LA B
Boston
Cambridge
Suburbs
Q3 2014
Highlights
• Vacancy Rate Dropped to 5.8%
• Cambridge Rents to $52.14/SF NNN
• Annual Absorption: 257,650 SF
• Quarterly Absorption: 247,000 SF
• Steady VC Funding & Job Growth
Research
Q3 2014
Introduction
The following report produced by Lincoln Property Company Boston contains
statistics on the Greater Boston lab market. Although a majority of the region’s lab
market is contained to Cambridge, a number of new hubs have popped-up in the
suburban and Boston markets. In addition, the report addresses both national and
local economic overviews in order to comprehensively analyze and forecast the
Greater Boston lab market.
Executive Summary
The Greater Boston lab market performed well over the past year, absorbing
257,650 square feet which lowered the vacancy rate to 5.8 percent. At the
conclusion of the third quarter, the average asking rate measured $47.64 NNN
per square foot, down slightly from the conclusion of last year, however back to
its highest
g
observed level since the dot-com boom.
In Cambridge, despite major tenants pursuing build-to-suit opportunities, the lab
market put together a strong twelve month stretch, absorbing 145,600 square feet
and seeing the average asking rate rise to $52.14 NNN per square foot.
Lincoln Property Company
53 State Street, 7th Floor
Boston, MA 02109
(617) 951-4100
www.lpcboston.com
As a result of a tightening Cambridge market, the suburban market picked
up momentum this quarter and absorbed 149,950 square feet. With strong
commercial real estate fundamentals across eastern Massachusetts, the average
suburban asking rate increased slightly to $29.33 NNN per square foot.
Looking forward, expect consistent venture capital funding and strong forecasted
job growth across the local life sciences sector to maintain sustainable growth
across the Greater Boston lab market.
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Research
Q3 2014
Economic Indicators
Recent Large MA IPO Filings
With most commercial real estate indicators pointing in favorable directions,
the Greater Boston lab market appears healthy and growing. Thorough analysis
of the lab market necessitates examining other key variables, such as life science
and technology employment growth, venture capital (VC) funding, and IPO
offerings since these are the catalysts behind the lab market.
Tokai Pharmaceuticals
Wayfair Inc.
HubSpot, Inc.
Civitas Therapeutics
Rhythm Pharmaceuticals
Cambridge
Boston
Cambridge
Chelsea
Boston
Filed in Aug.
Filed in Aug.
Filed in Aug.
Filed in Aug.
Filed in Aug.
While the national unemployment rate has recently steadily decreased and now
stands at 5.9 percent, the local Massachusetts unemployment rate experienced a
slight increase over the latter half of 2014. During the third quarter, local hiring
dipped and the Massachusetts unemployment increased to 6.0 percent at the
end of September, up from a yearly low of 5.5 percent in June. However looking
forward, the five years jobs forecast is extremely strong fueled by renewed
consumer confidence and continued technology and medical sector growth.
National VC financing dropped 30 percent in the third quarter, after the second
quarter saw VC investment hit its highest quarterly mark since early 2001. In
addition, the number of deals fell 10 percent. During the third quarter, the
healthcare sector was responsible for 83 percent of all VC-backed IPO exits,
while only one technology company, TubeMogul, went public. VC funding for
the mobile and telecom sector fell roughly 50 percent from $2.6 to $1.2 billion.
The precipitous drop is not alarming because last quarter saw an unprecedented
number of large deals, including Uber and Lyft, which skewed the market.
Q3: Largest MA VC Deals
Draft Kings
Veracode
DataRobot
Black Duck Software
Karmaloop
Boston
Burlington
Boston
Burlington
Boston
$41 Million
$40 Million
$21 Million
$20 Million
$13 Million
Massachusetts saw $682 million of quarterly VC investment, trailing only
California and New York in terms of total monies appropriated. Despite both
the volume and number of transactions trailing off in the third quarter, total
volume was up 13 percent from last year. Looking forward, with seed funding
riding high as well as increased VC and IPO transactions expect a strong future
for the local lab market closing out 2014 and beyond.
