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Vacancy in Boston’s Core Remains Nationally Low,
With Growing Retail Sector Also Noted in Suburbs
Development constraints keep urban operations tight. Although a tepid return to office has impacted some corridors, Boston’s urban zones continue to note robust retail performance through mid-2023. The submarkets representing the CBD and adjacent zones, namely Boston-Suffolk County, Cambridge, and the Close-In Suburbs North, noted the lowest vacancy metrowide entering July. These locales reported vacancy rates no less than 110 basis points under the contemporary market average, and rates in each area are well below each respective submarket’s historical mean. Supply-side pressure is unlikely to impact local space availability for the foreseeable future. As of October, fewer than 123,000 square feet of retail space was slated for these submarkets, less than 40 percent of the amount of square footage currently underway in southern New Hampshire.