Boston office market report

Q3 2025

$10.13

Gap between Trophy/Class A base and net effective rents in Boston

The gap between full-service (FS) average rents and FS net effective rents (NER) in Downtown Boston narrowed slightly in Q3 2025. Landlords began to reduce the value of concessions as available supply starts to trend downward for the first time since 2019. 
$291 

Average PSF urban office sales over the last twelve months 

Urban office sales continued to trade at discounted levels in Q3 2025, with the average price per square foot (PSF) at $303.71. Transaction volume declined compared to Q2 2025, when urban pricing hit a seven-year low. Meanwhile, suburban office pricing remained stable, with the average PSF holding steady around $133.79.
46.3%

Renewals share of office leasing

Renewals accounted for 46.3% of all office leasing activity in Q3 2025. Although slightly below the share of new leases (47.6%), this marks the highest quarterly renewal rate in 2025, and the second-highest share recorded in the past five years.

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