Boston office market insights

Q3 2023


Decrease in leasing velocity

Leasing velocity has dropped 17.5% since Q2 2023. With 937,525 SF signed in Q3, this is almost a 200,000 SF drop since the previous quarter. Moreover, the average term length is also trending downward with most occupiers opting to remain more flexible with a business horizon flush with economic uncertainty.


Availability rate posted in Q3

The Greater Boston area has posted its highest availability rate since the Great Recession. Since the onset of the pandemic, upward pressure on availability has mainly been driven by sublease space. Now direct space is influencing the rise in availability. This trend is expected to continue as more sublease listings roll over to direct listings upon sublessor expiration.


Lease expirations in Boston over the next two years 

Downtown Boston has approximately 12 million square feet of active leases expiring from 2024 through 2025. With most companies retracting their office footprint upon lease expiration through more efficient workplace strategies, availability is expected to rise further, especially across the class A market where the brunt of expirations are focused.

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