Raynham and Mansield measured growh in heir average asking rae
o he below marke vacancy recorded in hose owns in he second qua
9 percen and 21.4 percen respecively. Overall, no much movemen i
average ren is anicipaed in he second hal o 2011 as leasing veloci
oice space along 495 Souh remains limied.
Six Monh Projecion: Sligh Decrease
Wih only wo owns covering over 85 percen o he Inersae 495 Nor
submarke (Andover and Norh Andover combine or a oal over 3 m
square ee. The oal square ooage racked by LPC in 495 Norheas i
over 3.5 million). In Norh Andover, raes have allen o beween $10.
$15.00 per square oo along Turnpike Sree, hus resuling in he $1
average ren and subsequen 18.7 percen year-over-year decline. In And
he vacancy rae o 25.8 percen recorded in he second quarer was
slighly lower han he submarke’s average o 26.7 percen. Overall
decrease in rens in he Inersae 495 Norheas submarke are primarily
o he high vacancy rae and he lack o enan aciviy.
Six Monh Projecion: Sligh Decrease
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Interstate 495Route 128CambridgeBoston
Q4 2015Q2 2015Q4 2014Q2 2014Q4 2013Q2 2013Q4 2012Q2 2012Q4 2011
Quarer-Over-Quarer Projeced Ren GrowhSource: PPR
%
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ResearchQ2 20
$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00
$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00
Norh AndoverMaynard
SalemRandolph
Lynn AconLowell
CanonBillericaLitleon
BrockonDanvers
BoxboroughMarlborough
SouhboroughPeabody
Naick Wayland
MansfeldFranklin
SonehamFoxboro
BrainreeTewksbury
Norwell Andover
WesboroughChelmsord
NorwoodBeverly
ConcordLynnfeld
FraminghamRockland
WilmingonQuincy
WoburnBedord
WakefeldDedham
HinghamNeedham
WaerownRaynham
BurlingonNewon
Walham WeswoodLexingonBrookline Wellesley
CambridgeBoson
$24.76
$20.03
$18.00
$16.00
Comparing Average Rens
Top 20 Class A & B Average Ren
Financial Disric $46.18
Back Bay $44.85
Seapor Disric $44.67
Eas Cambridge $42.32
Mid Cambridge $39.67
Wellesley $32.81
Brookline $30.50 Wes Cambridge $29.13
Newon $27.63
Walham $27.05
Weswood $26.25
Midown $26.00
Lexingon $25.61
Charlesown $25.50
Needham $25.40
Dedham $24.25
Burlingon $24.11
Wakefeld $23.38
Bedord $22.17
Woburn $21.58
Mid Cambridge $33
Back Bay $33
Weson
Eas Cambridge $29
Wellesley
Financial Disric $28
Charlesown $27Brookline $27
Seapor Disric $27
Souh Saion $26
Norh Saion $25
Wes Cambridge $
Midown $23
Lexingon $23
Waerown
Newon $22
Raynham $22
Walham
Hingham $22
Burlingon $20
Class A Class B
In $/RSF Gross
2
1
06
5
3
8
4
2
0
9
8
8
5
7
9
43
0
6
7
1
3
7
0
2
5
2
6
9
5
1
3
7
0
3
4
6
4
4
1
9
n Posiion/10 Posiion
All Rens /RSF
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ResearchQ2 20
Ciy Submarke Q2 2010 Q2 2011 % Change
Acon Roue 2 Wes $16.03 $15.68 -2.2%
