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Boston & New England  + Boston  + Office  | 
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Researchers See Signs of Impending Rebound in Boston Office Market

After five consecutive quarters of dwindling office occupancy, the Boston’s office market has finally broken into positive absorption, according to the REAL Insights Greater Boston Office Market Overview for the third quarter.

The report, presented by the Hunneman Research Department, notes that 45,000 square feet in net absorption; a strong performance from the suburbs; and an active sublease market have allowed for the office market to begin its rebound.

Most notably, Boston is now benefiting from companies absorbing a significant portion of vacant sublease space through new leases and sublessors retracting their space from the market in effort to return to the office. However, the total vacancy rate remains static compared to last quarter, sitting at 13.3%.

The study authors also find that a significant uptick in leasing activity is  a suitable indicator path to recovery. Large blocks of space are now being leased again and new developments are seeing increased interest from the market.

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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 he makes the transition from an utterly failed racehorse to a lovely show hunter.

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