The 2019 Greater Boston real estate market stabilized from what has been a five-year run of price escalation, absorption and diminished supply. However, although the overall sales volume numbers decreased from 4,002 to 3,404 year over year, Boston not only witnessed the highest absolute prices ever recorded but the highest price per square foot numbers, with Pier 4 and One Dalton leading the charge. This dichotomy between decreased absorption and elevated pricing has required developers to consider an adjustment in their anticipated absorption timelines for performance estimates.

1. Boston Condo and Rental Market Report
Year End 2019
1/2020

2. 2019 Condominium Recap and 2020 Forecast
The 2019 Greater Boston real estate market stabilized from
what has been a five-year run of price escalation, absorption
and diminished supply. However, although the overall sales
volume numbers decreased from 4,002 to 3,404 year
over year, Boston not only witnessed the highest absolute
prices ever recorded but the highest price per square foot
numbers, with Pier 4 and One Dalton leading the charge. This
dichotomy between decreased absorption and elevated pricing
has required developers to consider an adjustment in their
anticipated absorption timelines for performance estimates.
We attribute this upward trend in pricing to the increased cost
of development in Boston. This has encouraged developers to
focus predominantly on high-end projects: those averaging well
over $1500 per square foot and with a minimum price of entry
of over $1 million. The 2019 median unit cost was $810,000,
but the current available inventory boasts a median price of over
$1.1 million.
However, buyers have not been able to fully engage in this new,
costlier market. We do not believe wage growth has risen
sufficiently during this same time frame to keep up with price
escalation. Additionally, while the area’s population continues to
rise, the increase in the depth of the buyer base has not kept
pace with the rate of supply of homes at the current available
price points. Therefore, the factors which would traditionally
support a fast-absorbing pricing dynamic do not appear to be
available for this current supply of product. In order to maintain
a balanced and consistent absorption, they need to be designed
with efficiency, broader unit diversity and a range of absolute
dollar price points in mind.
Projects that are well designed, positioned and offer a wide
range of pricing are continuing to sell at a record pace. Slip45
in East Boston averaged 13 purchase agreements per month
in 2019 at price points that averaged $1000 per square foot
while Echelon Seaport continues to sell at a brisk pace of 10 per
month over diverse price range of $700,000 to $5,000,000
and above. Otherwise, inefficiency in design and lack of product
stratification, coupled with the competitive resale landscape,
can result in prolonged absorption or forced price reductions
and concessions to move inventory.
Already, the current oversupply at the high-end of the market
has resulted in a change from a seller’s market to one
benefiting the consumer. With 124 units currently available
over $2 million, excluding product not even listed as available,
the buyer’s choices are many. Under these circumstances,
amenities, parking, service-oriented benefits and design become
paramount in buyers’ decision process. Competition is fierce
in that space. Additionally, foreign buyers have not impacted
Boston’s real estate market as much as other locations.
Difficulty moving funds, coupled with their interest in units under
$1 million has kept their involvement at bay.
Interest rates negatively impacted sales towards the latter
part of 2018 and Q1 of 2019. The average 30-year fixed rate
in November of 2018 was 4.87%. By September of 2019, it
had dropped to 3.61%. While interest rates impact a buyer’s
affordability, they also impact a buyer’s psychology. The spike
in interest rates created doubt and a sense of hesitation
to purchase in 2018 through Q1 2019. As interest rates
trended back downward throughout 2019, a larger pool of
buyers resurfaced as affordability and a clearer future picture
appeared.
The prognosis for 2020 appears to be very similar to this past
year. With many more units scheduled to come onto the market
with price points in excess of $2 million, competition at the
high end will continue to be fierce. Interest rates will be stable
as the Fed balances inflation with the economic data during an
election year. The highest successes will be for those developers
who are strategic and creative, understand the depth of the
consumer capabilities and are aggressive with opportunities.
It’s a tale of two markets – highest price versus highest volume,
and it’s unlikely both will succeed simultaneously.

3. • After 10 consecutive
quarters of monthly
decline (Dec’18-Sept’19),
30-year fixed mortgage
rates remained historically
low at the end of 2019
• Rate hikes that stalled
absorption in Q4 2018
have reversed, and
palatable mortgage
rates at the end of 2019
rendered home ownership
a more affordable option
• The average 30-year
fixed fell from 4.87% in
November of 2018 to
3.61% in September
2019. Had a buyer
purchased a $1 million-
dollar condominium at the
peak levels in 2018 vs.
low levels in 2019, that
buyer would have paid an
additional $7,068 per year
in mortgage payments,
or $212,040 over the
course of the entirety of
the loan
• Interest rates averaged
3.69% in the third and
fourth quarters of 2019,
reaching lows not attained
since 2016
Interest Rates by Month (30-YR Fixed)
33..8877%%
33..6666%%
33..6699%%
33..6611%%
33..6600%%
33..5577%%
33..4444%%
33..4444%%
33..4466%%
33..4477%%
33..7777%%
44..2200%%
44..1155%%
44..1177%%
44..2200%%
44..0055%% 44..0011%%
33..9900%%
33..9977%%
33..8888%%
33..8811%%
33..9900%%
33..9922%%
33..9955%%
44..0033%%
44..3333%%
44..4444%% 44..4477%%
44..5599%% 44..5577%%
44..5533%%
44..5555%%
44..6633%%
44..8833%%
44..8877%%
44..6644%%
44..4466%%
44..3377%%
44..2277%%
44..1144%%
44..0077%%
33..8800%% 33..7777%%
33..6622%%
33..6611%%
33..6699%%
33..7700%%
33..7722%%
3.40%
3.50%
3.60%
3.70%
3.80%
3.90%
4.00%
4.10%
4.20%
4.30%
4.40%
4.50%
4.60%
4.70%
4.80%
4.90%
5.00%
Jan'16 Apr'16 Jul'16 Oct'16 Jan'17 Apr'17 Jul'17 Oct'17 Jan'18 Apr'18 Jul'18 Oct'18 Jan'19 Apr'19 Jul'19 Oct'19 Dec'19
The above highlights 30-Year Fixed Rate Mortgage rates. Data is obtained from Freddie Mac as January 2020.

4. • Represents over 25,700
units of inventory either
in planning or under
construction
• The distribution is as
follows: 23% condominium
units, 54% apartment
units, 23% unknown
residential use
• Units designated as
unknown use belong to
properties in planning
that have determined
total number of units but
have yet to finalize the
rental and condo split (e.g.
Washington Village, Back
Bay/South End Gateway)
Cambridge
2,140
601
1,691
Somerville
1,252
75
1,423
Back Bay
254
600
Beacon Hill
West End
368
55
Charlestown
2,600
600 East Boston
725
729
44
Seaport
1,003
367
South Boston
356
419
1,802
South End
881
327
North End
440
Waterfront
29
Midtown &
Downtown
1,002
176
Fenway
554
Allston
1,742
659
40
Brighton
1,313
757
258
Brookline
601
49
Map Legend
Apartment # of Units
Condominium # of Units
Unknown # Of Units
Development Pipeline (Planning or Under Construction)
The above highlights projects in planning or under construction (through December 31, 2019) for specific Urban
Core neighborhoods (Allston, Back Bay, Beacon Hill, Brighton, Charlestown, East Boston, Fenway, the Financial District,
Chinatown, Midtown, North End, The Seaport, South Boston, South End, Waterfront, and the West End), as well as
Somerville, Cambridge, and Brookline. Data is obtained from the Boston Planning and Development Agency as well as
other online sources.

