Quarter Preview

P R EV IEW
Bo s t on O f f i c e
Q 3 20 1 3
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VER VI I EW EW OVERV
YTD 2013: Net Absorption
(5,800)
Q3 2013
Greater Boston Office Market

The Greater Boston Office market realized strong quarterly growth, with Q3 Absorption: 670,900 RSF balanced absorption across the Downtown and Suburban Asking Rate: $29.32/RSF landscapes. Through the first three quarters of 2013, the total Greater Boston market absorbed over 1.5 million square feet and experienced 5.2 percent average asking rate growth. The third quarter marked the strongest quarterly performance of 2013 to date, with 670,900 square feet of net absorption and 2.2 percent asking rate growth. Direct Vacancy: 12.6% Unlike the post recession recovery boom period where multiple large downtown relocations and build-to-suits ( Brown Brothers , State Street , Goodwin Procter , Arnold Worldwide ) skewed statistics favorably towards Downtown and Cambridge, efficient market dynamics and strengthening fundamentals have shifted demand patterns across Greater Bostons suburbs, with every suburban submarket posting positive quarterly absorption. Nonetheless, tenant demand remains extremely high throughout the Hubs downtown submarkets and Cambridge, however rising rents and burgeoning suburban 24/7 lifestyle locations such as Somerville, Brighton and Watertown are beginning to lure some price sensitive tenants away from Bostons core submarkets. The result of strong leasing velocity and continued tenant demand coupled with limited supply has established Boston as one of the nations most active investment sale and development markets. Currently there are well over 5.5 million square feet of office and lab space alone actively under construction across eastern Massachusetts with millions of square feet waiting in the pipeline as well as thousands of new residential units and retail space.
While the national unemployment rate has steadily decreased over the past several years, now standing at 7.3 percent, the local Massachusetts unemployment rate has experienced both contraction and expansion. Many economists forecasted the hiring slow down during 2013, as the economy equilibrated from strong postrecession growth. However, the five year jobs forecasted is extremely strong, fueled by renewed consumer confidence and anticipated technology and medical sector growth.
Boston
250,100
122,200
Cambridge
23,500
Class A Class B
464,250
Route 128
39,700
303,800
Interstate 495
299,900
-1,200,000 -800,000 -400,000 0 400,000 800,000 1,200,000
2012: Net Absorption

956,700
Boston
1,241,500
(213,400)
Cambridge
68,900
Class A Class B
15,700
Route 128
582,300
1,041,300
Interstate 495
(384,000)
-1,200,000 -800,000 -400,000 0 400,000 800,000 1,200,000
Unemployment Rate
11% 10% 9% 8% 7% 6% 5%
7/09 10/10 1/10 4/10 7/10 10-10 1/11 4/11 7/11 10-11 1/12 4/12 7/12 10/12 1/13 4/13 7/13
MA Rate
National Rate
(617) 951-4100 www.lpcboston.com
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Leasing Velocity Endures Summer
Boston
Bostons downtown office market performed well throughout the third quarter, measuring 178,000 Q3 Absorption: 178,000 RSF square feet of net absorption as well was 2.3 percent asking rate Asking Rate: $44.79/RSF growth. Somewhat surprisingly the market was lead by North and South Station which collectively absorbed 162,000 square feet, reducing their vacancy rates to 4.1 and 3.7 percent respectively. Trip Advisor and its subsidiaries continued making waves beyond their build-to-suit Center 128 project in Needham, by taking down roughly 72,000 square feet at 226 Causeway Street in North Station. Direct Vacancy: 8.6% The Class A market experienced a sluggish third quarter giving back 118,500 square feet. The Financial District and Charlestown were the culprits as they were the only negatively performing submarkets. Despite the overall weak performance, the vacancy rate remained healthy at 9.1 percent and asking rates mounted growth with mid and high rise rents frequently running into the $60.00 per square foot range and above. On the other hand, the Class B market surged forward with 296,500 square feet of net absorption and 2.7 percent asking rate growth. The market was lead by the Financial District and North Station which accounted for nearly two thirds of quarterly absorption. As a result of this quarters robust leasing velocity, the total Class B vacancy rate dipped to 7.8 percent and total availability measured an impressively low 13.3 percent. In addition to the active leasing market, Boston is experiencing a tremendous amount of development activity and investment sales. Towards the beginning of the quarter, PriceWaterhouseCooper officially confirmed rumors that it would be vacating the Financial District, following Vertex , State Street and Goodwin Procter to the Seaport in build-to-suit developments. Additionally, both residential and office tower cranes are rising across downtown as demand favors dense, vertical urban development. Overall, Boston is undergoing an expansionary demographic and cultural shift where businesses and employees are gravitating towards dynamic 24/7 lifestyle locations. Looking forward, expect positive growth as a more vibrant downtown emerges.
Q3 2013
Submarket Vacancy
Boston Cambridge Route 128 Interstate 495
495 Route 2 495 Northeast 128 South 495 Mass Pike 495 South Route 3 North Inner Suburbs 128 North 128 West Financial District Charlestown East Cambridge Seaport Back Bay West Cambridge Fenway North Station South Station Mid-Cambridge Midtown
0% 5% 10% 15% 20% 25%
Vacancy in Greater Boston

