Regions Northeast | Boston
Boston Retail Market Expected to Remain Strong
June 25, 2008

While the Boston retail market has remained fairly stable during the past year, slowing housing market conditions and cooling employment are beginning to weaken consumer spending, according to a second-quarter Retail Research Report by Marcus & Millichap. Core retail properties are expected to remain stable investments this year. Some of the most significant aspects of the report are:

·         Local employers are forecast to add 12,200 positions in 2008, an increase of 0.6 percent.

·         Developers are expected to construct 2.1 million square feet of new retail space this year, compared with 1.9 million square feet in 2007.

·         Vacancy is projected to end the year at 5.8 percent.

·         Asking rents are predicted to increase 1.5 percent to $21.88 per square foot.

·         Effective rents will rise 1.4 percent to $20.47 per square foot.

 
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