Source: www.cbinsights.com
Q3 2014 Venture Capital Share: Big Three
Venture Capital Funding in MA
(in millions)
Mass Total $
Deal Volume
Number of Deals
120
$1,200
21%
$1.2 Billion
100
$1,000
10%
$682 Million
80
$800
69%
$6 Billion
60
$600
40
$400
California
Mass
New York
$0
Source: www.cbinsights.com
20
$200
0
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Research
Q3 2014
Cambridge Lab
Submarket Thermometer
Fueling Growth Across Eastern Massachusetts
With roughly 70.0 percent of lab product located in East Cambridge, the total market
is heavily influenced by the eastern submarket. Over the past year, absorption has
skewed favorably towards East Cambridge measuring 168,600 square feet while the
average asking rate increased to $59.26 NNN per square foot. Not including Baxter, this
quarter’s largest transaction was Biogen who subleased 93,000 square feet at 301 Binney
Street. Mid and West Cambridge saw steady leasing velocity this quarter, with Dicerna
Pharmaceuticals signing for 40,000 square feet at 87 Cambridgepark Drive, Mitokyne
leasing 13,250 square feet at 1030 Massachusetts Avenue and Nanotera taking nearly
13,000 square feet at 735 Concord Avenue.
With the vacancy rate measuring below 5.5 percent and the majority of lab tenants
requiring highly customized layouts and equipment, many firms are finding it more
efficient to construct new facilities, particularly while there are still a handful of available
land sites. Currently, there are three build-to-suit lab developments underway across
Cambridge totaling over 1.1 million square feet. Looking forward, expect continued
leasing velocity and asking rate growth as the life science and technology sector expands.
Hot
Rents Climbing/Vacancy Falling
East Cambridge
Warm
Rents Holding/Vacancy Decreases
Mid Cambridge
West Cambridge
Boston
Equilibrium
Cold
Rents Decline/Vacancy Inches Up
Frozen
Slumping Rents/Vacancy Increases
Te n a n t M a r k e t
Cambridge posted its strongest quarter of the year, measuring 124,600 square feet of
positive net absorption, which brings annual absorption to 145,600 square feet and
lowered the vacancy rate to 5.5 percent. The positive absorption is largely attributable
to Baxter’s new lease of 200,000 square feet at 650 E Kendall Street in East Cambridge.
Landlord Market
Six Month Change in Asking Rate & Vacancy
Data Points
Net Absorption (YOY)
145,600 SF
Direct Vacancy
5.5%
Sublease Availability
4.9%
Total Availability
12.2%
Net Absorption and Direct Vacancy
Net Absorption - Projection
Net Absorption
600,000 SF
Asking Rate
$52.14/SF NNN
Recent Significant Leases
20.0%
Direct Vacancy
Direct Vacancy - Projection
450,000 SF
17.5%
300,000 SF
15.0%
150,000 SF
12.5%
Baxter
650 E Kendall Street - 200,000 SF
East Cambridge - New
Biogen Idec
301 Binney Street - 93,000 SF
East Cambridge - Sublease
10.0%
0 SF
2010
2011
2012
2013
2014
2015
-150,000 SF
7.5%
-300,000 SF
5.0%
-450,000 SF
2.5%
-600,000 SF
0.0%
Agios Pharmaceuticals
88 Sidney Street - 75,500 SF
East Cambridge - Relocation
Dicerna Pharmaceuticals
87 CambridgePark Drive - 40,000 SF
West Cambridge - Relocation
4
Research
Q3 2014
Cambridge Lab
East Cambridge
Mid Cambridge
Average Asking Rate (NNN)
Average Asking Rate (NNN)
Sublease Availability (RSF)
Sublease Availability (RSF)
$66.00
480,000 RSF
$66.00
360,000 RSF
$61.00
400,000 RSF
$61.00