The total Greater Boston office market vacancy rate measured 12.6 percent at the conclusion of the third quarter. Leasing velocity accelerated across the Commonwealth, generating 670,900 square feet of net quarterly absorption and drawing the year-over-year total up to 1.4 million square feet. While Bostons Back Bay and Seaport submarkets tightened, both North and South Station have quietly achieved remarkable growth over the past eighteen months, slashing direct vacancy by 47.8 and 60.8 percent respectively.
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Cambridge
Cambridge posted 183,500 square feet of net quarterly absorption which lowered the direct vacancy rate to 5.9 percent and pushed the average asking rate up 3.5 percent to $47.85 per square foot.
Q3 2013
Route 128
During the third quarter, the Route 128 market absorbed 102,800 square feet, bringing its year-over-year tally to 179,500 square feet and raising the average asking rate to $22.73 per square foot.
Direct Vacancy: 5.9% Q3 Absorption: 183,500 RSF Asking Rate: $47.85/RSF
Direct Vacancy: 14.5% Q3 Absorption: 102,800 RSF Asking Rate: $22.73/RSF
East Cambridge submitted a strong third quarter, lowering the direct vacancy rate to 7.6 percent by absorbing 201,500 square feet. Amazons lease at 101 Main Street coupled with Alexion Pharmaceuticals 31,000 square foot lease at 55 Cambridge Parkway, Twitters 30,000 square foot lease at 141 Portland Steet and Blackbauds relocation into 30,000 square feet at One Canal Park solidified the eastern submarket. As a result, landlords aggressively pushed asking rates 4.9 percent with prime riverfront and upper floor spaces commanding well into the mid and high $60.00 per square foot range. West Cambridge carried last quarters positive leasing velocity into the third quarter and absorbed 36,000 square feet, drawing its year-over-year total up to 136,000 square feet. The emerging western submarket has benefitted from a growing amenity base and competitive asking rates in addition to its superior accessibility and Cambridge cache. Following Intuits relocation last quarter into 61,000 square feet at 150 CambridgePark Drive, the submarket has solidified its position and is poised for the strong growth that many locals have long forecasted. Meanwhile, on the surface Mid Cambridges negative 54,000 square feet of quarterly absorption masks the submarkets extremely sound fundamentals. The submarket was strickened by Management Sciences for Healths departure from 784 Memorial Drive, which left behind a large block of vacancy. Nonetheless, the direct vacancy rate still measured a paltry 3.2 percent and at $49.78 per square feet, the average asking rate will soon extend into the $50.00 per square foot range. Looking forward, expect the total Cambridge market to thrive as demand for Cambridge addresses and the proximity to its highly talented workforce continues, particularly with strong job growth forecasted across the medical and technology sectors.
The Route 128 West submarket continued strengthening its hold atop all suburban submarkets by dropping its vacancy rate to 11.9 percent following 60,500 square feet of quarterly absorption and 449,600 square feet over the past year. Amadeus 56,000 square foot relocation from 307 Waverley Oaks to 1050 Winter Street in Waltham and uniQures 53,000 square foot relocation into 113 Hartwell Avenue in Lexington marked the western submarkets largest quarterly transactions. Walthams leasing velocity showed few signs of weakening with Fleetmatics USA committing to 27,700 square feet at 1100 Winter Street, Intelligent MDX relocating from Cambridge into 26,000 square feet 285 Bear Hill Road and Fireman Capital occupying 17,500 square feet at 800 South Street. Similarly, the Route 128 North submarket posted 75,600 square feet of net quarterly absorption, led by Burlingtons emergence as the northern suburbs live, work and play epicenter. Thermo Fishers 