Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Boston Office Availability Reaches Record High in Q2
Boston office market experienced a record-high availability rate of 20.2%, according to Savills Q2 office market report. The first half of 2024 saw Boston’s office leasing activity total 3.3 million square feet (msf), just below the 3.7 msf recorded in the same period last year, attributed to a softer second quarter with a 4.0% annual decline.
The report also highlights a slight decline in overall leasing activity at mid-year for the Boston office market, up 220 basis points year over year. This increase is partly due to the addition of 544,626 square feet of direct office space at 10 World Trade Center Avenue, set to be delivered in January 2025, and an influx of sublease space.
Despite these trends, average asking rents continue to rise. Overall asking rents in Boston reached $47.99 per square foot (psf) at the end of Q2, up 4.8% year over year, with Class A rents increasing 5.3% to $56.63 psf.
- ◦Lease