5. • 2019 was an active year
for pre-sales, with 7 luxury
buildings highlighted above
launching sales
• 983 units on the market
in presales paired
with 1,710 units of
resale created a highly
competitive market for
new luxury product
• Over 650 units in
the Urban Core were
in planning or under
construction with
forecasted averages
above $1,900 per square
foot
Supply & Demand: Luxury Building Current & Future
Projects
Property Type Neighborhood Status Sales Launch Delivery Units % Sold
Actual or
Estimated Price
One Dalton Condo/Hotel Back Bay Sold/Closed Jun-16 2018 160 80.0% $1,756-$3,415
Pier 4 Condo Seaport Sold/Closed Apr-17 2018 106 75.0% $1,225-$4,180
Echelon Seaport (Tower 1) Condo/Rental Seaport Sold/Closed Apr-18 2019 255 41.0% $1,300-$2,500
22 Liberty Condo Seaport Sold/Closed Jun-15 Jan-16 109 100.0% $1,169-$2,200
50 Liberty Condo Seaport Sold/Closed Oct-16 2018 120 100.0% $1,084-$2,579
Millennium Tower Condo Midtown Sold/Closed Oct-14 7/1/16 442 100.0% $1,002-$2,874
The Pierce Condo/Rental Fenway Sold/Closed Jan-16 2018 108 100.0% $1,218-$2,080
The Boulevard Condo Waterfront Sold/Closed Jan-16 2018 36 65.0% $1,167-$1,768
Lovejoy Wharf Condo North End Sold/Closed Apr-17 2017 157 60.0% $910-$1,620
The Whitwell Condo Beacon Hill Sold/Closed Sep-15 2017 14 92.9% $1,235-$1,509
Siena Condo South End Sold/Closed Mar-16 2018 74 99.0% $906-$1,588
Slip65 Condo/Rental East Boston Sold/Closed Jun-17 2019 80 100.0% $654-$1,288
14 W Broadway Condo/Hotel South Boston Sold/Closed Sep-16 2017 49 76.0% $913-$1,208
Total Sold/Closed 13 Buildings 1,710 Units
St Regis Tower Condo Seaport Pre-Sales Q3 2019 2022 150 33% $2,670
Archer Residences Condo Beacon Hill Pre-Sales Apr-17 2020 67 NA $1,527-$3,000
Maison Commonwealth Condo Back Bay Pre-Sales Nov-19 2021 5 0% $3,000-$3,564
Echelon Seaport (Tower 2) Condo/Rental Seaport Pre-Sales Apr-18 2020 192 NA $1,300-$2,500
The Quinn Condo/Rental South End Pre-Sales Q3 2019 2020 101 NA $1,450-$1,900+
100 Shawmut Condo South End Pre-Sales Q3 2019 2020 138 NA $1,400-$1,700+
Slip45 Condo/Rental East Boston Pre-Sales May-19 2020 114 80.0% $750-$1,400
The Mark Condo East Boston Pre-Sales Oct-18 2020 107 50.0% $950-$1,300
The Ceinture Condo South Boston Pre-Sales Fall 2019 2020 54 30% $925
The Sudbury Condo/Rental North/West End Pre-Sales Q4 2019 2020 55 NA Unknown
Total Pre-Sale 10 Buildings 983 Units
Total Sold/Closed /Presale 23 Buildings 2,693 Units
Raffles Residences Condo/Hotel Back Bay Under Construction Unknown 2022 146 NA est. $2,200+
Motor Mart Garage Condo/Rental Back Bay Planning Unknown Unknown 125 NA est. $2,200+
Winthrop Square Condo Midtown Under Construction Unknown 2023 387 NA $1900+
Kilmarnock Condo/Rental Fenway Planning Unknown Unknown 187 NA $1,250+
Total UC/Planning 4 Buildings 845 Units
Other Developments for Consideration but not far enough in planning for information
*Cambridge Crossing, Washington Village, South Boston Powerplant
Current & Future Luxury Project Pipeline
Supply & Demand: Luxury Buildings
Current & Future Projects
The above highlights current and future luxury product in the Boston market. Data is obtained from internal sources,
MLS, and other online sources. Some figures are estimated due to the lack of publicly available information.

6. Total Sales:
33,,440044
Total UAG:
443388
Total Listings:
444466
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11%%
BBaacckk BBaayy
1122%%
BBeeaaccoonn HHiillll
55%%
BBrriigghhttoonn
55%%
CChhaarrlleessttoowwnn
99%%
EEaasstt BBoossttoonn
1122%%
FFeennwwaayy
44%%
MMiiddttoowwnn
55%%
NNoorrtthh EEnndd
22%%
SSeeaappoorrtt
66%%
SSoouutthh BBoossttoonn
2200%%
SSoouutthh EEnndd
1144%%
WWaatteerrffrroonntt
33%%
WWeesstt EEnndd
22%%
Percentage of Urban Core Sales/UAG
The above highlights historical and recent condominium sales, units under agreement and listings (through December
31, 2019) for specific Urban Core neighborhoods including Allston, Back Bay, Beacon Hill, Brighton, Charlestown,
East Boston, Fenway, the Financial District, Chinatown, Midtown, North End, The Seaport, South Boston, South End,
Waterfront, and the West End.
Urban Core Annualized Sales/UAG/Listings
• There were 3,404
annualized sales through
December 31, 2019
(approximately 284 per
month)
• After three quarters
of modest absorption,
Q4 2019 evinced some
recovery, boasting 85
more sales than Q4 2018
• Listings, units under
agreement, and sales
averaged approximately
$2.15 million, $1.35
million, and $1.24 million
respectively in 2019
• This is an increase from
the annualized 2018
listings ($1.87 million)
and sales ($1.1 million)
averages
• East Boston and The
Seaport boasted the
highest percentage of
units under agreement,
with 23% and 20% of
units in the Urban Core
respectively

7. • Six neighborhoods increased
per square foot sales prices
by more than 5% since
2018
• Three of those
neighborhoods increased per
square foot sales prices by
at least 20%: East Boston
(20%), The Seaport (25%)
and Back Bay (27%)
• New construction pre-sales
in these neighborhoods
spurred this growth (e.g.
One Dalton, Echelon Seaport
& Pier 4)
• Five Urban Core
neighborhoods saw modest
drops in per square foot
prices from 2018 to 2019
as a result of levels of new
construction inventory
delivered in 2018 being
comparatively higher
(Fenway, Brighton, Allston,
Midtown, Charlestown)
Boston & Nearby Neighborhoods
(Sales/UAG/Listings Per Square Foot)
The above highlights annualized condominium sales, units under agreement, and listings (through December 31, 2019)
for specific Urban Core neighborhoods as well as Cambridge, Brookline, and Somerville.
1
117
113
115
114
112
111
11019
18
7
16
1514
13
12
116
Neighborhood Sales UAG Listings
1177.. Allston $557 $582 $554
1166.. Brighton $565 $627 $691
1155.. Somerville $601 $534 $644
1144.. East Boston $637 $939 $729
1133.. Brookline $661 $755 $706
1122.. Charlestown $713 $703 $704
1111.. South Boston $731 $790 $778
1100.. West End $741 $589 $751
99.. Cambridge $801 $806 $811
88.. Fenway $997 $1,081 $1,122
77.. North End $1,003 $973 $929
66.. South End $1,067 $1,137 $1,181
55.. Waterfront $1,075 $1,156 $1,234
44.. Midtown $1,167 $1,377 $1,740
33.. Beacon Hill $1,391 $1,661 $1,868
22.. Back Bay $1,727 $1,475 $2,077
11.. Seaport $1,938 $1,741 $1,914

