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Boston Office Leasing Rallies in Q3 2024
Boston office leasing is looking up, according to third-quarter reports from Avison Young, Savills and JLL. Q3 saw a 31% quarterly increase across Greater Boston, Avison Young said. Savills termed Q3 the strongest quarter since Q1 2022, while JLL reported that vacancy rates declined for the first time before the pandemic.
“The confidence our team and clients are feeling is illustrated by the robust activity we’re seeing in the market as we turn the corner and enter 2025,” said John Dolan, managing director of Avison Young’s Boston office. “Though transactions are still taking a bit longer to close than pre-pandemic comparisons, there are signs that market activity could compress those timelines following the election.”
Highlights of Q3 included Bain Capital’s expansion to 378,000 square feet at 200 Clarendon St. and Vertex Pharmaceuticals’ 1.1-million-square-foot commitment at 50 Northern Ave., both in Boston. “Boston has returned more workers to the office than any other metro since July of last year, with a 10.3% increase in office attendance over that time,” according to JLL. “Even with these increases, the region is still slightly below national averages for return to office, which leaves plenty of runway for growth in the near term.”
Pictured: 200 Clarendon St.
- ◦Lease
