Boston office market report

Q2 2024

3.3 msf

Aggregate downtown Boston demand requirements

Currently, Urban Boston’s tenants in the market (TIMs) account for 3.3 msf of active requirements. This demand is generated by 90 companies spanning various office-utilizing industries. Notably, the finance, insurance, and real estate (FIRE) sectors, along with technology and law firms, collectively represent 65% of the active TIMs in Urban Boston.

+9.7%

Change in trophy & class A share of leasing activity

When comparing the first and second quarters of 2024, Greater Boston experienced a significant rise in the share of leasing activity attributed to class A and trophy properties. These facilities boast state of the art amenities, enhancing the draw for this product.  While the previous quarter showed a stronger demand for B & C product, it is now clear class A and trophy properties remain in stronger demand.

-5.17%

Decrease in available sublease space from year-end 2023

At the end of 2023, Greater Boston recorded an all-time high in available sublease space. Driven by competitive pricing and occupiers’ reluctance to commit to long term leases during a period of economic uncertainty, over 550,000 sf of sublease space has been taken off the market in the first half of 2024. This equates to a 5.17% decrease in available sublease space.

Your source for the latest Boston office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Boston area. Avison Young advisors look at Boston commercial real estate activities and the latest Boston statistics to provide you expert market research on Boston's office properties.

Explore different topics like the latest office market pricing trends and analysis of Boston's current office real estate market conditions. Gain a better understanding of Boston’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Boston's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Boston.

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