8. 2019 Urban Core Sales Variance
• Annualized average sales
price grew compared to
2018 14% in absolute
dollars and 9% in price per
square foot
• Average days on market
for 2019 was 50, three
days more than 2018
• The most severe variances
between selling and original
price occurred for the
largest units priced above
$3 million
• This highlights that the
most expensive units in
2019 disproportionately
drove up sales variance and
days on market
2018 2019 % Change
Avg Selling Price $1,087,150 $1,236,224 +14%
Avg PPSF $984 $1,074 +9%
Closings Price Range
Avg
Days on
Market
Avg Variance
Selling &
Original Price
Avg %
Change
Less Than $1 Million 42 -$15,016 -2.3%
$1-2 Million 60 -$61,418 -4.3%
$2-$3 Million 79 -$144,252 -5.6%
Greater Than $3 Million 87 -$333,414 -6.2%
22001199 AAvveerraaggee 5500 --$$4455,,557700 --44..00%%
SF Range Avg DOM
Avg Variance
Selling &
Original Price
Avg %
Change
<600 35 -$8,203 -1.7%
600-799 36 -$10,858 -1.7%
800-999 42 -$13,896 -1.9%
1,000-1,199 53 -$26,461 -2.9%
1,200-1,399 50 -$33,399 -2.9%
1,400-1,599 65 -$66,443 -4.3%
1,600-1,799 70 -$89,899 -5.6%
1,800-1,999 68 -$139,771 -6.6%
2,000-2,199 63 -$155,620 -6.1%
2,200+ 100 -$296,125 -6.6%
22001199 AAvvgg 5500 --$$4455,,557700 --44..00%%
Quarter
Avg
DOM
Avg Variance
Selling & Original
Price
Avg %
Change
Q4 2018 46 -$39,350 -3.7%
Q1 2019 55 -$39,758 -3.9%
Q2 2019 47 -$37,488 -3.2%
Q3 2019 47 -$46,126 -4.2%
Q4 2019 54 -$60,286 -5.1%
22001199 AAvvgg 5500 --$$4455,,557700 --44..00%%
22001199 SSaalleess VVaarriiaannccee
By Price Range(Price Range)
SSaalleess VVaarriiaannccee
(Quarter)
22001199 SSaalleess VVaarriiaannccee
(Square Foot Range)
CClloossiinnggss LLeessss tthhaann $$11 MMiilllliioonn 2018 2019 Change
Avg % Variance Selling & Orginal -0.4% -2.3% -1.9%
Avg Days on Market (DOM) 34 42 +8
SSaalleess PPrriiccee GGrroowwtthh
(Annual)
The above highlights annualized condominium sales, units under agreement, and listings (through December 31, 2019)
for specific Urban Core neighborhoods previously listed. Unlike other charts in this report, this data is sourced exclusively
from MLS with the exception of the Sale Price Growth chart.

9. 15%
26%
36%
23%
18%
30%
28%
23%
20%
33%
29%
17%
17%
31%
29%
23%
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
607 1036 1417 901 661 1107 1027 849 817 1315 1176 694 570 1060 995 779
Quarter/Year
# of Units Sold
$776 $807 $964 $844 $823 $843 $850 $858 $1,044 $998 $937 $963 $938 $1,054 $1,080 $1,186
# of Sales
Quarterly PPSF
Average
% of Year’s
Total Sales
The above highlights the number of condominium closings in the Urban Core from 2016-Q4 2019. Data is obtained from
MLS and LINK and excludes units believed to be affordable.
Urban Core Condominium Absorption By Quarter
• Absorption for the
first three quarters of
2019 was relatively low
in comparison to the
previous three years,
but sales picked up pace
during the fourth quarter
• While the quantity of sales
indicated a slow down
in absorption relative to
2018, average price per
square foot still reached
record highs (9% increase
over 2018), especially
after closings began
during the second quarter
at One Dalton
• The chart reflects
seasonality; quantity of
sales tends to reach its
peak during Q2 or Q3 of a
given year and its lowest
point during Q1 or Q4

10. • Condominiums are classified
into luxury categories with
consideration of neighborhood,
finishes, amenities, pricing
and LINK’s basic definition of
Luxury
• Mid Luxury includes mostly
new buildings between $750
and $1,250 per square
foot, and Luxury includes
most amenitized buildings of
scale achieving higher than
$1,250 per square foot. Non
luxury encompasses all other
product, ranging from old
large buildings to unrenovated
brownstones
• Luxury sales on a per square
foot basis have increased the
most since end of year 2018
(18%), largely as a result of
closings at Pier 4, One Dalton,
and Echelon Seaport
• Luxury units under agreement
are 10% below sales pricing
psf for that category due to
the relatively large quantity of
closings recorded publicly at
One Dalton in comparison to
units under agreement
• The Non Luxury sales
category, which claims the
vast majority of units sold in
Boston, has exhibited steady
growth over the past 6 years
Annualized Urban Core Condominium Sales
by Year & Luxury Type
Price PSF
Year (2014 through Q4 2019)
+13%
+14%
+1%
-2%
+6%
+18%
-10%
+20%
+1%
+16%
+7%
+6%
-3%
-4.8%
+12% +7%
+9%
+9%
+8%
+6%
+9%
+3%
+9%
+18%
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
$1,900
$2,000
$2,100
$2,200
2014 2015 2016 2017 2018 2019 UAG Listings
Luxury
Mid Luxury
Non Luxury
The above highlights historical and recent condominium sales, units under agreement and listings (through December
31, 2019) for specific Urban Core neighborhoods including Allston, Back Bay, Beacon Hill, Brighton, Charlestown,
East Boston, Fenway, the Financial District, Chinatown, Midtown, North End, The Seaport, South Boston, South End,
Waterfront, and the West End.

11. • New luxury condominiums
built in 2015 and later
achieved higher prices on
a per square foot basis
than older luxury product,
outperforming old luxury
in every 200 square foot
range
• Old luxury product sold
in 2019 was on average
larger than newer
product; 31% was sold
over 2,000 SF for old
luxury, in comparison to
20% of new luxury
• Price per square foot
rose with unit size for new
luxury product. Old luxury,
in comparison, achieved
the highest price points
at both the smallest and
largest unit sizes
2%
4%
8%
5%
15%
16%
9%
10%
9%
22%
3% 11%
10% 9%
22%
13%
7%
6%
7%
14%
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
$1,900
$2,000
$2,100
$2,200
$2,300
$2,400
$2,500
$2,600
<600 600-799 800-999 1,000-1,199 1,200-1,399 1,400-1,599 1,600-1,799 1,800-1,999 2,000-2,199 2,200+
Old Luxury
New Luxury
Sale/UAG PPSF
% of
Sales/UAG
Square Foot Range
Old:
19%
New:
13%
Old:
50%
New:
67%
Old:
31%
New:
20%
Annualized Urban Core Condominium Sales and UAG
(By Size & Price Per Square Foot)
The above highlights annualized condominium sales and under agreement (through December 31, 2019) for the specific
Urban Core neighborhoods previously listed. Data is based on publicly available information. New luxury includes luxury
properties built in 2015 and after. Old Luxury includes luxury properties built before 2015.

12. Annualized Urban Core Sales/UAG
by Bed and Luxury Type
• Non Luxury transactions
abounded under $1
million. 2,241 sales/UAG
of one and two bedroom
units averaged well under
that price point
• Luxury two and three
bedroom units were
significantly larger and still
achieved over double the
average price per square
foot of Non Luxury units
• At least half of all Luxury
and Non Luxury units
sold/UAG were two
bedrooms
• Of the bedroom types
displayed, three bedroom
units attained the highest
per square foot pricing
for both Luxury and Non
Luxury units but yielded
the lowest demand
The above highlights annualized condominium sales and units under agreement (through December 31, 2019) for the
specific Urban Core neighborhoods previously listed. Data is obtained from Link, MLS, and via internal information. Data
excludes units classified as Mid Luxury. Bedrooms types are inclusive of units with dens. Studios and units larger than 3
bedrooms are not outlined, but they are factored into the percentage of total units. Luxury buildings with data not public
prior to December 31, 2019 are excluded.
Average Price Per Square Foot $1,513
One Bedrooms
Average Price $1,366,262
Average Square Footage 903
Total Units/ % Luxury 140/ 25%
Luxury Non Luxury
Average Price Per Square Foot $1,835
Two Bedrooms
Average Price $2,881,369
Average Square Footage 1,571
Total Units/ % Luxury 299/ 53%
Average Price Per Square Foot $1,996
Three Bedrooms
Average Price $4,732,686
Average Square Footage 2,371
Total Units/ % Luxury 95/ 17%
Average Price Per Square Foot $879
Average Price $622,508
Average Square Footage 708
Total Units/ % Non Luxury 833/ 30%
Average Price Per Square Foot $835
Two Bedrooms
Average Price $921,310
Average Square Footage 1,104
Total Units/ % Non Luxury 1,408/ 50%
One Bedrooms
Average Price Per Square Foot $940
Three Bedrooms
Average Square Footage 1,761
Total Units/ % Non Luxury 413/ 15%
Average Price $1,656,346

