Boston office market insights

Q1 2022: As return-to-office efforts start to pick up, a flight-to-quality begins to emerge with an ample amount of top-tier space available throughout the market.

235 msf

Inventory

With 7.3MSF of space under construction, downtown office towers have been the largest driver of new deliveries, shifting the narrative from available office space seen as a burden to creating premium space to take advantage of the flight-to-quality trend.

1.1 msf

Net Absorption

Greater Boston’s road to recovery is back on track after a quarter of negative absorption with roughly 1.1 msf of positive absorption in Q1 of 2022. This marks an all-time high in quarterly net absorption since the start of the pandemic.

$36.20

Direct Asking Rent

Landlords remain firm on asking rents, as companies return to office in a competitive market. Across the board, Class A rent is steadily on the rise, particularly in Boston and Cambridge where the highest quality of space is delivered. Class B rents have remained static.

39.3 msf

Availabilities 

The amount of available office space in Greater Boston has increased by 2.97% over the past 12 months which has mainly been driven by more sublease options hitting the market due to companies rethinking their workplace strategy.

12.7%

Vacancy rates

Greater Boston vacancy improves from 14% in Q4 2021 to 12.7% in Q1 2022 in thanks to strong absorption and a white-hot lab market eating into vacant office supply through life science building conversions.

$488 m

Investment Sales

Greater Boston Investment activity has surged to $10B since the start of the pandemic, as investors acquire assets with hopes of conversion to lab space.

Download Boston Office market 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