56,600 square foot lease at 300 Jubilee Drive in Peabody and MicroLine Surgicals transition into 70,150 square foot at 50 Dunham Road in Beverley marked this quarters largest movers. Lastly, Route 128 South gave back 33,300 square feet despite Queen Harbors 14,600 square foot lease at 600 Longwater Drive in Norwell and Hallkeen Real Estates 15,200 square foot lease at 1400 Providence Highway in Norwood. The southern submarkets most polarizing news came from 130 Royall Street in Canton, where Dunkin Donuts space hit the market. Conflicting rumors suggest that the firm may relocate to University Station in Westwood, while others report Dunkin will renew at its existing location. The broad recovery and rising occupancy levels across the suburban landscape has restored confidence in the Route 128 investment sales market with 2.5 million square feet, valued at $525 million changing hands this quarter alone. Looking forward, expect continued activity as the Greater Boston market tightens.
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Interstate 495
The Interstate 495 market strung together another strong performance by absorbing 192,200 Q3 Absorption: 192,200 RSF square feet and achieving positive asking rate growth. Despite evolving Asking Rate: $17.97/RSF tenant demand for live, work and play locations, the suburban I-495 market generally satisfies price sensitive tenant demand as well as larger, expanding firms that have difficulty finding big blocks of modern space in the tighter Route 128 and Inner Suburban markets. Direct Vacancy: 17.9% The I-495 market recorded positive quarterly absorption across each submarket, except for the Mass Pike which gave back 30,300 square feet. The strongest performance came from Route 3 North which measured 158,800 square feet of net absorption and over 2.1 percent asking rate growth. Verizon expanded at Lowells Cross Point, taking down another 92,000 square feet. Just to the north in Billerica, Mettler Toledo Thornton leased 50,000 square feet at 900 Middlesex Turnpike. In addition to Route 3 Norths strong performance, the remaining three positive submarkets collectively absorbed 64,000 square feet. Along Route 2, the National Aviation Academy leased 8,000 square feet at 55 Old Bedford Road in Lincoln. In the Northeast submarket, Andover remained active with Charm Sciences committing to the northern suburbs through its user purchase of One Riverside Drive. Despite giving back 30,200 square feet this quarter, the Mass Pike submarket continued experiencing asking rate growth and general positive momentum as the western submarket strengthened along the Route 9 corridor particularly in Natick and Framingham. Although not contributing to absorption, IDG Enterprises 92,000 square foot renewal at 492 Old Connecticut Path in Framingham highlights the demand for well located, amenity rich suburban locations. Looking forward, expect this shift in tenant requirements favoring newer, more efficient buildings that are located near amenities or offer on-site services to sweep across the market. In many cases, landlords are preemptively meeting demand by updating lobbies, common areas as well as refreshing building facades and window lines.
Q3 2013
Recent Significant Sales
One P.O. Square, Boston $275,000,000 ($661/RSF) 50% Partial Interest Transfer Buyer: Morgan Stanley
N.E. Executive Park, Burlington $216,000,000 ($209/RSF) Buyer: AEW Capital Mgt. & Charles River Inv.
99 Summer St., Boston $110,800,000 ($405/RSF) Buyer: Cornerstone Real Estate
25 Mall Road, Burlington $77,100,000 ($270/RSF) Buyer: TA Associates
One Liberty Square, Boston $54,400,000 ($345/RSF) Buyer: Clarion Partners
50 Congress Street, Boston $51,000,000 ($283/RSF) Buyer: KBS Realty Advisors
Research
2013 R ecently Completed Leases/Sales
