A recent CommercialCafe analysis of data from the BLS (Bureau of Labor Statistics) puts Boston in pole position in terms of life science employment. The city boasts 23,900 jobs in the sector, followed by New York with 18,100.
Regarding STEM jobs, the New York metro takes the top spot, with 515,540, followed by Washington D.C. at 364,140. Meanwhile, the California-Lexicon Park metro boasts the highest STEM jobs as a percentage of all employment, at just under 25%.
Even though Charlotte no longer took first place regarding listing rate growth, it still led among southern markets. Orlando and Miami also saw list prices grow by 7.2% and 5.6%, respectively, with Miami’s average rise to $45.54 being the highest in the South.
At the other end of the scale, Tampa witnessed listing prices drop by 5.9% year-over-year to $28.34 per square foot, the most significant decrease on the list.
In terms of vacancy rates, Miami boasted one of the lowest in the country, at 8.6% this August. The city also enjoyed the sharpest drop nationally, with a 490 basis point decrease year-over-year.
Boston took pole position in terms of listing rate growth across the top 50 largest markets, with a 17.7% year-over-year increase, bringing the average listing price to $40.58 per square foot in August. New Jersey and Philadelphia also witnessed surges.
Manhattan boasted the highest sales price nationally, trading office space for an average of $901 per square foot. Brooklyn took second place at $533 per square foot. Manhattan and Boston closed more than $3 billion in sales each over the first eight months of the year, while New Jersey closed $2 billion.
In terms of vacancy rates, Boston took the number one spot at 8%, a drop of 380 basis points year-over-year. Philadelphia also recorded one of the lowest figures among Northeastern markets, at 12.9%.
While listing rates dropped nationally, that wasn’t the case in many of the largest markets in the West, particularly California. San Diego and San Francisco topped the charts regarding listing rate increases this August, closely followed by LA. However, San Francisco also witnessed the highest growth in vacancy rates at 18.1%, up 400 basis points from the previous year.
Two of the largest markets in the Midwest, Chicago and the Twin Cities, witnessed a decrease in listing prices over the past 12 months. Chicago’s average dropped by 2.9% year-over-year to $27.33 per square foot. Meanwhile, the Twin Cities has seen a drop of 5.4% since last year, with an average listing rate of $25.43 per square foot.
As for vacancy rates, Chicago’s rate increased by 130 basis points to 18,2%, while the twin Cities dropped 320 basis points to 12.2%.
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