The first Beige Book report of 2014 has been released, and reveals modest growth and a mostly optimistic outlook for the New Year. We have been following the Beige Book reports as they are released – they provide a great snapshot of what’s happening with commercial real estate in our area, and provide some insight on what is to come. Here are the highlights of the report as they relate to commercial real estate in the Boston Metro area.
- Commercial real estate leasing activity in the Boston Metro area held relatively steady through the month of December
- The Seaport District in Boston held on to a steady, “impressive” leasing pace
- Investment sales activity and construction activity strengthened significantly
- Office leasing activity increased in some Boston Metro suburban locations
- The number of retail projects under construction in greater Boston seems to be rising
- Investment sales activity increased at the end of 2013 due to contributions from foreign investors
- The health care and education sectors saw an increase in planned construction
In general, Beige Book contacts are optimistic about the state of commercial real estate in 2014. One potential threat to the growth is the trend toward office downsizing – companies are requiring less space per person, therefore requiring less space in general. Even so, it appears that 2014 will be an opportune time to lease or purchase commercial space in the Boston Metro area! If you or someone you know is looking to begin or relocate a business, please contact us! We are ready to help you find your ideal commercial space.