Boston office market reports

Q2 2021: Reopening efforts, higher vaccination rates, and strength of lab show a promising future for the Boston office market. 

This dashboard is best viewed in a wider browser window.

With Boston-based companies beginning their workplace reopening efforts, higher vaccination rates across the regional population, and additional supporting market dynamics; the future looks bright for the Boston office market. Anchored by a 10.2% drop in regional unemployment (15.6% in April 2020 to 5.4% in April 2021), Boston is well on the way to an above-national-average recovery.

5.4%

Unemployment rate

Reopening efforts and higher vaccination rates have allowed the Boston unemployment rate to rebound from a high of 15.6 percent in April 2020 to 5.4 percent in April 2021.

46.4%

Office recovery

The office rate of recovery in Boston is at the front of the pack compared with other U.S. gateway cities on the heels of lab occupants. Biotech/ pharma companies have been returning to the office at rates that are more than double the national average of 19.2%, measuring in at 46.4 percent.

2.2 msf

Sublease supply

The sublease market continues to drag aggregate fundamentals, accounting for 2.2 msf of vacant space in Downtown Boston. However, notable tenants are withdrawing large sublease blocks from the market, which can be attributable to an anticipated return to the office and/or tepid sublessor demand in this market segment.

116%

Asset pricing

Asset pricing has softened for both office and lab alike. Though, when comparing office to lab, there is a 116 percent pricing differential between the two asset types, that is continuing to grow.

$93 psf

Lab space

Demand for lab space has not waned, commanding a staggering $93 psf net effective rent.

82.3%

Office vs. lab

The pricing differential for office versus lab net effective rents is 82.5 percent–and the pandemic has widened this gap.

Download Boston Office Insight report

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.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

Get the latest Boston office market reports right in your inbox

Subscribe today

Please allow cookies to enable this feature

Our contact service requires the use of cookies to provide an optimal experience for you. Your current cookie setting prevents us from sharing this feature with you.

Allow cookies