13. 3,842
3,344
2,203
1,448
1,056
793
620
503
422
347
286 231 213 193 171 154 145 129 116 104 94 87 71 60
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
# of Sales/UAG
Sale Price Range
2019: 62% 2019: 29% 2019: 9%
2018: 67% 2018: 26% 2018: 7%
The above highlights annualized condominium sales and units under agreement (through December 31, 2019) for the
specific Urban Core neighborhoods previously listed.
• 3,842 annualized sales/
UAG, representing
approximately 320 units
per month
• While the overall
absorption is 6% lower
in 2019 than end of
year 2018, a greater
percentage of sales has
been recorded between
$1 million and $2.5 million
(26%->29%) and over
$2.5 million (7%->9%)
• Despite average unit size
being marginally greater
in 2019 than 2018 (4%),
average price per square
foot for sales/UAG grew
9%
• The shift is a result of
both price appreciation
and the introduction of
publicly recorded closings
from new construction
luxury properties (e.g. Pier
4, Echelon Seaport, One
Dalton)
Annualized Condominium Sales & UAG
(Demand Curve)

14. • Year after year, price
appreciation has been a
trademark of the Boston
condominium market.
Seven of the Urban Core
neighborhoods reached
record high price per
square foot averages
• A decrease in per square
foot sale pricing is not
necessarily indicative of
lasting depreciation of a
neighborhood
• The Fenway in 2018
obtained the 4th highest
per square foot average, but
fell to 8th this year, not due
to decline in the perceived
value in the neighborhood,
but due to the lack of 2019
new construction projects
after the Pierce sellout
• The spike in sales pricing
from 2018 to 2019 in Back
Bay can be attributed to
One Dalton, which accounts
for 24 of the top 25 highest
per square foot sales in the
neighborhood
• The 25% increase in The
Seaport’s per square foot
pricing from $1,548 in
2018 to $1,938 in 2019
was in large part due to
closings at Echelon Seaport
(Tower 1) and Pier 4
PPSF
Neighborhood
$250
$300
$350
$400
$450
$500
$550
$600
$650
$700
$750
$800
$850
$900
$950
$1,000
$1,050
$1,100
$1,150
$1,200
$1,250
$1,300
$1,350
$1,400
$1,450
$1,500
$1,550
$1,600
$1,650
$1,700
$1,750
$1,800
$1,850
$1,900
$1,950
$2,000
$2,050
$2,100
$2,150
$2,200
Allston Brighton East Boston Charlestown South Boston West End Fenway North End South End Waterfront Midtown Beacon Hill Back Bay Seaport
2014
2015
2016
2017
2018
2019
UAG
List
Boston Condominium Sales, UAG, and Listings by Year
The above highlights 2014-Q4 2019 condominium sales, units under agreement, and listings (through December 31,
2019) for the specific Urban Core neighborhoods previously listed.

15. Building Yr Built Neighborhod # Sold/UAG Min SF Max SF Avg SF Min Price Max Price Avg Price Avg PPSF
Lovejoy Wharf 2017 North End 29 736 1,664 1,193 $825,000 $2,305,512 $1,396,282 $1,170
The River House 1952 Beacon Hill 12 460 1,350 754 $507,500 $2,200,000 $905,742 $1,201
Millennium Place 2013 Midtown 21 799 2,116 1,334 $900,000 $4,125,000 $1,605,738 $1,204
The Intercontinental 2006 Waterfront 14 421 3,385 1,717 $545,000 $3,825,000 $2,091,300 $1,218
Lewis Wharf 1973 Waterfront 5 815 1,830 1,292 $770,000 $3,050,000 $1,577,000 $1,220
Sepia 2015 South End 4 710 1,104 959 $910,000 $1,400,000 $1,173,500 $1,224
The Henry 2019 Fenway 6 900 1,034 982 $1,025,000 $1,449,000 $1,241,333 $1,264
Penny Savings Bank 2007 South End 3 1,267 1,628 1,398 $1,535,000 $2,030,000 $1,770,000 $1,266
Ritz Carlton 2001 Midtown 18 717 4,703 1,999 $850,000 $8,250,000 $2,532,639 $1,267
The Tudor 1886/1999 Beacon Hill 2 1,092 2,352 1,722 $1,395,000 $3,000,000 $2,197,500 $1,276
The Prince 1987 Back Bay 4 988 1,262 1,125 $1,375,000 $1,540,000 $1,441,250 $1,281
Battery Wharf 2008 Waterfront 8 1,223 2,588 1,788 $1,645,000 $4,400,000 $2,325,313 $1,300
355 Congress Street 1890 Seaport 3 760 1,410 1,003 $999,000 $1,929,000 $1,309,000 $1,306
201 W Brookline St 2018 South End 2 2,458 3,103 2,781 $3,275,000 $3,990,000 $3,632,500 $1,306
Union Wharf 1978 Waterfront 4 1,562 2,303 1,941 $1,795,000 $3,500,000 $2,577,513 $1,328
Lincolnshire 2006 Beacon Hill 3 797 2,844 1,494 $960,000 $4,000,000 $1,986,667 $1,330
The Boulevard on the Greenway 2017 Midtown 12 1,248 3,875 1,708 $1,485,000 $5,835,000 $2,274,167 $1,331
Atelier 505 2003 South End 2 848 1,666 1,257 $946,000 $2,500,000 $1,723,000 $1,371
The Bryant Back Bay 2009 Back Bay 5 1,793 2,274 2,065 $2,725,000 $2,975,000 $2,832,300 $1,372
Jordan Lofts 2016 South End 8 1,113 3,057 1,897 $1,395,000 $5,600,000 $2,786,750 $1,469
Pierce Boston 2018 Fenway 13 658 6,094 1,774 $1,035,000 $9,100,000 $2,618,846 $1,477
The Mandarin Conversion 2015 Back Bay 1 930 930 930 $1,375,000 $1,375,000 $1,375,000 $1,478
The Quinn 2020 South End 3 738 1,711 1,237 $931,900 $2,852,500 $1,901,100 $1,537
Trinity Place 2000 Back Bay 5 810 3,618 2,017 $1,162,500 $6,400,000 $3,220,500 $1,597
100 Shawmut 2020 South End 3 598 1,630 1,206 $787,900 $2,756,900 $1,937,567 $1,607
EchelonSeaport 2019 Seaport 185 446 2,341 973 $674,500 $5,898,000 $1,625,713 $1,670
The Archer Residences 2019 Beacon Hill 6 1,163 2,143 1,627 $1,625,000 $3,700,000 $2,720,833 $1,672
Millennium Tower 2016 Midtown 36 759 3,435 1,299 $921,000 $9,475,000 $2,198,069 $1,692
Rowes Wharf 1987 Waterfront 5 1,401 1,973 1,628 $1,999,000 $3,875,000 $2,803,400 $1,722
Maison Vernon 2015 Beacon Hill 3 1,854 3,392 2,716 $3,200,000 $5,665,000 $4,820,000 $1,774
The Clarendon 2013 Back Bay 11 589 2,428 1,196 $918,000 $5,500,000 $2,183,864 $1,826
Belvedere 2001 Back Bay 2 841 3,083 1,962 $1,440,000 $5,900,000 $3,670,000 $1,871
The Mandarin Oriental 2009 Back Bay 1 1,906 1,906 1,906 $3,668,560 $3,668,560 $3,668,560 $1,925
50 Liberty 2018 Seaport 5 1,297 2,136 1,724 $2,275,000 $4,733,700 $3,400,740 $1,972
Zero Marlborough 2008 Back Bay 1 3,319 3,319 3,319 $6,550,000 $6,550,000 $6,550,000 $1,973
Twenty Two Liberty 2015 Seaport 11 1,035 2,756 1,755 $1,250,000 $6,800,000 $3,602,864 $2,053
Pier 4 2019 Seaport 92 969 3,644 1,583 $1,298,000 $15,231,920 $3,324,937 $2,100
25 Beacon 2016 Beacon Hill 1 3,583 3,583 3,583 $8,200,000 $8,200,000 $8,200,000 $2,289
The Lydon 1927/2018 Back Bay 1 6,132 6,132 6,132 $14,300,000 $14,300,000 $14,300,000 $2,332
Four Seasons Place 1985 Back Bay 5 1,369 2,204 1,881 $2,500,000 $5,875,000 $4,494,000 $2,389
One Dalton Four Seasons 2019 Back Bay 79 385 5,802 2,115 $680,000 $17,757,750 $5,441,657 $2,572
The Carlton House 1982 Back Bay 2 1,125 2,557 1,841 $2,865,000 $6,925,000 $4,895,000 $2,659
Heritage on the Garden 1988 Back Bay 6 1,310 4,973 2,786 $1,825,000 $20,000,000 $7,883,167 $2,830
The above highlights annualized condominium sales and units under agreement (through December 31, 2019) for the
specific Urban Core neighborhoods previously listed. Data is obtained from Link, MLS, and via internal information. Luxury
buildings with data not public prior to December 31, 2019 are excluded. Echelon Seaport data is internally sourced.
Boston Condominium Top Selling Buildings (PSF):
Sales & UAG by Building

