The Hub's commercial rental rates are rising, bolstered by the city's better-than-average recovery from the recession, the firm Cushman & Wakefield said during its semi-annual market update yesterday.
Boston has now regained more jobs than it lost from 2008 to 2011, and so-called Class A office rents have soared 6.5 percent over the past year to the highest level in four years, the firm said.
The Back Bay, the first market to bounce back from the recession, with the highest office rental rate in the city, is expected to stay flat or even drop, as some companies head elsewhere, such as the Financial District, where rents are starting to climb, or the red-hot Seaport District, where bidding wars are the norm, the firm said.
That trend was illustrated earlier this year when accounting giant PricewaterhouseCoopers opted for space in a soon-to-be-built Seaport Boulevard office tower instead of 888 Boylston St., by the Prudential Center Tower, said Debra Gould of Cushman & Wakefield.
"They chose to go to the Seaport as opposed to the Back Bay," said Gould. "They felt that was where they'd be able to do the best recruiting."
PWC would only say in a statement yesterday that it's evaluating its space needs.
Meanwhile, multi-family rates are continuing to rise from 5 to 8 percent even with plenty of new units entering the market, said Michael Byrne of Cushman & Wakefield.
Developers are also keeping an eye on politics — and not just who will take over for Mayor Thomas M. Menino in January.
"As much as they're interested in the mayor's race, they're equally focused on the restructuring of the (Boston Redevelopment Authority)," said Byrne. "They frankly don't know how it will shape up . . . I don't think there's anyone thinking they're going to wipe it off the map. They're just unsure."
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