300,000 RSF
$56.00
320,000 RSF
$56.00
240,000 RSF
$51.00
240,000 RSF
$51.00
180,000 RSF
$46.00
160,000 RSF
$46.00
120,000 RSF
$41.00
80,000 RSF
$41.00
60,000 RSF
0 RSF
$36.00
$36.00
Q1 2011
Q3 2011
Q1 2012
Q3 2012
Q1 2013
Q3 2013
Q1 2014
Q3 2014
Class A Cambridge Lab
Average Asking Rate (NNN)
Sublease Availability (RSF)
$66.00
600,000 RSF
$61.00
500,000 RSF
$56.00
400,000 RSF
$51.00
300,000 RSF
$46.00
200,000 RSF
$41.00
100,000 RSF
$36.00
0 RSF
Q1 2011
Q3 2011
Q1 2012
Q3 2012
Q1 2013
Q3 2013
Q1 2014
Q3 2014
Q1 2011
Q3 2011
Q1 2012
Q3 2012
Q1 2013
Q3 2013
Q1 2014
Q3 2014
0 RSF
The Cambridge lab market absorbed 145,600 square feet over the
past four quarters, causing the average asking rate to increase to
$52.14 NNN per square foot. All three Cambridge submarkets posted
positive annual asking rate growth, however at $59.26 NNN per
square foot East Cambridge remained the most expensive submarket,
followed by Mid Cambridge at $48.97 NNN per square foot.
Looking forward, with large users constructing new facilities as
opposed to renovating second generation space, the total availability
rate remained elevated at 12.2 percent. Therefore, expect asking rates
to rise, however with supply not as constrained as the office market,
do not anticipate explosive growth.
Contiguous Blocks by # of
Options (Includes Boston)
Largest Contiguous Blocks of Space
Building Address
Submarket
Class
Building
Size
Contiguous
RSF Available
Type
200 Cambridgepark Drive
West
B
220,000
220,000
Direct
200 Sidney Street
Mid
A
191,900
191,900
Sublease
675 West Kendall Street
East
A
302,900
123,750
Sublease
130 Waverly Street
Mid
B
100,850
100,400
Sublease
620 Memorial Drive
Mid
B
90,000
90,000
Direct
301 Binney Street
East
A
417,150
79,700
Direct
88 Sidney Street
Mid
A
145,300
71,200
Direct
650 E Kendall Street
East
A
280,000
69,800 / 51,450
Mixed
195 Albany Street
Mid
B
48,000
48,000
Direct
25K - 49K
100K+
733 Concord Avenue
West
B
44,050
44,050
Direct
10K - 24K
75K - 99K
5K - 9K
50K - 74K
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Research
Q3 2014
Suburban Lab
Submarket Thermometer
Leasing Velocity Picks Up Along Route 128
Once again, Route 128 West led the way in the third quarter, increasing its asking rate and
bringing annual absorption to 80,800 square feet. Notably, the Northern Suburbs broke
out of its recent slump by posting 96,300 square feet of positive quarterly absorption
which lowered the vacancy rate to 16.6 percent. With the Cambridge lab market tightening
and rents steadily rise, look for increased deal volume in the inner suburban locations,
particularly Watertown and Somerville. Within the Route 128 belt, the most notable
market activity surround investment sales market with King Street Properties acquiring
Bear Hill Business Park and GI Partners purchasing 850 Winter Street.
The Interstate 495 lab market also posted positive quarterly performance which lowered
the vacancy rate to 11.3 percent. Nonetheless, the submarket is still plagued by 22.0
percent total availability with firms relocating to Route 128 and Cambridge locations.
The most significant transaction was Morpho Detection’s relocation into 64,000 square
feet at 23 Frontage Road in Andover. Looking forward, expect strong performances along
the Route 128 belt, while more remote locations bordering Interstate 495 lag behind.
