CBRE: Demand is Returning to Downtown Boston Office Market
After a difficult 2020 for office leasing fundamentals in Boston, CBRE has released research pointing to a rosier 2021.
With the successful rollout of vaccines and the relaxing of COVID-restrictions, many occupiers in Boston are eyeing the end of the summer as a goal to have employees return to the office, according to CBRE. Even as some occupiers plan to continue on with some form of remote work, most appear to be reaffirming their commitment to the office as a primary place for work.
Since the beginning of the second quarter of 2021, demand has steadily returned to the Boston market, according to CBRE. Active demand has rebounded from its low back in March 2021. At the end of the first quarter, there was 2.3 million square feet of active demand, but an additional one million square feet that was on-hold. As we enter the mid-point of 2021, there is now 3.4 million square feet of active demand and 580,000 square feet on-hold, with the number of requirements at an all-time high.