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Market Report

Boston Office Market Report

2Q 2024

While New Supply Complicates Post-Health Crisis
Leasing Reset, Certain Office Segments Stand Out

Pressures vary across the office landscape. Despite ongoing headwinds, several segments of Boston’s office market are showing comparative resilience. While overall vacancy topped 16 percent in March for the first time since before 2007, the measure for Class B or C buildings larger than 250,000 square feet was near 12 percent. For Class A properties under 250,000 square feet, vacancy was only slightly higher at about 14 percent. Demand for lower-cost space appears to be holding up better among budget-conscious tenants, while those companies seeking Class A options may look to consolidate floor plans, including among new supply. 

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