Alexion Pharmaceuticals 31,000 RSF 55 Cambridge Parkway, Cambridge Landlord Rep. - John D. Miller & Jeffrey C. Moore Lawyers Concerned for Lawyers 6,957 RSF 31 Milk Street, Boston Landlord Rep. - Brian G. Smallman, Roberto Magno & Brendan W. Miller Tomcat Enterprises 6,800 RSF 85 Devonshire Street, Boston Tenant Rep. - Roberto Magno & Brendan W. Miller Second Nature 5,000 RSF 18 Tremont Street, Boston Tenant Rep. - Roberto Magno & Carolyn Molloy Room & Board 28,745 RSF One Enterprise Road, Billerica Tenant Rep. - Greg Cahill
Q3 2013
I N C O LN U PDATES PDAT ES L INCOLN
Executive Office of Health and Human Services 27,633 RSF 220 Forbes Road, Braintree Landlord Rep. - Ned Halloran & Ellison Patten The Ninety Nine Restaurants 10,400 RSF 14 Gill Street, Woburn Tenant Rep. - Rob Cronin
Ross Mortgage 7,835 RSF 115 Flanders Road, Westborough Tenant & LL Rep. - Craig MacDonald & Tim Latham
LPC in MA
LPC A ssignments
Lincoln Property Company has recently been named the exclusive managing agent and/or landlord representative for the following properties:
Cambridge
277,800 SF 287,000 SF 229,800 SF
Boston
88,600 SF 705,600 SF 5,101,700 SF
Leasing Leasing & Management Management Route 495 Route 128 Inner Suburbs Cambridge Boston
250 Revolutionary Way, Taunton 160 Gould Street, Needham 1 & 3 Burlington Woods, Burlington One Brigham Circle, Boston One Research Drive, Westborough 222 Rosewood Drive, Danvers 99 Conifer Hill Drive, Danvers 445 Simarano Drive, Marlborough 115 & 117 Flanders Road, Westborough 333 & 337 Turnpike, Southborough 62 Derby Street, Hingham
Please contact Lincoln Property Company at (617) 951-4100 for more information. (617) 951-4100 www.lpcboston.com
Research
Q3 2013
T ER M I N O L LO OGY
Asking Rental Rate: the dollar per square foot amount that is quoted by the entity that is representing the space being marketed. Tenant Improvements (T.I.): typically a dollar per square Deliveries: newly completed product that was recently under construction or renovation that are available for immediate occupancy . Direct: space that is marketed on behalf of the Landlord. Flex: product that is capable of hosting tenants that vary in their use of commercial real estate. Including office, lab, R&D, warehouse, manufacturing and distribution tenants. Vacant Available: all space that is currently available to lease Free Rent: the time period the tenant does not have to pay any rent, which is agreed upon by the tenant and landlord during lease negotiations. Net Absorption: the change in direct vacancy over a measured time frame. Includes newly delivered product ready for occupancy, but does not include sublease. and immediately occupy; therefore, space that is not hosting a tenant. Unoccupied space with a future commitment are excluded. foot amount negotiated during the lease transaction that is paid to a tenant by the landlord, or sublandlord, for the means of improving the condition of the agreed upon space. Total Availability (A.K.A. Overall Availability): all space that is available for lease. Includes marketed occupied space, sublease, and product under construction that will be delivered within two (2) years. Sublease: space that is marketed on behalf of the current Tenant.
Lincoln Property Companys Office Preview precedes our more in depth Market Overview report, which will be published in mid-October. If you have any questions regarding our statistical data please contact our Research Associate, Ethan Robert at erobert@lpc.com. Thank you.
All information provided in Lincoln Property Companys Office Preview are from sources deemed reliable, but no warranty or representation is made as to its accuracy thereof and same is submitted subject to errors, omissions, or other conditions.
Research
Market
BOSTON Back Bay Charlestown Fenway Financial District Midtown North Station Seaport South Station CAMBRIDGE East Cambridge Mid-Cambridge West Cambridge SUBURBAN Inner Suburbs ROUTE 128 128 West 128 North 128 South INTERSTATE 495 495/Mass Pike West 495/Route 2 West 495 North East Route 3 North 495 South All Ofce
Total Q3 2013 ~ Office Statistics

