Notable expansions and relocations in the downtown Boston office market have kept the sector on an upward trajectory, according to CBRE’s Boston Downtown Office Figures Q4 21 report. Boston recorded the second consecutive quarter of growth since the pandemic began with 426,000 square feet of positive absorption in the fourth quarter and 621,000 square feet year-to-date.
“The Boston market experienced volatility throughout the year as new Covid variants impacted companies’ decisions on return to work and potential real estate strategies,” said Andrew Hoar, president of CBRE Greater Boston. “As we entered the fall, leasing velocity showed signs of life especially in mid-size transactions of 20,000 to 40,000 square feet.”
Demand levels declined slightly in Q4 to 3.3 million square feet. The demand profile of new tenants actively seeking space reflected 72 percent firms in the FIRE (financial services, insurance and real estate) and TAMI (technology, advertising, media and information) sectors.
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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