Boston office market report

Q1 2024

1.3 msf

Aggregate office leasing activity

In Q1 2024, Greater Boston saw 1.3 million square feet of leasing activity, marking one of its weakest quarters in recent memory. Despite this downturn, there's hope for improvement as leasing dynamics shifted noticeably. Historically, trophy and class A properties led leasing, but in Q1 2024, class B and C properties took a larger share of activity.

+2.50%

Increase in total available space from year-end 2023

Greater Boston had 48 million square feet of available space, up 2.50% from 2023 year-end. Despite this abundance, tenants enjoy a varied selection of options. We expect availability to decrease gradually as return-to-work policies in 2024 bring more employees back to the office.

$51.63

Average (FS) asking rent for Q1 2024

The average FS asking rent in Greater Boston was $51.63, down from $52.96 in Q4 2023. With subdued leasing activity indicating low demand for office space, landlords are adjusting pricing strategies to attract tenants and fill vacancies. We expect this trend to continue as landlords prioritize occupancy rates in the tenant-centric market.

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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.

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