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Boston & New England  + Boston  + Office  |  April 5, 2024
Greater Boston’s industrial market closed out 2022 with consistently strong fundamentals, concludes Newmark’s Boston Industrial Market Report 4Q22.
Emily Fu
By: Emily Fu

Boston Office Vacancies Rise; Industrial, Life Science Slow Down

In Greater Boston’s real estate landscape, the first quarter of 2024 witnessed a nuanced shift across office, industrial, and life sciences sectors, according to Cushman & Wakefield’s Office, Industrial and Life Sciences Stats for Q1 2024.  

Office leasing stagnated, with the Financial District being a notable exception. Despite a 100 basis point increase in overall vacancy to 15.6%, average asking rents surged by over $3.00 per square foot annually, though Downtown Boston saw a softening trend. 

Industrial leasing, on the other hand, experienced a significant drop below historical averages. Yet, average asking rents continued to climb, up by 25.9% year-over-year. The warehouse/distribution sector saw 220,000 square feet leased, with 495 North leading activity. 

In life sciences, leasing activity declined by 7.0% from Q4 2023. Overall vacancy spiked to 25.1%, a 260-bps increase QOQ. Despite these challenges, the market’s confidence remains strong, especially in life sciences, indicating a resilient sector amidst evolving market dynamics. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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