Blog :: 05-2019

How Much are Rents for Retail Space in Boston? (Summer 2019)

Rents for retail space in Boston have generally been increasing over the past 10 years, and the amount of vacant space has decreased.  However, over the past few months, we have started to see a slight pull-back in retail rents.  This has been more evident in some areas than others.  The chart below shows the 10 year trends for the Boston market area as a whole, which stretches well beyond the City.
 


The table below highlights the current market conditions in a few areas in and around the City of Boston.  The average asking rent across these areas is $49.47 per square foot (per year).  While the table presents area averages, it is important to note that there are sections within each of these areas that command higher rents.  For example, asking retail rents on Newbury Street can approach (and exceed) $200 per square foot in some cases; though there are certainly spaces available well below that level.  The reported vacancy rates throughout most of the City remains low - trending below the vacancy rate for the Boston market area as a whole.
 

Note that these charts and statistics were compiled with data from CoStar.  If you have questions about the Boston retail market, need help finding tenants for your property or are a business in need of finding a new retail space for your business, please contact Eric Shabshelowitz.


 

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Memorial Day Real Estate Trivia

General & President “Ike” Eisenhower Slept Here

It was September 21, 1953, seven weeks after an armistice ended the Korean War. Operation Moolah was in effect. Operation Moolah was a United States Air Force (USAF) effort during the Korean War to obtain (through defection from any Russian, Chinese or North Korean pilot) a fully capable Soviet MiG-15 jet fighter to deliver to America. The US had attempted to obtain a MiG for years because it was considered to be the best fighter aircraft of the 1950’s and Korean War. The performance of the MiG-15 outclassed and amazed its’ Western opponents.

That morning, North Korean fighter pilot No Kum Sok seized his opportunity to escape a dead end future in North Korea and find asylum in America. He climbed into the cockpit of a MiG-15 and flew it to Kimpo, an American air base near Seoul in South Korea.That same morning president Eisenhower flew out of Washington, D.C. to Boston before the reports about the MiG and the North Korean defector reached the White House.

Eisenhower stayed at the Annex to the Algonquin Club at 223 Commonwealth Avenue, Back Bay, Boston and was called by the White House that day and given the news “We got the MiG.” Eisenhower dictated in a personal and confidential letter to his longtime advisor and confidante, Walter Bedell Smith, Undersecretary of State “I am sorry I was not in Washington today to discuss the MiG incident with the entire staff.” He was not sorry, however, that he was staying on America’s grandest avenue at 223 Commonwealth Avenue, Back Bay, Boston.

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