700 Technology Park, Billerica

20.3% 19.5% 19.4% 22.3% 24.8% 24.1% 24.7% 24.7% 25.1%

ROUTE 495 NORTH OFFICE MARKET Rents across the Route 495 North submarket increased by 13% from the end of 2014 to the end of 2018. The average asking rate ended the year at $19.41 per square foot. Class A rates climbed more steeply, reaching $21.80 per square foot in the fourth quarter of 2018. Market fundamentals have been improving steadily over the last year. In fact, office vacancies have declined by more than 300 basis points over the last 12 months. These improvements are being driven by tenants shifting away from the Route 128 submarket, where few large blocks of space exist and rents command a 27% premium over the Route 495 markets. 17.22 $ 3476937 646333 2757792 148830 13545025 20.36018 17.20 $ 3576484 657859 2789647 148830 13545025 20.59536 17.42 $ 3863935 646008 2709546 136979 13545025 20.00399 17.67 $ 3999536 360271 2749567 117341 13573035 20.25757 17.64 $ 3884789 297065 2652449 117341 13573035 19.54205 17.75 $ 4275010 261697 2627045 154075 13573035 19.35488 18.50 $ 3793472 281691 3027720 191505 13573035 22.30688 18.78 $ 4128394 225181 3358961 153640 13546035 24.79664 18.54 $ 4089323 212607 3259708 146946 13546035 24.06393 18.56 $ 4038828 233398 3345797 170552 13546035 24.69946 18.74 $ 3973703 205392 3299583 140929 13378235 24.66381 18.84 $ 3976642 145415 3359515 111451 13378235 25.1118 19.43 $ 4087577 217437 3564210 118498 13378235 26.64186 19.65 $ 4159879 203146 3467151 104207 13378235 25.91636 Class A Class B 26.6% 5,151,241 8,028,167 25.9% 17.80% 27.10% 24.9% $21.80 $18.38 23.8% 39% 61% 23.2%

10/1/14 2014

1/1/15 4/1/15 7/1/15 1/1/16 4/1/16 7/1/16 1/1/17 4/1/17 7/1/17 1/1/18 4/1/18 7/1/18

10/1/15 2015

10/1/16 2016

10/1/17 2017

20.05 $ 3399798 208655 3282215 109716 13192908 24.87863 19.51 $ 3348835 218655 3142902 119716 13192908 23.82266 19.41 $ 3385323 163214 3057296 36258 13179408 23.19752 12.7% Inventory by Class

10/1/18 2018

Total Vacancy TOTAL VACANCY

NOTABLEMARKET ACTIVITY L3 Communications signed a lease for 140,000 square feet at 1 Radcliff Road in Tewksbury. The Company expanded and relocated from 79,000 square feet at 10 Commerce Way in Woburn.

Inventory by Class

$21

30%

25%

$20

$19

20%

$18

15%

10%

$17

$16

5%

INVENTORY

$15

0%

2014

2015

2016

2017

2018

AskingRent (PSF)

TotalVacancy

ClassA ClassB

ClearMotion signed a major expansion in Billerica in 2018; leasing 122,342 square feet at 805 Middlesex Turnpike. The company previously occupied 28,473 square feet at 400 Research Drive in Wilmington.

The Department of Children and Families executed a lease for 36,704 square feet at 2 Omni Way in Chelmsford.

Flight Light Biosciences also leased 24,080 square feet at 2 Omni Way; more than doubling their previous space in Bedford.

BOSTON 30 MINUTES

Corvia Medical renewed and expanded its lease, now totaling 21,457 square feet, at 1 Highwood Drive in Tewksbury.