16. 2019 Successes
Project:
Lovejoy Wharf
# of Units:
157 Condominiums
Gross Sell Out:
$220,000,000
Sold to Date: 65%
Project:
Metro9
# of Units:
100 Condominiums - Conversion
Gross Sell Out:
$75,000,000
Sold to Date: 80%
Project:
Pierce
# of Units:
109 Condominiums
240 Apartments
Gross Sell Out:
$198,000,000
Project:
Echelon
# of Units:
447 Condominiums
270 Apartments - Mixed Use
Gross Sell Out:
$810,000,000
Sold Out & Partially Sold/Rented Out
Project:
The Hub
# of Units:
440 Rental Units - Mixed Use
Lease Average: $5.75/sq.ft.
Leased to Date: 35%
Lease Start Date: May 1, 2019
Project:
Slip45 at Clippership Wharf
# of Units:
114 Condominiums
284 Apartments
Gross Sell Out:
$100,000,000
Launch: June 2019
Project:
Telford180
# of Units:
79 Condominiums
Gross Sell Out:
$65,000,000
SOLD
OUT
Project:
Sepia
# of Units:
69 Condominiums - Mixed Use
Gross Sell Out:
$75,000,000
SOLD
OUT
Project:
Siena
# of Units:
76 Condominiums - Mixed Use
Gross Sell Out:
$90,000,000
SOLD
OUT
Project:
Proto
# of Units:
240 Apartments
Gross Lease Up:
$6.00/sq.ft
FULLY LEASED
Project:
99 Tremont
# of Units:
62 Condominiums
Gross Sell Out:
$60,000,000
SOLD
OUT
Project:
Alloy
# of Units:
128 Condominiums - Mixed
Use/Hotel
Gross Sell Out:
$140,000,000
SOLD
OUT
Project:
Slip65 at Clippership Wharf
# of Units:
80 Condominiums - Mixed Use
Gross Sell Out:
$75,000,000
SOLD
OUT
SOLD
OUT

17. 2019 Successes
Project:
The Quinn
# of Units:
101 Condominiums
172 Apartments
Gross Sell Out:
$190,000,000
Launch: Fall 2019
Project:
Trio
Area:
Newtonville, Newton
# of Units:
140 Apartments - Mixed Use
Project:
Raffles Residences
# of Units:
146 Condominiums/Hotel
Gross Sell Out:
$400,000,000
Est. Launch: Summer 2020
Project:
Kilmarnock
# of Units:
187 Condominiums
255 Apartments
Gross Sell Out:
$215,000,000
Est. Launch: Unknown
Project:
US2 - Phase 1
Area:
Somerville
# of Units:
450 Apartments - Mixed Use
Coming Soon

18. 2019 Rental Recap and 2020 Forecast
As in prior years, the rental market continues to thrive in
Boston and surrounding neighborhoods, particularly for new
construction buildings. Since 2014, the Greater Boston/
Cambridge/Newton submarket added 38,000 worth of
inventory, based on the most up-to-date Axio Metrics estimates.
Despite the increase in number of units added, occupancy
rates have not dipped below 95% in the last decade and have
remained stable above 96% for the last three years. In addition
to more supply, asking rent growth has continued year over year
since 2010, with a jump of 5% in 2019. In 2019, Boston was
ranked the third most expensive rental market in the nation,
just behind New York and San Francisco (according to Zumper).
This was up from 2018 where Boston was ranked the fifth
most expensive market to rent in.
The development of large-scale projects, predominantly
vertical towers, will continue, with many buildings continuing to
focus on amenities being the key driver (other than price) in a
prospect’s decision making. For example, roof deck pools with
unobstructed views of the city, branded dog amenity lounges like
the ‘Woof Deck” (at Hub50 House), and thousands of square
feet for entertaining, working, or doing nothing, continue to play
an important role in the success of these buildings. While the
physical spaces of amenities play an important role in marketing
a project, the service side and program/events within these
spaces is becoming just as critical. Why have a wine bar without
a regular Sommelier series wine tasting? Or a fitness room
without a boot camp class provided via an instructor? The
service level that is going to be provided within these amazing
spaces is the next piece renters will be looking for, and an
important differentiation factor for renters deciding on which
building to live in.
As with new buildings in lease up stages, you can expect the
continued offering of concessions for new tenants in the form
of 1-2 months free rent. Many renters, Millennials in particular,
living in the smallest units, continue to building-hop to take
advantage of concessions and wanting the next newest thing.
Unit sizes continue to shrink to provide more palatable absolute
price points to prospects. Micro units are still in demand, as
many renters spend the majority of their time in the amenities,
or out on the town. Micro unit renters view their unit as more of
a crash-pad. While there is demand on a smaller scale for larger
units, specifically two to three-bedroom units at penthouse
levels with outdoor space, these units will now start to compete
not just across apartments but the new construction luxury
condominium product that is being rented (shadow inventory).
Some of the largest projects are offering key restaurant
and retail experiences, making the building that much more
attractive as a one stop shop place to live. The newest example
being Hub50 House with 210,000 SF of restaurants and
retail, along with a 60,000 SF Stop and Shop to help service
their residents. Future developments like US2 in Union Square,
Washington Village in South Boston, and Cambridge Crossing
will continue this trend of live/work/play and offering retail
as additional amenities. The developments that are near
public transit will be even more attractive, as car sharing
and alternative forms of transportation continue to grow, in
particular among the younger demographics.
The outlook for Greater Boston’s 2020 rental market looks
strong. There is a continued influx of new talent in industries
like technology, life science, pharmaceuticals and biotechnology.
In 2019 Boston was ranked number seven for most innovative
cities in the world. Massachusetts was ranked number two for
most innovative economies in America (Bloomberg). The time-
honored educational institutions and medical facilities draw in
a pool of renters constantly replenished by students and young
professionals. Rent appreciation has not put a dent in demand,
and Boston will continue to be a desirable place to live across all
age demographics.

19. Apartment Supply by Quarter
Boston/Cambridge/Newton Market
• December 31, 2019:
393,059 units in the
Boston/Cambridge/
Newton market
• Since 2014, supply has
increased by over 1%
per year, with the highest
escalation being 2.3% in
2017
• During this time, stable
population growth in the
Boston/Cambridge/
Newton market has fueled
the demand for these
apartments
• Average annual occupancy
rates have not fallen below
95% since 2004
Number of Units
Year
Number of
units added
since the
fourth
quarter of
the
previous
year
739
1,840
2,405
-2,330 -393
4,866
2,461
2,278
3,358
907
1,598
3,390
2,494
6,375
6,601
6,628
8,433
5,759 4,377
96.6%
95.0% 94.9% 94.8%
96.2% 96.1%
95.5%
95.8%
95.5%
96.2%
96.5%
96.0%
95.7%
96.4% 96.5%
95.7%
96.0%
96.6% 96.8%
80%
82%
84%
86%
88%
90%
92%
94%
96%
98%
330,000
335,000
340,000
345,000
350,000
355,000
360,000
365,000
370,000
375,000
380,000
385,000
390,000
395,000
400,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Annual Occupancy Rate
The above chart represents annual supply data for the Boston/Cambridge/Newton market (through December 31,
2019). Unlike previous versions of this report, this data is notnot based on Axio’s Same Store Methodology. Instead, the data
includes an Axio Metrics estimation of all properties in the market, regardless of stabilization, in consideration of internal
data and the US Census Bureau’s 2010 Census.