Hot
Rents Climbing/Vacancy Falling
128 West
Warm
Rents Holding/Vacancy Decreases
Northern Suburbs
495 West
Equilibrium
Cold
Rents Decline/Vacancy Inches Up
Frozen
Slumping Rents/Vacancy Increases
Te n a n t M a r k e t
With roughly 50 percent of top twelve quarterly venture capital transactions occurring
outside of Cambridge and Boston, the suburban market has experienced increased levels
of VC funding and deal volume. As a result, leasing velocity increased this quarter with
absorption measuring 149,950 square feet and the average asking rate rising significantly
to $29.33 NNN per square foot.
Landlord Market
Six Month Change in Asking Rate & Vacancy
Data Points
Direct Vacancy
9.9%
Net Absorption (YOY)
137,800 SF
Sublease Availability
3.0%
Total Availability
14.6%
Recent Significant Leases
Net Absorption and Direct Vacancy
Net Absorption - Projection
Net Absorption
400,000 SF
20.0%
Direct Vacancy
Direct Vacancy - Projected
300,000 SF
17.5%
200,000 SF
15.0%
100,000 SF
12.5%
0 SF
10.0%
-100,000 SF
2010
2011
2012
2013
2014
Asking Rate
$29.33/SF NNN
2015
7.5%
-200,000 SF
5.0%
-300,000 SF
2.5%
-400,000 SF
0.0%
FORUM Pharmaceuticals
225 Second Ave., Waltham - 122,000 SF
128 West - Relocation
Morpho Detection
23 Frontage Road, Andover - 64,000 SF
495 Northeast - Relocation
AMGEN
34 Commerce Way, Woburn - 28,500 SF
Northern Suburbs - Expansion
T2 Biosystems
101 Hartwell Avenue, Lexington - 13,500 SF
128 West - Expansion
6
Research
Q3 2014
Suburban Lab
Interstate 495
Route 128
Average Asking Rate (NNN)
Average Asking Rate (NNN)
Sublease Availability (RSF)
Sublease Availability (RSF)
$42.00
300,000 RSF
$18.00
300,000 RSF
$35.00
250,000 RSF
$15.00
250,000 RSF
$28.00
200,000 RSF
$12.00
200,000 RSF
$21.00
150,000 RSF
$9.00
150,000 RSF
$14.00
100,000 RSF
$6.00
100,000 RSF
$7.00
50,000 RSF
$3.00
50,000 RSF
0 RSF
$0.00
$0.00
Q1 2011
Q3 2011
Q1 2011
Q3 2011
Q1 2013
Q3 2013
Q1 2014
Q3 2014
Q1 2011
Q3 2011
Q1 2012
Q3 2012
Q1 2013
Q3 2013
Q1 2014
Q3 2014
0 RSF
Cities with the Most Lab Product
The average asking rate for suburban lab space increased slightly
to $29.33 NNN per square foot during the third quarter. Asking
rates have strengthened steadily throughout 2014 as the more
economical availabilities have been filled and the remaining
vacancies are met by rising demand and sound fundamentals.
Cambridge: 11.38 MM RSF
Boston: 4.85 MM RSF
Lexington: 1.41 MM RSF
With future Massachusetts VC funding projected to maintain or
increase from this quarter’s $682 million level, expect consistent
demand from healthcare and internet firms to drive leasing
velocity and support asking rate growth across the Inner Suburban
and Route 128 commercial real estate markets.