%
8.6% 6.4% 7.8% 4.5% 11.2% 2.5% 4.1% 7.1% 3.7% 5.9% 7.6% 3.2% 5.4% 15.8% 14.1% 14.5% 11.9% 13.3% 19.4% 17.9% 17.2% 22.1% 20.7% 15.3% 15.6% 12.6%
Rentable Square Feet (RSF)

69,025,228 14,544,971 2,798,645 1,508,623 34,983,972 1,999,017 3,061,486 7,230,036 2,898,478 9,856,520 5,058,867 2,641,905 2,155,748 107,313,591 4,053,656 62,146,873 24,771,004 19,415,252 17,960,617 41,113,062 18,376,842 6,440,093 5,249,327 6,463,020 4,583,780 186,195,339
Direct Vacancy (sf)

5,961,116 929,826 218,824 39,766 3,909,535 50,445 126,498 516,017 107,459 585,622 383,593 85,711 116,318 16,951,926 570,067 9,002,600 2,936,047 2,586,743 3,479,810 7,379,259 3,163,867 1,422,500 1,087,354 990,062 715,476 23,498,664
Total Sublease Available (sf)

976,082 303,569 20,888 483,943 7,467 133,143 27,072 86,044 26,395 5,000 54,649 3,115,613 92,958 1,673,811 959,338 550,253 164,220 1,348,844 796,134 295,548 27,726 180,855 48,581 4,177,739
%
1.4% 2.1% 0.7% 0.0% 1.4% 0.0% 0.2% 1.8% 0.9% 0.9% 0.5% 0.2% 2.5% 2.9% 2.3% 2.7% 3.9% 2.8% 0.9% 3.3% 4.3% 4.6% 0.5% 2.8% 1.1% 2.2%
Total Availability (sf)

10,096,992 1,949,863 239,712 39,766 5,864,382 425,513 171,307 1,031,097 312,606 927,777 526,931 152,635 248,211 21,495,657 828,817 11,437,946 4,104,928 3,217,854 4,115,164 9,228,894 4,156,653 1,670,772 1,343,961 1,273,575 783,933 32,520,426
%
14.6% 13.4% 8.6% 4.5% 16.8% 21.3% 5.6% 14.3% 10.8% 9.4% 10.4% 5.8% 11.5% 20.0% 20.4% 18.4% 16.6% 16.6% 22.9% 22.4% 22.6% 25.9% 25.6% 19.7% 17.1% 17.5%
Q3 2013 Absorption (sf)

178,004 40,511 (36,850) 200 (25,727) 1,312 95,556 36,421 66,581 183,541 201,664 (53,928) 35,805 309,325 14,268 102,824 60,493 75,574 (33,243) 192,233 (30,292) 23,369 25,337 158,732 15,087 670,870
12 Month Absorption (sf)

502,823 (272,126) (67,108) 200 338,155 162,701 76,522 177,218 87,261 31,082 (76,925) (27,998) 136,005 865,844 77,909 179,475 449,607 6,691 (276,823) 608,460 178,628 (120,407) 78,251 261,230 210,758 1,399,749
Average Asking Rate

$44.79 $47.02 $32.60 $38.37 $46.98 $32.64 $32.11 $41.78 $37.18 $47.85 $51.95 $49.78 $35.77 $20.79 $25.17 $22.73 $26.89 $22.58 $19.51 $17.97 $18.24 $17.05 $17.94 $18.28 $18.07 $29.32
All information provided in Lincoln Property Companys Market Statistics are from sources deemed reliable, but no warranty or representation is made as to its accuracy thereof and same is submitted subject to errors, omissions, or other conditions.
Net Absorption: the change in direct vacancy over a measured time frame. Includes newly delivered product ready for occupancy, but does not include sublease Total Availability: all space that is available for lease. Includes marketed occupied space and product under construction that will be vacated within two (2) years Vacant Available: all space that is currently available to lease and occupy; therefore, space that is not hosting a tenant. Spaces with future commitments are excluded Direct: space that is marketed on behalf of the Landlord Sublease: space that is marketed on behalf of the current Tenant Average Asking Rate: the average of a compiled set of direct asking rates per market as quoted by the landlord representative. In the Suburban markets, the average asking rate is plus tenant electric.
Research
Market
BOSTON Back Bay Charlestown Fenway Financial District Midtown North Station Seaport South Station CAMBRIDGE East Cambridge Mid-Cambridge West Cambridge SUBURBAN Inner Suburbs ROUTE 128 128 West 128 North 128 South INTERSTATE 495 495 Mass Pike 495 Route 2 495 Northeast Route 3 North 495 South All Ofce
Class A Q3 2013 ~ Office Statistics

