Market Report | Retail | August 2023

Quincy/Braintree Retail Market Report Summary

Vacancy in the Quincy/Braintree retail submarket is 3.1% and has decreased 0.2% over the past 12 months. During this period, 21,000 SF has been absorbed, and 5,300 SF has delivered. Total availability, which includes sublease space, is 4.0% of all inventory. Within this submarket, General Retail is the largest subtype, with 5.0 million SF in this category. Rents are around $32.00/SF, which is a 1.5% decrease from where they were a year ago. While rents have declined over the past 12 months, they are 3.6% higher than they were three years ago. There is nothing currently under construction. In the past 12 months, 24 sales have taken place. Sales have averaged $270/SF, and the estimated value for the submarket as a whole is $261/SF. Over the past three years, there have been 86 sales, which have traded for approximately $243 million. During this time, the market cap rate for Quincy/Braintree has edged down to 6.0%, marginally lower than its trailing three-year average of 6.1%.

Route 3 Retail Market Summary

Vacancy in the Route 3 South retail submarket is 2.6% and has increased by 0.3% over the past 12 months. During this period, 23,000 SF has been delivered, and there has been 21,000 SF of negative absorption. Total availability, which includes sublease space, is 3.7% of all inventory. Within this submarket, General Retail is the largest subtype, with 8.0 million SF in this category. Rents are around $19.20/SF, which is a 5.3% increase from where they were a year ago. In the past three years, rents have increased a cumulative 14.7%. About 33,000 SF is under construction, representing a minor 0.2% expansion of inventory. In the past 12 months, 64 sales have taken place. Sales have averaged $132/SF, and the estimated value for the submarket as a whole is $199/SF. Over the past three years, there have been 205 sales, which have traded for approximately $451 million. During this time, the market cap rate for Route 3 South has edged down to 6.4%, marginally lower than its trailing three-year average of 6.5%.