Watertown: 0.67 MM RSF
Waltham: 0.63 MM RSF
Number of Contiguous
Blocks Available
Largest Contiguous Blocks of Space
Building Address
City (Submarket)
Class
Building
Size
Contiguous
SF Available
Type
19 Presidential Way
Woburn (128 North)
B
128,300
128,300
Direct
610 Lincoln Street
Waltham (128 West)
B
87,000
87,000
Direct
100 Endicott Street
Danvers (128 North)
B
195,200
80,000 / 78,750
Direct
30 Bearfoot Road
Northborough (495 Mass Pike)
A
62,000
62,000
Sublease
5 Federal Street
Billerica (Route 3 North)
B
57,800
57,800
Direct
47 Manning Road
Billerica (Route 3 North)
B
47,000
47,000
Direct
7 Lopez Road
Wilmington (128 North)
B
67,750
34,000
Direct
330 Nevada Street
Newton (128 West)
A
45,000
33,750
Direct
4 Maguire Road
Lexington (128 West)
B
57,300
29,400
Direct
500 Old Connecticut Path
Framingham (495 Mass Pike)
A
88,100
29,350
Direct
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25K - 49K
100K+
10K - 24K
75K - 99K
5K - 9K
50K - 74K
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Q3 2014
Investments
620 Memorial Drive
Cambridge, MA
The investment sales market showed no signs of slowing down with four Cambridge assets changing
ownership over the last six months. In Mid Cambridge, after a long marketing period 19 Blackstone
Square was purchased by Brickman RE for $31.5 million or just over $400 per square foot. Along
Memorial Drive, MIT purchased Pfizer’s former lab facility at 620 Memorial Drive for $30.5 million
or $339 per square foot.
850 Winter Street
Cambridgepark Drive remained extremely busy with investment sales and development activity
as an influx of new tenants and residents are reinvigorating the West Cambridge neighborhood.
Three office buildings are rumored to be under contract (100, 125 & 150 Cambridgepark Drive),
meanwhile King Street Properties recently closed on two lab buildings 87 and 200 Cambridgepark
Drive for a combined $54.5 million or $188 per square foot. The life science focused investment firm
plans to deploy significant capital into the tired buildings, bringing them to new market standards.
Waltham, MA
In the Route 128 market, King Street Properties also purchased an eight building portfolio at Bear Bill
Business park for $35.5 million or $161 per square foot. The mix of suburban office and lab buildings
measured approximately 65% occupancy at time of sale. Also in Waltham, 850 Winter Street traded to
GI Partners on behalf of public pension fund giant CalPERS for nearly $405 per square foot. Looking
forward, with droves of investors looking to enter or expand their portfolios within Greater Boston,
expect strong interest in the lab investment sales market.
87 & 200 Cambridgepark Drive
Cambridge, MA
Development
So far during 2014, new East Cambridge facilities for Biogen and The Broad Institute have already delivered. The projects represent a
citywide phenomena where the majority of large users are finding it more efficient and cost effective to construct new facilities rather than
renovate second generation space. This quarter the GSA delivered exciting news when it issued a RFI for the Volpe Center in East Cambridge.
The redevelopment opportunity includes approximately 14 acres stretching from Broadway to Binney Street, west of Third Avenue.
Within Cambridge, Novartis is constructing a 550,000 square foot facility on MIT’s land at 181 & 211 Massachusetts Avenue and 22 Windsor
Street. Just down the road at 75-125 Binney Street, Ariad Pharmaceuticals plans to occupy 408,000 square feet of combined office and lab space,
as part of Alexandria Real Estate’s massive 1.9 million square foot development. In addition, Forest City recently broke ground on a 246,000
square foot facility at 300 Massachusetts Avenue for Millennium Pharmaceuticals. Looking forward, with numerous large proposals lined up and
1.1 million square feet already under construction, the lab development market is poised for a busy 2015 and beyond.
