Cambridge, MA Market TrendsBETA

Asking prices for office properties reached a three-year high in November 2006 at $158.67 per square foot. In comparison, the current median asking price is down by 6.6%. On the other hand, the lowest asking price in the past three years was seen in August 2011 at $125.74.

The average asking price for industrial properties in the metro area was $71.83 per square foot for the month. This is down 3.4% from the previous year, and down 1.1% from the end of the fourth quarter of 2011. In March 2008, the asking prices for industrial properties were at their highest in the past three years at $91.41 per square foot. In comparison, the median asking price is now 14.4% lower. The lowest asking price over the past three years was $71.66 in February 2012.

For retail properties in the metro area, the average asking price was $154.65 per square foot for the month. This represents a decrease of 6.4% year-over-year as well as a decrease of 0.7% compared to the end of the fourth quarter of 2011. Asking prices for retail properties hit a new three-year low this month. The previous three-year low was last month at $155.57.

Sale prices for multifamily properties in the metro area appear to have a seasonal cylce to them. The highs in the cycle tend to occur around July and the lows come around January. Over the past year sale prices have risen 0.7% to $123,683 per unit. Median sale price per unit for multifamily properties in the metro area is currently in a six month downward trend, but the rate of decline has slowed in the last month. The highest median price of the past three years was set in November 2010 at $130,790. In comparison, the median sale price is now 5.4% lower. However, the current price is 4.4% higher than the three-year-low set in May 2011.

Sale prices per square foot for office properties are $109.49, representing a 3.6% decrease from the end of the prior quarter. Comparably, sale prices are down 9% for the past 12 months. This month marks the seventh straight month of declining median sale price for the metro office properties. The falling streak began in September 2011, at which time the median price was $124.66. The median price for the metro area hit its three-year low this month. The previous low was $111.16, set last month.

The median sale price per square foot for industrial properties in the metro area has been rising for three straight months, climbing 7.1% during that time. Earlier this year, it fell 8.3% during the eight-month period ending in January. Sale prices per square foot for industrial properties have increased by 5.9%, and currently sit at $65.42. Sale prices have seen an increase of 0.9% for the previous year. Over the past three years, the median sale price reached its highest of $91.84 in April 2009. The current median sale price is 28.8% lower. However, the current price is 11.6% above the three-year-low of $58.59 set in July 2010.

Currently, the median sale price per square foot for retail properties in the metro area is in three-month decline, falling 10.1% in that time. Sale prices rose 16% earlier this year during a five-month streak that ended in January. At $131.52, the average sale price per square foot for retail properties has decreased by 10.1% since the end of last quarter. However, sale prices have seen a 5.5% increase for the previous 12 months. The highest median sale price over the past three years, which was $148.35, was set in July 2010. In comparison, the median sale price is now 11.3% lower. However, the current price is 5.5% higher than the three-year-low of $124.64, which was set in March 2011.

The number of multifamily properties for sale in the metro area has been rising three months in a row month-over-month, moving up 10.3% in that time. However, this has yet to offset the drop of 20.8% over the past year.

The number of office properties available in the metro area has fallen six months in a row month-over-month, declining 4.9%. The number of available office properties has fallen by 0.1% over the last year in the Boston Metro Area.

The number of industrial properties for sale has seen a month-over-month rise of 1.1% over two consecutive months but has yet to offset the decline of 9.6% over the past year.

This is the second month of an increase in retail properties for sale in the metro area, representing a 0.3% increase. This was insufficient to offset the 12.6% decrease of the past year.

Boston Metro Area ranks first out of the top 48 metros in terms of interest growth for multifamily properties listed on LoopNet over the past year. Demand has increased 56.5% during that time. Demand on LoopNet for multifamily properties spiked in the Boston Metro Area market, rising 50.2% since December 2011, 32.7 percentage points more than the 17.5% increase in the national average.

Demand on LoopNet for office properties spiked in the Boston Metro Area market, rising 15.6% since December 2011, 6.2 percentage points less than the 21.8% increase in the national average. Demand for office properties also increased by 29.5% over the past year. The yearly change ranks the Boston Metro Area thirteenth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Boston Metro Area market, rising 8.7% since December 2011, 13.7 percentage points less than the 22.4% increase in the national average. Demand for industrial properties also increased by 20.1% over the past year. The yearly change ranks the Boston Metro Area thirty-sixth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Boston Metro Area market, rising 7.3% since December 2011, 12.3 percentage points less than the 19.6% increase in the national average. Demand for retail properties also increased by 5.3% over the past year. The yearly change ranks the Boston Metro Area forty-third out of the top 48 metros.

For the past three months, available square footage for sale has declined month-over-month for office properties. The square footage available for sale for office properties in the metro area decreased 5.1% year-over-year and 4.9% compared to the end of the fourth quarter of 2011. The square footage available for sale marks a 5.1% decline over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

Industrial properties in the metro area have seen a 11.9% drop in square footage for sale over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate. A decrease in supply also appears to be making the market more favorable for sellers, which could be why prices are going up.

The current square footage available for sale reflects a 17.3% fall in the metro area over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. A decrease in supply also appears to be making the market more favorable for sellers, which could be why prices are going up.