% Total Sublease Available (sf)
670,415 286,256 10,639 353,495 12,789 7,236 63,471 19,706 43,765 2,245,646 84,458 1,227,387 693,776 444,965 88,646 933,801 713,642 16,415 20,691 168,053 15,000 2,979,532

43,841,651 10,563,957 903,771 880,246 25,404,368 1,175,982 1,388,388 2,390,384 1,134,555 6,612,567 4,009,373 1,498,255 1,104,939 61,839,600 2,621,605 37,856,979 15,085,097 13,270,008 9,501,874 21,361,016 10,654,357 2,425,333 2,991,214 3,781,245 1,508,867 112,293,818
Direct Vacancy (sf)

4,008,793 695,956 49,412 39,766 3,038,729 4,413 4,800 155,666 20,051 541,986 365,351 81,012 95,623 8,599,982 283,067 5,099,236 1,611,933 1,714,435 1,772,868 3,217,679 1,559,703 431,853 516,492 610,019 99,612 13,150,761
%
1.5% 2.7% 1.2% 0.0% 1.4% 0.0% 0.0% 0.5% 0.6% 1.0% 0.5% 0.0% 4.0% 3.6% 3.2% 3.2% 4.6% 3.4% 0.9% 4.4% 6.7% 0.7% 0.7% 4.4% 1.0% 2.7%

6,748,649 1,326,842 60,051 39,766 4,574,133 338,429 11,850 231,588 165,990 842,959 496,768 138,692 207,499 11,789,093 512,085 6,678,714 2,360,497 2,220,258 2,097,959 4,598,294 2,428,077 473,654 714,883 844,192 137,488 19,380,701
%
15.4% 12.6% 6.6% 4.5% 18.0% 28.8% 0.9% 9.7% 14.6% 12.7% 12.4% 9.3% 18.8% 19.1% 19.5% 17.6% 15.6% 16.7% 22.1% 21.5% 22.8% 19.5% 23.9% 22.3% 9.1% 17.3%

(118,584) 23,215 (27,550) 200 (128,006) 6,321 7,236 181,765 195,750 (54,586) 40,601 47,729 11,900 31,470 41,207 (60,777) 35,829 (15,424) 5,722 (26,929) 75,508 (3,048) 110,910

209,690 (215,947) 22,032 200 214,342 139,620 15,903 33,540 39,538 (80,853) (27,970) 148,361 792,874 144,518 283,086 435,836 127,370 (280,120) 365,270 91,550 (140,069) (24,546) 209,775 228,560 1,042,102
Average Asking Rate

$49.65 $52.72 $31.25 $50.00 $50.99 $33.75 $40.00 $53.00 $42.00 $48.90 $52.65 $50.67 $36.50 $21.38 $26.45 $24.79 $29.73 $24.31 $21.11 $19.30 $19.67 $18.88 $18.50 $19.39 $19.67 $33.10
9.1% 6.6% 5.5% 4.5% 12.0% 0.4% 0.3% 6.5% 1.8% 8.2% 9.1% 5.4% 8.7% 13.9% 10.8% 13.5% 10.7% 12.9% 18.7% 15.1% 14.6% 17.8% 17.3% 16.1% 6.6% 11.7%
Research
Market
BOSTON Back Bay Charlestown Fenway Financial District Midtown North Station Seaport South Station CAMBRIDGE East Cambridge Mid Cambridge West Cambridge SUBURBAN Inner Suburbs ROUTE 128 128 West 128 North 128 South INTERSTATE 495 495/Mass Pike West 495/Route 2 West 495 North East Route 3 North 495 South All Ofce
Class B Q3 2013 ~ Office Statistics

%
7.8% 5.9% 8.9%

25,183,577 3,981,014 1,894,874 628,377 9,579,604 823,035 1,673,098 4,839,652 1,763,923 3,243,953 1,049,494 1,143,650 1,050,809 45,473,991 1,432,051 24,289,894 9,685,907 6,145,244 8,458,743 19,752,046 7,722,485 4,014,760 2,258,113 2,681,775 3,074,913 73,901,521
Direct Vacancy (sf)

1,952,323 233,870 169,412 62,746 870,806 46,032 121,698 360,351 87,408 43,636 18,242 4,699 20,695 8,351,944 287,000 3,903,364 1,324,114 872,308 1,706,942 4,161,580 1,604,164 990,647 570,862 380,043 615,864 10,347,903
Total Sublease Available (sf)

