Class B, C Office Leases in Greater Boston Surge in Q1 

In Q1 2024, Greater Boston’s office market witnessed a subdued leasing environment, with 1.3 million square feet (MSF) of aggregate leasing activity, marking one of its weakest quarters recently, according to Avison Young’s Q1 2024 Boston Office market report. Interestingly, there was a shift in leasing dynamics, as Class B and C properties claimed a larger share compared to Trophy and Class A properties.  

The market recorded 48 msf of available space, up 2.50% from year-end 2023, providing tenants with diverse options. However, as return-to-work policies are implemented in 2024, the report expects availability to taper off gradually. Despite this, the average asking rent decreased to $51.63 from $52.96 in Q4 2023, indicating landlords’ efforts to attract tenants in a tenant-centric market. Tech and FIRE sectors dominated leasing activity, with media, PR, telecom, & entertainment sectors gaining prominence, especially with Havas Media’s significant lease in Seaport.