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Boston Office Five Fast Facts Q2 2023

Riley McMullan • 7/28/2023
  1. Uptick in Vacancy Continues:  
    Overall vacancy increased for the fifth consecutive quarter, jumping 280 basis points QOQ to 13.9% - its highest point in this economic cycle.  
  2. Sublease Availability Hits Record High:  
    There is currently 3.5 msf more space being marketed for sublease than at the same point in 2022. Sublease space on the market in Greater Boston ended Q2 at 9.3 msf – a new record high.  
  3. Demand Remains Sluggish:  
    Leasing activity lagged historical averages with the market recording its slowest first half of the year since 2020, down 61.9% compared to the same period last year. Suburban submarkets outpaced Downtown with 46.6% of the market’s YTD leasing activity concentrated in the 128 and 495 Belts alone.  
  4. Suburban Cluster Leads the Market:  
    The 495 Belt was the only one of the market’s five major office clusters to post positive net absorption during the second quarter with nearly 400,000 sf of occupancy gains.  
  5. Downtown Dominates Pipeline: 
    The entirety of Greater Boston’s under construction pipeline is concentrated in Downtown submarkets. Of the 4.3 msf scheduled to deliver before the end of 2025, 50.0% has been preleased.     


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