Flight-to-quality trend in Boston driving asking rents up and availability down in Trophy buildings.

• Similar to most major office markets across the country, a flight-to-quality trend has proved out in Downtown Boston over the last several years with average asking rents breaching $100 per square foot (full service) across Trophy assets as of Q2 2023.
• With roughly a quarter of the Trophy assets under construction or having recently been delivered, demand for these top-tier buildings remains strong, placing downward pressure on availability, allowing landlord to push on base rents.
• However, most of the demand being seen across Trophy assets is coming from occupiers who preside in the Class A market in Boston which is resulting in an uptick in Class A availability and downward pressure on Class A rents.

Boston

Declan Hood
Tucker White