The number of units available for sale in the metro area has been on the rise over the past four months for multifamily properties. Number of units for multifamily properties has risen 60.7% versus the end of last quarter. For the year, number of units is up 20%. The number of units available for sale for multifamily properties in the metro area has risen 20% over the past year. The number of units available for sale for multifamily properties in the metro area has fallen 20% over the past three years. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate. A decrease in supply also appears to be making the market more favorable for sellers, which could be why prices are going up.

The year-over-year rise in the time that multifamily properties last on the market is less at the metro level than at the state level. Multifamily properties now last 113 days on the market, up 2.3% from the same month last year. From April 2009, when the time on market was at its longest, it has come down 24.8%. Days on market for multifamily properties has been on an upward climb over the past three months.

Office properties in the Boston Metro Area are turning over more quickly compared to last year, as the time on market dropped 1% to 199 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 3.9%, to 190. Compared with the highest time on market set in September 2010, these properties are now turning over 23.4% faster. The time that office properties stay on the market has risen 7.1% over the past four months.

Industrial properties in the Boston Metro Area are on the market longer compared with the same month last year, and this gap is greater than that at the state level. Industrial properties now stay on the market an average of 255 days, up 0.2% from last year. At the state level, these properties are on the market for 269 days, a decrease of 4.7% year-over-year. From the lowest point, which was set in October 2009, time on market has risen 28.3%. The time that industrial properties stay on the market in the metro area has been increasing every month for the past three months.

The time on market for retail properties in the Boston Metro Area is down 4.7% from last year, to 151 days. In Massachusetts overall, the time on market fell even more as a percentage, by 5%, to 152. From May 2010, when the time on market was at its highest, it has fallen 21.5%.

For office properties in the metro area, the average asking lease rate was $17.71 per square foot for the month. This shows a drop of 2.6% year-over-year, and a decline of 0.9% from the end of the fourth quarter of 2011. Asking lease rates for office properties hit a three-year peak in April 2006 at $19.64 per square foot. In comparison, the current median asking price is down by 5.5%. The lowest asking lease rate over the past three years was $17.60 last month.

Lease rates for industrial properties rose to $7.42 per square foot, a 0.6% increase compared with the end of the last quarter. For the year, asking lease rates have risen by 1.1%. Lease rates for industrial properties reached a three-year high in December 2007 at $7.91 per square foot. In comparison, the current median asking price is down by 0.6%. The lowest asking lease rate over the past three years was $7.25 in December 2010.

The average asking lease rate for retail properties in the metro area was $16.17 per square foot for the month. This is down 0.5% from the previous year, and down 0.4% from the end of the fourth quarter of 2011. In March 2007, the asking rates for retail properties were at their highest in the past three years at $18.84 per square foot. In comparison, the median asking price is now 7.1% lower. The lowest asking lease rate in the past three years was $16.16 set in May 2011.

For two consecutive months, the number of office spaces available has seen a month-over-month decline, 0.6% overall. This, however, did not offset the 12.8% increase of the past year.

This is the fifth month of a month-over-month downward trend in available industrial spaces in the metro area, a 4.2% decline. The number of industrial spaces available in the Boston Metro Area has fallen 7% over the past year.

The number of retail spaces available in the metro area has fallen four months in a row, declining 4.9% in that time. However, this did not offset the increase of 12.2% over the past year.

Demand on LoopNet for office properties spiked in the Boston Metro Area market, rising 29.2% since December 2011, 0.4 percentage points more than the 28.8% increase in the national average. Demand for office properties also increased by 37.1% over the past year. The yearly change ranks the Boston Metro Area thirteenth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Boston Metro Area market, rising 20% since December 2011, 5.8 percentage points less than the 25.8% increase in the national average. Demand for industrial properties also increased by 24.2% over the past year. The yearly change ranks the Boston Metro Area twenty-ninth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Boston Metro Area market, rising 28.4% since December 2011, 3.1 percentage points more than the 25.3% increase in the national average. Demand for retail properties also increased by 38.4% over the past year. The yearly change ranks the Boston Metro Area sixth out of the top 48 metros.

The available square footage in the metro area has fallen two months in a row month-over-month for office properties, dropping 1.3% over that period. However, this did not offset the increase of 0.1% over the past year. Square footage for office properties has risen 1.7% versus the end of last quarter. For the year, square footage is up 0.1%.

This is the sixteenth consecutive month that square footage available has declined month-over-month for industrial properties. The square footage available for industrial properties in the metro area decreased 19.8% year-over-year and 2.5% compared to the end of the fourth quarter of 2011. Industrial properties saw a new three-year low in square footage available for the month of March. Previously, last month set the low mark. The square footage available marks a 19.8% decline over the past year.

This is the fourth month of a 7.7% decline in a available square footage for retail properties. This, however, did not offset the 7.4% increase of the past year.

The time on market for office properties in the Boston Metro Area has fallen 61.6% from last year, to 103 days. Overall in Massachusetts the time on market has dropped even further as a percentage, by 65.3%, to 96 during the same time period. Compared with March 2011, when days on market was at its highest, they've now fallen 61.6%.

The time on market for industrial properties in the Boston Metro Area is down 53.1% from last year, to 186 days. Over the same period, days on market in Massachusetts overall have fallen by 37.8%. This month, days on market in the metro area reached a new low.

Retail properties in the Boston Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. They are now on the market for 256 days before being sold, 15.2% longer than last year. For the state, these properties are on the market for 257 days, 4.7% longer than last year. From its lowest point in April 2009, the number of days on market have increased 41.8%.