Most Active Lab Development Projects
City
Building Size
Developer
Anchor Tenant (s)
Completion
Date
181 Massachusetts Avenue
Cambridge
550,000
Novartis
Novartis
Q2 2015
75-125 Binney Street
Cambridge
408,000
Alexandria Real Estate
Ariad Pharmaceuticals
Q2 2015
610 Main Street
Cambridge
280,000
MIT
Pfizer
Q3 2016
300 Massachusetts Avenue
Cambridge
250,000
Forest City
Millennium Pharmaceuticals
Q2 2016
Waltham
122,000
Alexandria Real Estate
FORUM Pharmaceuticals
2015
Building Address
225 Second Avenue*
*office conversion
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Q3 2014
L INC
I N C O LN U P
PD
D AT
A TE
ES
S
2014 R ecently Completed Leases/Sales
Commercial Construction Consulting (C3)
12,118 RSF
313 Congress Street, Boston
Tenant Rep. - John D. Miller,
& Jeffrey Moore
Siemens
98,000 RSF
2 Edgewater Drive, Norwood
Landlord Rep. - Ned Halloran
& Ellison Patten
Brill USA
6,100 RSF
Two Liberty Square, Boston
Tenant Rep. - Brendan W. Miller,
& Brian G. Smallman
Financial Foundations
11,500 RSF
One Research Drive, Westborough
Tenant Rep. - Tim Latham
& Craig MacDonald
PGR Media
5,000 RSF
34 Farnsworth Street, Boston
Tenant Rep. - Brendan W. Miller
OpFocus
6,355 RSF
78 Blanchard Road, Burlington
Tenant Rep. - Rob Cronin
& Ken Oppenheim
Advanced Power
4,500 RSF
31 Milk Street, Boston
Landlord Rep. - Brendan W. Miller,
Brian G. Smallman & Roberto Magno
LPC in MA
Uhaul
Investment Sale - 148,000 RSF
31 Olympia Avenue, Woburn
Lanlord Rep. - Rob Cronin
& Ken Oppenheim
LPC Thank s
Cambridge
436,700 SF
159,000 SF
1,023,200 SF
LPC Boston thanks King Street Properties for recently
awarding the management assignment of 87 and 200
Cambridgepark Drive to our property management group.
Boston
722,400 SF
500,100 SF
4,706,500 SF
Leasing
Leasing & Management
Management
Route 495
Route 128
Inner Suburbs
Please contact Lincoln Property Company
at (617) 951-4100 for more information.
Cambridge
Boston
9
Research
Q3 2014
T EER
RMINOL
LO
OGY
Asking Rental Rate: the dollar per square foot amount that
is quoted by the entity that is representing the space being
marketed.
Deliveries: newly completed product that was recently under
construction or renovation that are available for immediate
occupancy.
Direct: space that is marketed on behalf of the Landlord.
Flex: product that is capable of hosting tenants that vary in
their use of commercial real estate. Including office, lab, R&D,
warehouse, manufacturing and distribution tenants.
Tenant Improvements (T.I.): typically a dollar per square
foot amount negotiated during the lease transaction that is paid
to a tenant by the landlord, or sublandlord, for the means of
improving the condition of the agreed upon space.
Total Availability (A.K.A. Overall Availability): all space
that is available for lease. Includes marketed occupied space,
sublease, and product under construction that will be delivered
within two (2) years.
Vacant Available: all space that is currently available to lease
and immediately occupy; therefore, space that is not hosting
a tenant. Unoccupied space with a future commitment are
excluded.
Free Rent: the time period the tenant does not have to pay any
rent, which is agreed upon by the tenant and landlord during
lease negotiations.
Net Absorption: the change in direct vacancy over a measured
time frame. Includes newly delivered product ready for
occupancy, but does not include sublease.
Sublease: space that is marketed on behalf of the current
Tenant.
Lincoln Property Company’s Lab Overview is produced by the Boston Office’s research team in collaboration with our
Downtown and Suburban Brokerage Group. If you have any questions regarding market conditions and the information
found in this report please contact, Ethan Robert, Research Associate at [email protected].
(617) 951-4100 • www.lpcboston.com
All information provided in Lincoln Property Company’s Lab Overview are from sources deemed reliable, but no
warranty or representation is made as to its accuracy thereof and same is submitted subject to errors, omissions, or
other conditions.
