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Boston-Area Office Sublease Space Tops 2010 High
During the second quarter the commercial real estate market in Boston felt the effects of the COVID-19 pandemic, reported CBRE’s Suzanne Duca and Colin Channell. Since April began, of April, the Boston metro area has seen sublease availability climb by 1.7 million square feet, ending Q2 at nearly 5.8 million square feet, up 40 basis points from Q1 to an availability rate of 2.7%. A total of 142 office sublease spaces were added across all Boston markets.
Downtown Boston saw over 700,000 square feet of sublease space hit the market. CBRE says downtown’s two million square feet of sublease space has surpassed the high from the Financial Crisis in 2010 but hasn’t surpassed 2001’s all-time high of 3.0 million square feet.
Lab space across Boston, Cambridge and the suburbs saw almost no new sublease space this quarter. Life sciences has been largely resilient during the pandemic, says CBRE.
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