305,667 17,313 10,249 130,448 7,467 120,354 19,836 22,573 6,689 5,000 10,884 869,967 8,500 446,424 265,562 105,288 75,574 415,043 82,492 279,133 7,035 12,802 33,581 1,198,207
%
1.2% 0.4% 0.5% 1.4% 0.0% 0.4% 2.5% 1.1% 0.7% 0.6% 0.4% 1.0% 1.9% 0.6% 1.8% 2.7% 1.7% 0.9% 2.1% 1.1% 7.0% 0.3% 0.5% 1.1% 1.6%

3,348,343 623,021 179,661 62,746 1,290,249 87,084 159,457 799,509 146,616 84,818 30,163 13,943 40,712 9,706,564 316,732 4,759,232 1,744,431 997,596 2,017,205 4,630,600 1,728,576 1,197,118 629,078 429,383 646,445 13,139,725
%
13.3% 15.6% 9.5% 10.0% 13.5% 10.6% 9.5% 16.5% 8.3% 2.6% 2.9% 1.2% 3.9% 21.3% 22.1% 19.6% 18.0% 16.2% 23.8% 23.4% 22.4% 29.8% 27.9% 16.0% 21.0% 17.8%

296,588 17,296 (9,300) 102,279 1,312 95,556 30,100 59,345 1,776 5,914 658 (4,796) 261,596 14,268 90,924 29,023 34,367 27,534 156,404 (14,868) 17,647 52,266 83,224 18,135 559,960

293,133 (56,179) (89,140) 123,813 23,081 60,619 143,678 87,261 (8,456) 3,928 (28) (12,356) 72,970 (66,609) (103,611) 13,771 (120,679) 3,297 243,190 87,078 19,662 102,797 51,455 (17,802) 357,647
Average Asking Rate

$34.43 $37.23 $33.00 $31.00 $32.38 $28.33 $31.50 $38.17 $31.14 $34.59 $37.67 $36.00 $31.75 $18.65 $23.04 $20.13 $23.70 $19.14 $17.85 $16.82 $16.75 $16.14 $17.33 $16.48 $17.75 $22.76
10.0% 9.1% 5.6% 7.3% 7.4% 5.0% 1.3% 1.7% 0.4% 2.0% 18.4% 20.0% 16.1% 13.7% 14.2% 20.2% 21.1% 20.8% 24.7% 25.3% 14.2% 20.0% 14.0%

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P R EV IEW

Greater Boston Office Market

2012: Net Absorption

(617) 951-4100 www.lpcboston.com

Vacancy in Greater Boston

(617) 951-4100 www.lpcboston.com

Direct Vacancy: 5.9% Q3 Absorption: 183,500 RSF Asking Rate: $47.85/RSF

Direct Vacancy: 14.5% Q3 Absorption: 102,800 RSF Asking Rate: $22.73/RSF

(617) 951-4100 www.lpcboston.com

Recent Significant Sales

99 Summer St., Boston $110,800,000 ($405/RSF) Buyer: Cornerstone Real Estate

25 Mall Road, Burlington $77,100,000 ($270/RSF) Buyer: TA Associates

One Liberty Square, Boston $54,400,000 ($345/RSF) Buyer: Clarion Partners

50 Congress Street, Boston $51,000,000 ($283/RSF) Buyer: KBS Realty Advisors

(617) 951-4100 www.lpcboston.com

I N C O LN U PDATES PDAT ES L INCOLN

(617) 951-4100 www.lpcboston.com

Total Q3 2013 ~ Office Statistics

Rentable Square Feet (RSF)

Direct Vacancy (sf)

Total Sublease Available (sf)

Total Availability (sf)

Q3 2013 Absorption (sf)

12 Month Absorption (sf)

Average Asking Rate

Class A Q3 2013 ~ Office Statistics

Rentable Square Feet (RSF)

Direct Vacancy (sf)

Total Availability (sf)

Q3 2013 Absorption (sf)

12 Month Absorption (sf)

Average Asking Rate

Class B Q3 2013 ~ Office Statistics

Rentable Square Feet (RSF)

Direct Vacancy (sf)

Total Sublease Available (sf)

Total Availability (sf)

Q3 2013 Absorption (sf)

12 Month Absorption (sf)

Average Asking Rate

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