10
Research
Q3 2014 ~ Lab Statistics
Q3 2014
12 Month
Absorption (sf) Absorption (sf)
Average
Asking Rate
(NNN)
Market
Rentable
Square Feet (RSF)
Direct
Vacancy (sf)
%
Total Sublease
Available (sf)
%
Total
Availability (sf)
%
BOSTON
4,852,450
84,350
1.7%
-
0.0%
84,300
1.7%
(27,550)
(25,750)
$80.00
CAMBRIDGE
11,378,600
626,200
5.5%
562,050
4.9%
1,388,300
12.2%
124,600
145,600
$52.14
East Cambridge
7,805,950
244,750
3.1%
214,350
2.7%
459,150
5.9%
(65,750)
168,600
$59.26
Mid Cambridge
2,977,900
310,400
10.4%
344,800
11.6%
655,200
22.0%
142,100
(7,450)
$48.97
West Cambridge
594,750
71,050
11.9%
2,900
0.5%
273,950
46.1%
48,250
(15,550)
$42.56
SUBURBAN
5,704,500
555,050
9.9%
174,250
3.0%
830,950
14.6%
149,950
137,800
$29.33
128 West
2,794,550
130,300
4.7%
45,200
1.6%
277,150
9.9%
23,650
80,800
$33.26
495 West
1,117,650
126,800
11.3%
119,050
10.7%
245,850
22.0%
30,000
29,200
$16.03
Northern Suburbs
1,792,300
297,950
16.6%
10,000
0.6%
307,950
17.2%
96,300
27,800
$26.27
TOTAL
21,935,550
1,265,600
5.8%
736,300
3.3%
2,303,550
10.5%
247,000
257,650
$47.64
BOSTON
3,847,100
8,000
0.2%
-
0.0%
8,000
0.2%
-
-
$80.00
CAMBRIDGE
9,235,950
323,350
3.5%
438,100
4.7%
761,400
8.2%
69,750
122,800
$56.12
East Cambridge
7,168,200
218,600
3.0%
214,350
3.0%
432,950
6.0%
(64,000)
70,400
$60.07
$52.17
CLASS A
Mid Cambridge
1,938,650
104,750
5.4%
223,750
11.5%
328,450
16.9%
133,750
52,400
West Cambridge
129,100
-
0.0%
-
0.0%
-
0.0%
-
-
SUBURBAN
3,051,700
184,800
6.1%
74,250
2.4%
273,750
9.0%
39,850
24,650
$28.62
128 West
1,749,150
21,950
1.3%
7,200
0.4%
43,850
2.5%
24,650
24,650
$35.17
495 West
627,400
88,900
14.2%
57,050
9.1%
145,950
23.3%
-
-
$18.55
Northern Suburbs
675,150
73,950
10.9%
10,000
1.5%
83,950
12.4%
15,200
-
$25.39
TOTAL
16,134,750
516,150
3.2%
512,350
3.2%
1,043,150
6.5%
109,600
147,450
$53.85
CLASS B
BOSTON
1,005,350
76,350
7.6%
-
0.0%
76,350
7.6%
(27,550)
(25,750)
-
CAMBRIDGE
2,142,700
302,850
14.1%
123,900
5.8%
626,800
29.3%
54,850
22,850
$48.87
East Cambridge
637,800
26,150
4.1%
-
0.0%
26,150
4.1%
(1,750)
98,250
$55.25
Mid Cambridge
1,039,250
205,650
19.8%
121,050
11.6%
326,700
31.4%
8,350
(59,850)
$47.38
West Cambridge
465,650
71,050
15.3%
2,850
0.6%
273,950
58.8%
48,250
(15,550)
$42.56
SUBURBAN
2,652,800
370,300
14.1%
100,000
3.6%
557,300
20.9%
110,100
113,950
$29.41
128 West
1,045,400
108,350
10.4%
38,000
3.6%
233,350
22.3%
(1,000)
56,150
$32.50
495 West
490,250
37,900
7.7%
62,000
12.6%
99,900
20.4%
30,000
30,000
$11.00
Northern Suburbs
1,117,150
224,050
20.1%
-
0.0%
224,050
20.1%
81,100
27,800
$26.71
TOTAL
5,800,850
749,500
13.0%
223,900
3.8%
1,260,450
21.7%
137,400
111,050
$38.75
All information provided in Lincoln Property Company’s Market Statistics are from sources deemed reliable, but no warranty or representation is made as to its accuracy thereof and same is submitted subject to errors, omissions, or other conditions.