20. • Following variable asking
rent growth from 2002
to 2009, asking rents
from 2010 onwards in
the Boston/Cambridge/
Newton market exhibited
consistent and strong
growth year after year
• Asking rent growth during
2010-2019 averaged
4.8% per year, compared
to the .3% average annual
growth from 2002 to
2009
• 2019 was no exception,
boasting asking rents 5%
above those of 2018
2%
2% 1%
-9% 1%
5%
2%
-2%
5%
7%
6%
4%
2%
6%
6%
3%
4%
5%
$1,300
$1,350
$1,400
$1,450
$1,500
$1,550
$1,600
$1,650
$1,700
$1,750
$1,800
$1,850
$1,900
$1,950
$2,000
$2,050
$2,100
$2,150
$2,200
$2,250
$2,300
$2,350
$2,400
$2,450
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Average
Asking Rent
Year
Asking Rent
Annual
Asking
Rent
Growth
Historical Asking Rents
Boston/Cambridge/Newton Market
The above chart highlights average asking rent per year for the Boston/Cambridge/Newton market (through December
31, 2019). The data is based on Axio Metrics’ Same Store Methodology, which includes only units that have been
stabilized for five quarters.
*All properties with 5+ units included – an expansion from previous reports that included only 40+ unit properties.

21. Quarterly Concession Value
Boston/Cambridge/Newton Market
2.9%
3.6%
3.1%
3.2%
3.4%
3.2%
4.6%
4.3%
5.4%
5.8%
4.8%
3.8%
3.2%
3.3%
2.5%
3.4%
3.4%
2.5%
3.5%
2.9% 2.9%
3.8%
2.6%
3.2%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19
Concession Value (As a Percentage of Asking Rent)
Quarter / Year
The above chart highlights quarterly concessions as a percentage of asking rent data for the Boston/Cambridge/
Newton market (through December 31, 2019). The data is based on Axio Metrics’ Same Store Methodology, which
includes only units that have been stabilized for five quarters.
*All properties with 5+ units included – an expansion from previous reports that included only 40+ unit properties.
• From 2014-2019,
concessions that
amounted to 2.5% of
asking rent or more were
necessary to lease units
in stabilized properties
across the Boston/
Cambridge/Newton
market
• For properties in the lease
up-phase, concessions as
a percentage of asking
rent are often two to four
times greater
• Concessions tend to be
higher during periods
following rapid hikes in
asking rents to encourage
absorption, as was seen in
early 2016

22. Annual Comparison
Urban Core Asking Rents
• Average asking rents on
a per square foot basis at
the close of 2019 were 6%
higher than the year prior
• Every month in 2019
achieved greater average
asking rents per square
foot than in 2018
• Absolute average asking
rents during the spring
and summer of 2019 were
marginally lower than those
of 2018 due to significantly
smaller average unit sizes
in 2019
• The 5% drop in average
size partially drove the
increase in per square foot
pricing year-over-year
• In peak months, asking rent
per square foot exceeded
2018 figures by 6-7%
Average Price Per Square Foot $4.20
2018
Average Asking Rent $3,425
Average Price Per Square Foot $4.45
2019
Average Asking Rent $3,440
6%
Increase
Asking Rent
Per Square
Foot
Average Square Footage: 816 Average Square Footage: 774
Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Avg Ask Rent 2018 $3,392 $3,391 $3,410 $3,461 $3,486 $3,507 $3,482 $3,488 $3,396 $3,384 $3,363 $3,353
Avg Ask Rent 2019 $3,423 $3,422 $3,456 $3,398 $3,442 $3,447 $3,464 $3,426 $3,418 $3,406 $3,434 $3,542
Variance 2018-2019 0.9% 0.9% 1.3% -1.8% -1.3% -1.7% -0.5% -1.8% 0.7% 0.6% 2.1% 5.6%
Avg Ask PPSF 2018 $4.08 $4.07 $4.11 $4.17 $4.20 $4.22 $4.24 $4.25 $4.28 $4.27 $4.24 $4.23
Avg Ask PPSF 2019 $4.31 $4.31 $4.36 $4.42 $4.47 $4.53 $4.55 $4.54 $4.53 $4.50 $4.43 $4.43
Variance 2018-2019 5.5% 5.9% 6.1% 6.1% 6.4% 7.3% 7.3% 6.8% 5.8% 5.4% 4.5% 4.6%
Avg SF 2018 831 834 830 830 830 831 821 821 793 793 793 793
Avg SF 2019 795 795 793 768 770 761 761 755 755 757 774 800
Variance 2018-2019 -4.4% -4.7% -4.4% -7.4% -7.2% -8.4% -7.3% -8.0% -4.9% -4.5% -2.3% 1.0%
The above highlights annual and monthly average asking rent rents in the Urban Core through December 31, 2019. Data
is sourced from Axio Metrics and excludes units believed to be affordable.

23. • On average, three
bedroom units in 2019
received the highest
absolute asking rents,
and micro units (studios
smaller than 400 SF),
achieved the highest per
square foot asking rents
• From 2018 to 2019, a
shrinking percentage of
one bedroom units in the
Urban Core (44% down to
38%) counterbalanced an
expanding base of studios
(17% up to 26%)
• Livability and the efficiency
of the unit layout are
important considerations
for the growing number of
micro units online in the
Urban Core (3% in 2019
as compared to 2% in
2018)
Average Price Per Square Foot $5.24
Annualized Urban Core Asking Rents
Studios
Average Asking Rent $2,836
Average Price Per Square Foot $4.49
One Bedrooms
Average Asking Rent $3,185
Average Price Per Square Foot $4.04
Two Bedrooms
Average Price Per Square Foot $4.34
Three Bedrooms
Average Asking Rent $6,004Average Asking Rent $4,230
Average Price Per Square Foot $6.00
Micros
Average Asking Rent $2,020
Average Price Per Square Foot $4.03
1+Dens
Average Asking Rent $3,514
Average Square Footage 337
Total Units 631
Average Square Footage 541
Total Units 5,979
Average Square Footage 710
Total Units 8,933
Average Square Footage 872
Total Units 1,115
Average Square Footage 1,047
Total Units 5,530
Average Square Footage 1,383
Total Units 811
Annualized Urban Core Asking Rents by Bed Type
The above highlights annualized average asking rent prices in the Urban Core through December 31, 2019. The Urban
Core encompasses Allston, Back Bay, Beacon Hill, Brighton, Charlestown, East Boston, The Fenway, The Leather District,
Midtown, The North End, The Seaport, South Boston, South End, The Waterfront, and The West End. Data is sourced
from Axio Metrics and excludes units believed to be affordable.