Andover 495 Norheas $19.02 $18.13 -4.7%
Back Bay Boson $38.64 $40.06 3.7%
Bedord Roue 3 Norh $20.08 $20.25 0.8%
Beverly 128 Norh $17.29 $18.41 6.5%
Billerica Roue 3 Norh $18.13 $16.25 -10.4%
Boxborough Roue 2 Wes $17.25 $16.75 -2.9%
Brainree 128 Souh $17.65 $18.03 2.2%
Brockon 128 Souh $15.82 $16.50 4.3%
Brookline 128 Wes $30.25 $29.00 -4.1%
Burlingon 128 Norh $22.52 $23.00 2.1%
Canon 128 Souh $16.93 $16.18 -4.4%
Charlesown Boson $27.63 $27.05 -2.1%
Chelmsord Roue 3 Norh $18.63 $18.33 -1.6%
Concord Roue 2 Wes $18.46 $18.50 0.2%
Danvers 128 Norh $16.59 $16.54 -0.3%
Dedham 128 Souh $20.86 $20.80 -0.3%
Eas Cambridge Cambridge $36.55 $40.88 11.9%
Financial Disric Boson $42.08 $42.21 0.3%
Foxboro 495 Souh $20.13 $18.00 -10.6%
Framingham 495 Mass Pike $19.53 $19.07 -2.4%
Franklin 495 Souh $17.75 $17.75 0.0%
Hingham 128 Souh $23.00 $22.00 -4.3%
Lexingon 128 Wes $24.61 $24.76 0.6%
Litleon Roue 2 Wes $13.25 $14.90 12.5%
Lowell Roue 3 Norh $16.42 $16.00 -2.6%
Lynn 128 Norh $16.00 $15.50 -3.1%
Lynnfeld 128 Norh $17.52 $18.51 5.7%
Mansfeld 495 Souh $17.13 $17.42 1.7%
Marlborough 495 Mass Pike $17.92 $16.77 -6.4%
Maynard Roue 2 Wes $12.50 $13.17 5.4%
Midown Boson $23.24 $23.71 2.0%
Mid Cambridge Cambridge $35.31 $38.18 8.1%
Naick 495 Mass Pike $17.28 $17.23 -0.3%
Needham 128 Wes $22.74 $22.12 -2.7%
Newon 128 Wes $22.75 $23.21 2.0%
Norh Andover 495 Norheas $15.38 $12.50 -18.7%
Norh Saion Boson $26.76 $25.92 -3.1%
Norwell 128 Souh $17.68 $18.13 2.5%
Ciy Submarke Q2 2010 Q2 2011 % Ch
Norwood 128 Souh $18.33 $18.36 0.2
Peabody 128 Norh $17.81 $17.10 -4.0
Quincy 128 Souh $19.38 $20.03 3.4
Randolph 128 Souh $17.10 $14.67 -14
Raynham 495 Souh $20.50 $22.33 8.9
Rockland 128 Souh $20.00 $19.33 -3.4
Salem 128 Norh $14.05 $13.83 -1.
Seapor Disric Boson $37.40 $36.08 -3.
Souhborough 495 Mass Pike $18.25 $16.91 -7.
Souh Saion Boson $26.08 $23.32 -10
Soneham 128 Norh $16.77 $17.81 6.2
Tewksbury Roue 3 Norh $18.11 $18.05 -0.
Wakefeld 128 Norh $19.99 $20.35 1.8
Walham 128 Wes $23.53 $24.43 3.8
Waerown 128 Wes $23.00 $22.20 -3.
Wayland Roue 2 Wes $17.75 $17.25 -2.
Wellesley 128 Wes $30.90 $31.11 0.7
Wesborough 495 Mass Pike $17.96 $18.21 1.4
Weswood 128 Souh $23.90 $24.70 3.3
Wes Cambridge Cambridge $32.64 $28.49 -12
Wilmingon 128 Norh $19.50 $19.50
Woburn 128 Norh $20.23 $20.09 -0.7
Average Rens by Ciy
Submarke Marke Q2 2010 Q2 2011 % Ch
Boson Boson $39.50 $39.27 -0.
Cambridge Cambridge $35.46 $35.10 -1.0
128 Wes Roue 128 $24.24 $24.84 2.5
128 Norh Roue 128 $20.18 $20.01 -0.
128 Souh Roue 128 $18.74 $19.00 1.4
495 Mass Pike Inersae 495 $18.46 $17.69 -4.2
Roue 2 Wes Inersae 495 $16.82 $15.94 -5.2
Roue 3 Norh Inersae 495 $18.04 $17.57 -2.
495 Souh Inersae 495 $18.68 $17.62 -5.7
495 Norheas Inersae 495 $17.05 $16.14 -5.
Toal $26.88 $26.05 -3.
