FIRE industries are driving demand for office space in Urban Boston, Tech and other industries lag behind

Currently, Urban Boston TIM’s (tenants in the market) account for 3.3 msf of active requirements. This demand is driven by 90 companies across multiple office-utilizing industries. Within this total, FIRE (finance, insurance, real estate) account for the most demand, totaling 1.2 msf.
Among major industries utilizing office space, law firms and FIRE companies demonstrated the greatest average requirement size, at 42,286 sf and 41,724 sf, respectfully.
FIRE industries lead all other office-using sectors with a total of 29 requirements. Tech companies follow in a distant second with 16 active TIM’s, while law firms account for 14. Together, businesses in these industries make up 65% of the of active TIM’s in Urban Boston.

May 29, 2024

US-MA-BOS Boston

Urban Boston office demand by average requirement size and count