The Suburban – North area contains 36 towns extending north on Route 495 from Bolton to Amesbury, to the New Hampshire state line, southeast to Beverly and along Route 128 from Lexington to Danvers.

Contacts – Tamie Thompson, Principal, Matt Daniels, Vice President, Brokerage Group

Office Market Demand

At the end of the first quarter of 2004 the Northern Submarkets continued to experience limited office leasing activity with Spaulding & Slye Colliers tracking 62 requirements totaling 1.5 million square feet of demand. With the second quarter of 2004 coming to a close we are seeing a slight up-tick in office demand with Spaulding & Slye Colliers tracking 74 requirements totaling 1.8 million square feet. Although demand has increased the average size of requirements remain the same at 24,000 square feet, with the mean size requirement growing from 12,000 square feet to 14,000 square feet. The Northern Submarkets are witnessing continued growth among the smaller tenants between 5,000 and 15,000 square feet, particularly in Burlington and Woburn, while larger tenants like Fresenius and IBM are downsizing and consolidating operations in order to save capital and reduce operating costs, which confirms that we are in a “bottom up” recovery.