Boston office market report

Q3 2024

1.87 msf

Total leasing activity recorded in Q3 2024

After two sluggish quarters, Greater Boston’s leasing activity saw a significant uptick in Q3 2024. With a total volume of 1.87 msf, this marks a Q-o-Q increase of nearly 450,000 sf – an approximate 31% rise. As the market continues its correction, office occupier demand in Greater Boston is projected to maintain it’s upward trend.

+35%

Y-o-Y increase in Friday office visitation

When looking at office visitation recovery volume, Greater Boston has noticed a significant rise in Y-o-Y Friday visitation volume. While Monday-Thursday visitation has remained relatively stable, Friday’s have experienced a surge in employees returning to the office, likely driven by companies mandating 5-day in office work weeks.

$10.91

Sep. 2024 differential between base and net effective rents

Base and net effective rent differential continues to climb, posting an all time high of $10.91 in September 2024. Despite heightened leasing activity and occupier demand, landlords are still offering aggressive concession packages to hit occupancy numbers.

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