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Boston’s office market heats up
Boston’s office market saw record-high absorption in first half 2018. The market’s 979,000 square feet of office space absorption in the first six months of 2018 was the highest it has been in Cushman & Wakefield’s tracked history — higher than first half 2000 and higher than first half 2007, according to the firm’s second-quarter report.
This is predominantly due to Wayfair’s 400,000-square-foot expansion in Back Bay and the delivery of 121 Seaport Blvd. and 140 Northern Ave. in the Seaport District — both of which were fully occupied upon delivery.
A number of large properties have changed hands in Boston recently. A venture between Beacon Capital Partners and Allianz reportedly agreed to pay $850 million for 53 State St., also known as Exchange Place. UBS Realty Investors is the seller of the 40-story, 1.3 million-square-foot office building in the center of the city’s financial district.
The acquisition follows other recent high-priced Bo