Submarke Toals
All he above weighed average renal raes are derived rom quoed raes provided by he leasing eniy on he asses Lincoln Propery Company racks. All raes are gross (excluding enan elecriciy) and he weighed averages exclude sublease asking raes.
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ResearchQ2 20
INCOLNINCOLNL PDATESPDATESU
LPC Thanks
For awarding Lincoln Propery Company’s downown
brokerage and managemen eam wih he 38 Chauncy Sree in
Boson assignmen.
2011 Recen ly Compleed L eases/Sales
Esdaile, Barret & Esdaile
7,600 RSF
75 Federal Sree, BosonTenan Rep. - Robero Magno, CPA
Latice Engines
8,100 RSF
85 Devonshire Sree, Boson
Landlord Rep. - Robero Magno, CPA & Brendan Miller
Taylor & Parners
2,300 RSF
77 Summer Sree, BosonTenan Rep. - Brian Smallman
Peregrine Financial Corporaion
2,300 RSF
84 Sae Sree, BosonLandlord Rep. - John D. Miller & Jerey C. Moore
& Brendan Miller
Beckwih Realy LLC
177,350 RSF (Sale)30 Indusrial Way, Wilmingon
Landlord Rep. - Gregory H. Cahill & Rob Cronin
Shore Educaional Collaboraive
20,000 RSF
10 Forbes Road, Brainree
Landlord Rep. - Ellison Paten
Broadview Neworks
10,800 RSF
Presidens Place, Quincy Landlord Rep. - Ellison Paten
Abou Women by Women
7,000 RSF
30 Washingon Sree, Wellesley Tenan Rep. - Kevin P. Malloy & Tim Laham
Cambridge
Boson
1 propery: 277,800 RSF
3 properies: 287,000 RSF
5 properies: 229,800 RSF
3 properies: 270,600 RSF
5 properies: 572,600 RSF
29 properies: 4,196,600 RSF
Leasing
Managemen
Leasing & Managemen
Roue 495
Roue 128
Inner Suburbs
Cambridge
Boson
PC in MA
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ResearchQ2 20
617) 951-4100 • www.lpcboson.com
All inormaion provided in Lincoln Propery Company’s Average Raes repor are rom sources deemed reliable, bu no warrany or represenaion is made as o is accuracy hereo and same is submited subjec o errors, omissions, or oher
condiions.
Lincoln Propery Company’s Average R aes repor is p roduced by he Boson O ice’s research eam
in collaboraion w ih our Downown and Suburban Brokerage Group. I you have any quesionsregarding marke condiions and he in ormaion ound in hi s repor, pl ease conac Sco D. Faber
Direcor o Research a [email protected].
ERMINOLOGYERMINOLOGYT Asking Rental Rate: he dollar per square oo amoun hais quoed by he eniy ha is represening he space beingmarkeed.
Deliveries: newly compleed produc ha was recenly underconsrucion or renovaion ha are available or immediaeoccupancy .
Direct: space ha is markeed on behal o he Landlord.
Flex: produc ha is capable o hosing enans ha vary inheir use o commercial real esae. Including oice, lab, R&D, warehouse, manuacuring and disribuion enans.
Free Rent: he ime period he enan does no have o pay any ren, which is agreed upon by he enan and landlordduring lease negoiaions.
Net Absorption: he change in direc vacancy over ameasured ime rame. Includes newly delivered produc ready or occupancy, bu does no include sublease.
Sublease: space ha is markeed on behal o he currenTenan.
Tenant Improvements (T.I.): ypically a dollar per squareoo amoun negoiaed during he lease ransacion ha ispaid o a enan by he landlord, or sublandlord, or he meanso improving he condiion o he agreed upon space.
Total Availability (A.K.A. Overall Availability): all spaceha is available or lease. Includes markeed occupiedspace, sublease, and produc under consrucion ha will bedelivered wihin wo (2) years.
Vacant Available: all space ha is currenly available o leaseand immediaely occupy; hereore, space ha is no hosinga enan. Unoccupied space wih a uure commimen areexcluded.
Weighted Average Rent : he average o all asking rens
recorded or a paricular se o buildings wih each recordedren holding a level o inluence based on he oal squareooage o direc availabiliy (no sublease) markeed underhe rae surveyed.