Q2 2024 Boston Office Market Report

It’s the story of the submarket in Boston’s downtown office landscape, where context is critical to understanding how buildings are performing.

Back Bay and Seaport buildings boast little vacancy, while the Financial District paints a starkly different picture. From a quality perspective, trophy Class A assets are continuing to perform well while Class B low-rise and commodity spaces face a bleak outlook. Occupiers have reason to be optimistic, as there is plenty
of opportunity in the market depending on location.

Back Bay got a particularly strong boost in the first quarter, as both Bain Capital and Arrowstreet Capital renewed large neighborhood leases. While this caused even further tightening in a submarket with limited supply, it was a notable deviation from a pattern of large tenants relocating to new construction.

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