Q1 2023: Boston Office Market Report

Hybrid work and shrinking footprints continue to put pressure on a real estate market facing 10-year highs in vacancy and available sublease space. At the same time, rising interest rates and pending loan maturities are putting some landlords at greater risk of loan defaults as the pendulum continues to swing towards the tenant. In 2023, we expect to see the market continue to soften with tenants in need of space finding greater optionality with increased concessions across most building classes.