Boston Office Market Reports | Avison Young US - Boston
Boston office market insights
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.
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