Boston office market report

Q2 2025

11%

Average footprint growth of law and FIRE tenants in Boston 

Downtown Boston occupiers within the finance, insurance, and real estate (FIRE) and legal sectors have both expanded their footprint by 11% on average halfway through this year following an increase of 15% and 14%, respectively in 2024. 
$8.36 psf 

Gap between base rent and net effective rent in Boston 

While remaining well above historical averages, the mean gap between base rent and net effective rents (NER) in H1 2025 is down from its high of $9.59 psf in Q3 2024, suggesting the market has hit its peak in terms of the value occupiers can get out of concession packages. 
3.6 msf 

Available sublease space in Boston 

Occupiers looking for shorter-team leases at a discounted rate in Downtown Boston have less options than they did 24 or even 12 months ago with sublease space hitting the market at a slower clip and many of the existing sublease availabilities beginning to switch to direct.

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