Market Report | Retail | January 2023
Quincy/Braintree Market Report Summary
Retail vacancies in Quincy/Braintree were roughly in line with the five-year average during the first quarter, and they were essentially unchanged from this time last year. The rate also sits above the overall market’s average.
Meanwhile, rents have surged in the past 12 months, growing by 5.2% year over year. Although roughly 94,000 SF of retail space has delivered over the past three years, nothing is currently underway in Quincy/Braintree.
Retail properties trade with regularity in Quincy/Braintree, and that remained the case in the past year. Relative to Boston, market pricing sits at $264/SF, which is right in line with the region’s average pricing.
Route 3 Market Summary
Vacancies for retail properties in Route 3 South were under the five-year average during the first quarter, and they tightened a touch in the past year. The rate also comes in below the region’s average. Meanwhile, rents have surged in the past 12 months, growing by 5.3% year over year.
As for the pipeline, development has been relatively steady over the past few years in Route 3 South, and that trend has continued in the first quarter. Route 3 South is a very liquid investment market, characterized by heavy trading, and those trends have largely held serve in the past 12 months.
At $196/SF, market pricing is considerably lower than the region’s average pricing.
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