24. Map Legend
< $3.00 $4.50-$4.99
$3.00-$3.49 $5.00-$5.49
$3.50-$3.99 $5.50-$5.99
$4.00-$4.49 $6.00+
Luxury Building Annualized Asking Rents (Map)
Eleven W. Broadway ($3.11)
The Element ($4.05)
Portside at East Pier I
($3.34)
Gatehouse 75 ($3.45)
Babcock Towers ($3.74)
Emerson Place
Apartments ($3.70 )
Avenir Apts. ($4.41)
W. End Apts. –
Vesta ($3.87)
W. End Apts. – Asteria ($4.02)
Douglass Park Apartments ($3.40)
Carson Tower ($3.62)
E3 Green District ($4.15)
Navy Yard 33 ($3.52)
Flats on D ($3.98)
Third Square Apartments ($3.97)
Waterford Place ($3.77)
Harborview at the
Navy Yard ($4.13)
Avalon North Point Lofts ($5.54)
The Eddy ($4.78)
West Square ($3.81)
Harrison Court ($3.99)
Van Ness ($5.22)
1330 Boylston ($4.06)
Vivo Apartment Homes ($4.84)
Axiom ($4.36)
Hub25 ($3.99)
Church Park ($4.12)
James Court ($4.18)
Edge in Allston ($4.06)
The Anchorage ($4.02)
Factory 63 ($4.50)
315 on A ($4.45)
The Devonshire ($4.46)
Avalon N. Station ($4.76)
The Victor by Windsor ($4.32)
Watermark Kendall West ($4.26)
Bell Olmsted Park($4.27)
Fenway Diamond
Apartments ($4.61)
Ink Block South End ($4.72)
Continuum ($4.27)
660 Washington Apts. ($4.73)
Girard at 600 Harrison ($4.59)
Serenity ($4.35)
Kensington ($5.47)
100 Memorial Dr. ($4.72)
One Canal ($4.83)
100 Pier 4 ($5.39)
The Arlington ($4.98)
One Back Bay ($5.57)
Troy Boston ($5.22)
50 W. Broadway ($4.17)
Tent City ($4.33)30 Dalton ($6.01)
Fenway Triangle Trilogy ($4.75)
Lofts at Atlantic Wharf
($5.10)
AVA Back Bay ($4.93)
Avalon at Prudential
Center ($4.87)
Avalon Exeter ($6.27)
Garrison Square ($5.15)
The Tower at One Greenway ($4.59)
Radian Boston ($4.66)
Watermark Seaport ($5.87)
Zinc ($4.01)
Twenty/20 ($4.15)
Lofts at Kendall Square ($4.59)
225 Centre ($2.99)
Avalon North Point ($4.10)
The Benjamin ($5.85)
Trac75 ($4.40)
VIA ($5.80)
The Harlo ($5.70)
The Towers at Longfellow ($3.34)
Proto ($6.22)
Waterside Place I
($4.37)
Park Lane Seaport ($4.21)
381 Congress ($4.70)
AVA Theater
District ($4.49)
NOVA Brighton ($4.42)
W. End Apts. – Villas ($3.68)
345 Harrison Ave ($5.90)
Boston East ($4.15)
Lantera Boston Landing
($4.72)
Portside At
East Pier II
($3.69)
200 Brookline ($6.21)
Union House at Market Central ($4.62)
Watermark
Kendall East
($4.78)
NEMA ($5.48)
Hub50 House ($5.64)
AVA North Point ($3.93)
Luxury Building Annualized Asking Rents
(Map)
The above highlights Q4 2019 annualized rental data (through December 31, 2019). Data represents annualized
average asking rents (price per square foot) for individual units in each building, some of which have leased and are
occupied, others that are not leased and are unoccupied. Data is extrapolated from Axio Metrics. Data excludes units
believed to be affordable.

25. Urban Core Asking Rents by Size Range
The above highlights annualized average asking rents per square foot across various neighborhoods in and immediately
outside of Boston (as of December 31, 2019). The data is based on annualized asking rents before concessions
(excluding parking), to factor in seasonality. New buildings have been identified as anything built in 2015 through today,
with old buildings being anything built prior to 2015.
• From the end of 2018
through 2019, price
per square foot in every
neighborhood displayed
positive growth, both for
new and old buildings
• With respect to new
buildings, eight Urban
Core neighborhoods
boasted per square foot
annual average asking rent
growth of over 5%
• The neighborhoods that
experienced the greatest
increases were the North
End (40%), Fenway (12%),
East Boston (9%), South
Boston (9%), and The
Seaport (8%)
• Older product appreciated
as well, with annual
increases in average
asking rents per
square foot of over
5% in 11 Urban Core
neighborhoods
Cambridge
$4.02
$3.77
Somerville
$3.99
$3.55
Back Bay
$6.01
$4.74
Beacon Hill
West End
$4.79
$3.68
Charlestown
$4.39
$3.70
East Boston
$4.19
$3.05
Seaport
$5.70
$4.32
South End
$5.27
$3.95
Chinatown/
Leather District
$4.59
$4.70
Govt Center
/ Faneuil Hall
North End
$5.64
$3.80
Waterfront
$5.10
Fenway
$5.57
$4.40
Allston
$4.32
$3.74
Brighton
$4.66
$3.84
Map Legend
New Buildings – Average Asking Rent PSF
Old Buildings – Average Asking Rent PSF
Brookline
$3.68
South Boston
$4.07
$3.82

26. Urban Core Asking Rents by Size Range
• Average price per square
foot declined as units size
increased until 1,400 SF
• Average unit size scaled
down in 2019; units below
600 SF made up 22% of
all units in 2018 and have
increased to 28% of units
in 2019
• Since the end of 2018,
price per square foot
increased across all
square foot ranges
except for those above
1,600 SF, which together
encompassed less than 1
percent of all units
3%
25%
34%
17%
14%
5%
2%
0.5%
0.3%
0.1%
0.1%
$2.00
$2.25
$2.50
$2.75
$3.00
$3.25
$3.50
$3.75
$4.00
$4.25
$4.50
$4.75
$5.00
$5.25
$5.50
$5.75
$6.00
$6.25
<400 400-599 600-799 800-999 1,000-1,199 1,200-1,399 1,400-1,599 1,600-1,799 1,800-1,999 2,000-2,199 2,200+
Avg Ask PPSF
Avg EFF PPSF
Size Range (200 SF Increments)
% of units in
a given size
range
Asking Rent PSF
The above highlights annualized asking rents per square foot (through December 31, 2019) for the Urban Core
neighborhoods. Data is extrapolated from Axio Metrics. Data excludes units believed to be affordable.

27. Number of Units
Rental Price Range (Asking Rent)
23,285
22,721
20,302
14,295
9,020
5,266
3,206
1,847
1,056
663 500
304 243 146
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
17,000
18,000
19,000
20,000
21,000
22,000
23,000
24,000
25,000
$1,500+ $2,000+ $2,500+ $3,000+ $3,500+ $4,000+ $4,500+ $5,000+ $5,500+ $6,000+ $6,500+ $7,000+ $7,500+ $8,000+
2019: 39% 2019: 39% 2019: 15% 2019: 8%
2018: 42% 2018: 36% 2018: 14% 2018: 8%
Urban Core Rental Demand Curve
The above highlights annualized asking rents (through December 31, 2019) for the Urban Core neighborhoods. Data is
extrapolated from Axio Metrics and excludes units believed to be affordable. Data excludes lofts.
• The number of units online
in the Urban Core has
increased steadily from
the end of 2018
• Unit count:
End of 2018 (20,344),
Q1 2019 (20,538)
Q2 2019 (21,670),
Q3 2019 (21,731),
Q4 2019 (23,285)
• Annualized asking
rents have heightened
remarkably since the end
of 2018: the percentage
of units between $3,000
and $4,000 has enlarged
from 36% to 39%, and
the percentage units
below $3,000 decreased
from 42% to 39%
• Units with asking rents
above $5,000 remained
at 8% of the Urban Core,
showing a limited but
consistent demand at
higher absolute price
points

