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Boston leasing activity during 2022 increased by 10% over 2021 and 130% over 2020.

CBRE: Boston Downtown and Suburban Office Markets Stabilize by 2022 Year-End

Boston’s downtown and suburban office markets, which experienced a recovery during the first half of the year and fared better than most other major cities due to a diverse tenant base, but economic fears and the adoption of remote work strategies affected the market by year-end, according to the CBRE Q4 Office Figures Report.

Leasing activity in the downtown market during Q4 was 756,000 square feet to end the year with a total of 4.8 million square feet. Overall leasing activity in Boston’s suburban market was 727,609 square feet with over half of the total transactions during the quarter coming from new deals and 30% from renewals.

“Although the year cended on a slower note, deal activity during 2022 was a shining light, increasing 10% from 2021 and over 130% from 2020 levels at the height of the global pandemic,” said Kevin Kennedy, SVP of commercial real estate services firm CBRE. “One trend we will continue to see is flight-to-quality, especially in the suburban market which saw 65% of all deals being tenants drawn to Class A office space as employers implemented back-to-office protocols into the new year.”

Boston Downtown Office Figures
Boston Suburban Office Figures


Inside The Story

CBRE's Kennedy

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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