28. Annualized Asking Rents for New Buildings: Top PSF
*Hub50 House averages are based on 8 months of lease-up data
Property Neighborhood
Occupancy
(Dec 2019)
Year
Built Avg SF
Min Ask
Rent
Max Ask
Rent
Avg Ask
Rent
Avg EFF
Rent
Avg Ask
PPSF
Avg EFF
PPSF
Trac75 Allston 96% 2017 659 $2,035 $4,675 $2,898 $2,845 $4.40 $4.32
NOVA Brighton Brighton 100% 2017 592 $1,875 $3,490 $2,618 $2,618 $4.42 $4.42
Radius Allston 98% 2019 620 $2,250 $4,082 $2,769 $2,557 $4.47 $4.13
AVA Theater District Theater District 98% 2015 686 $2,008 $7,364 $3,076 $3,076 $4.49 $4.49
603 Concord Cambridge 98% 2015 701 $2,450 $3,975 $3,150 $3,138 $4.49 $4.48
The Brynx Jamaica Plain 40% 2019 671 $2,460 $4,145 $3,036 $2,581 $4.53 $3.85
MBH Fenway 100% 2015 487 $1,700 $5,500 $2,212 $2,212 $4.54 $4.54
Girard Apartments South End 95% 2016 871 $2,795 $7,315 $3,995 $3,991 $4.59 $4.58
The Tower at One Greenway Chinatown 95% 2016 822 $2,279 $7,660 $3,770 $3,768 $4.59 $4.59
Fenway Diamond Apartments Fenway 98% 2015 719 $2,120 $4,650 $3,310 $3,310 $4.61 $4.61
Union House at Market Central Cambridge 100% 2019 676 $2,554 $4,507 $3,124 $3,113 $4.62 $4.60
Lantera Boston Landing Brighton 91% 2018 718 $2,337 $7,473 $3,389 $3,101 $4.72 $4.32
Ink Block South End South End 95% 2015 748 $2,575 $5,760 $3,535 $3,535 $4.72 $4.72
The Graphic I Charlestown 93% 2019 504 $2,071 $4,000 $2,388 $2,232 $4.74 $4.43
Avalon North Station West End 96% 2017 802 $2,403 $11,411 $3,817 $3,817 $4.76 $4.76
Viridian Fenway 99% 2015 809 $2,500 $5,400 $3,860 $3,860 $4.77 $4.77
The Eddy East Boston 96% 2016 617 $1,843 $4,550 $2,947 $2,865 $4.78 $4.65
One Canal West End 98% 2016 803 $2,516 $8,123 $3,884 $3,884 $4.83 $4.83
Vivo Apartment Homes Cambridge 100% 2015 642 $2,379 $4,613 $3,106 $3,106 $4.84 $4.84
Van Ness Fenway 99% 2015 691 $2,608 $5,678 $3,604 $3,604 $5.22 $5.22
Troy Boston South End 99% 2015 631 $2,305 $4,585 $3,293 $3,293 $5.22 $5.22
100 Pier 4 Seaport 96% 2015 804 $2,508 $11,598 $4,332 $4,329 $5.39 $5.38
NEMA Boston Seaport 35% 2020 775 $2,875 $8,770 $4,247 $4,247 $5.48 $5.48
Hub50 House North End Unknown 2020 633 $2,260 $10,200 $3,572 $3,484 $5.64 $5.50
The Harlo Fenway 94% 2017 650 $2,647 $6,262 $3,705 $3,693 $5.70 $5.68
VIA Seaport Residences Seaport 95% 2017 687 $2,025 $9,630 $3,987 $3,963 $5.80 $5.77
The Benjamin Seaport 95% 2017 848 $2,968 $9,146 $4,960 $4,898 $5.85 $5.77
Watermark Seaport Seaport 98% 2016 645 $2,182 $8,032 $3,783 $3,770 $5.87 $5.85
345 Harrison Ave South End 98% 2018 620 $2,409 $7,466 $3,657 $3,497 $5.90 $5.64
30 Dalton Back Bay 93% 2016 900 $3,566 $30,731 $5,406 $5,406 $6.01 $6.01
200 Brookline Fenway 99% 2018 767 $3,240 $7,958 $4,764 $4,764 $6.21 $6.21
Proto Cambridge 99% 2018 563 $2,500 $6,203 $3,502 $3,276 $6.22 $5.82
The above highlights annualized rents & occupancy (through December 31, 2019) for Boston and nearby neighborhoods.
Buildings in lease-up stages are highlighted in orange. Data is sourced from Axio Metrics. New buildings are built 2015 or
later.

29. Property Neighborhood
Occupancy
(Dec 2019)
Year
Built Avg SF
Min Ask
Rent
Max Ask
Rent
Avg Ask
Rent
Avg EFF
Rent
Avg Ask
PPSF
Avg EFF
PPSF
Waterside Place I Seaport 97% 2014 879 $2,465 $5,749 $3,844 $3,818 $4.37 $4.35
Camelot Court Brighton 100% 1967 617 $2,089 $3,617 $2,703 $2,703 $4.38 $4.38
Avenir Apartments West End 98% 2009 651 $2,495 $4,750 $2,871 $2,871 $4.41 $4.41
Beacon Fairbanks Manor Brookline 100% 1935 493 $1,700 $2,850 $2,183 $2,183 $4.43 $4.43
315 on A Seaport 99% 2014 787 $2,470 $5,147 $3,501 $3,501 $4.45 $4.45
The Devonshire Midtown 65% 1983 953 $2,800 $11,856 $4,252 $4,244 $4.46 $4.45
929 Mass Apartments Cambridge 99% 1975 565 $2,168 $5,605 $2,568 $2,568 $4.54 $4.54
Lofts at Kendall Square Cambridge 95% 1998 678 $2,568 $4,725 $3,112 $3,112 $4.59 $4.59
John Harvard Cambridge 100% 1935 649 $2,395 $4,447 $2,983 $2,981 $4.60 $4.59
Radian Boston Chinatown 97% 2014 784 $2,540 $7,219 $3,657 $3,657 $4.66 $4.66
381 Congress Seaport 98% 2014 654 $2,649 $3,798 $3,071 $3,071 $4.70 $4.70
100 Memorial Drive Cambridge 99% 1972 647 $2,118 $4,180 $3,055 $3,016 $4.72 $4.66
660 Washington Chinatown 97% 2006 763 $2,526 $7,188 $3,605 $3,605 $4.73 $4.73
Fenway Triangle Trilogy Fenway 92% 2006 767 $2,700 $8,298 $3,642 $3,639 $4.75 $4.75
Brookline/Hampton Court Brookline 98% 1935 483 $2,000 $3,000 $2,299 $2,299 $4.76 $4.76
Watermark Kendall East Cambridge 92% 2013 659 $1,954 $5,345 $3,150 $3,140 $4.78 $4.77
Princeton on Beacon Street Brookline 100% 1890 439 $1,755 $2,515 $2,110 $2,110 $4.81 $4.81
Avalon at Prudential Center Back Bay 100% 1968 790 $2,311 $13,610 $3,847 $3,847 $4.87 $4.87
9 & 15 Chester Street Cambridge 100% 1965 384 $1,850 $2,200 $1,880 $1,880 $4.89 $4.89
Wendell Terrace Cambridge 100% 1935 518 $2,100 $3,150 $2,553 $2,553 $4.93 $4.93
AVA Back Bay Back Bay 100% 1968 792 $2,717 $12,261 $3,910 $3,910 $4.93 $4.93
The Arlington Back Bay 100% 2014 1,058 $3,700 $7,345 $5,269 $5,269 $4.98 $4.98
Chauncy Court Cambridge 96% 1935 486 $1,970 $4,780 $2,427 $2,422 $4.99 $4.98
The Parkside Fenway 95% 1920 464 $1,700 $4,500 $2,348 $2,348 $5.06 $5.06
Boylston Street Fenway 100% 1920 416 $1,850 $3,200 $2,114 $2,114 $5.08 $5.08
62 on the Park Midtown 100% 1939 463 $2,025 $3,000 $2,356 $2,356 $5.09 $5.09
Lofts at Atlantic Wharf Waterfront 96% 2011 853 $2,873 $5,868 $4,348 $4,333 $5.10 $5.08
Garrison Square Back Bay 84% 1990 953 $3,339 $7,795 $4,909 $4,823 $5.15 $5.06
28 Exeter at Newbury Back Bay 94% 1980 725 $3,425 $4,575 $3,786 $3,748 $5.22 $5.17
Kensington Midtown 96% 2013 686 $2,218 $7,547 $3,749 $3,749 $5.47 $5.47
Avalon North Point Lofts Cambridge 93% 2014 451 $1,995 $3,245 $2,498 $2,498 $5.54 $5.54
Avalon Exeter Back Bay 97% 2014 747 $2,888 $15,075 $4,684 $4,684 $6.27 $6.27
Annualized Asking Rents for Old Buildings: Top PSF
The above highlights annualized rents & occupancy (through December 31, 2019) for Boston and nearby neighborhoods.
Data is sourced from Axio Metrics. Old buildings are built prior to 2015.

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