Photo courtesy of Avison Young
Leeanne Rizzo
Principal and New England Market Lead, Avison Young
Industry experience: 21 years
Age: 44
During her 21 years in Greater Boston brokerage, Leeanne Rizzo built layers of experience deal-making in both leasing and investment sales. Rizzo carved out a niche in the Route 128 south and Massachusetts Turnpike central submarkets’ industrial and office sectors in stints at Trammell Crow, Colliers, Newmark and Hunneman. In April, Rizzo was named market leader of New England for Avison Young, with a focus on talent recruitment bolstering the Toronto-based brokerage’s business lines in a region that East Region Managing Director Josh Peyton identifies as a key growth market.
Q: Looking at the Avison Young first-quarter office report for Greater Boston, what data points do you think might be overlooked beyond the vacancy rate?
A: From the report, the most telling piece of information is that 70 percent of leasing activity has come from new deals. I think that that’s going to be really positive. Obviously over the past few years, we’ve had a little bit of headwind here, but I think everyone is starting to feel positive about the direction of the market. And that’s one piece in particular that will help indicate the positive activity, as we see it. These terms are at a post-2019 high, where you’re up to over 81 months. That’s another significant data point that’s showing that the return to office policies are starting to solidify and more people are back in the office.
Q: How are existing tenants approaching the renewal versus location question?
A: Since COVID, obviously, construction costs across the board have increased significantly. Relocating versus renewing is always an analysis that our clients will do, because of the cost to relocate. Obviously the trophy assets are continuing to outperform some of the lower rise and mid-tier spaces. So, it’s sort of a testament the flight quality still exists on the relocations. But I think overall, our clients, with all of our help, will always do the analysis of renew versus relocate. And yes, it does often come down to costs, but of course, also that plays into culture. As we come into the era of where return to office is becoming solidified more, people might be revamping their office space to accommodate the people back in the office more full-time.
Q: What do you see contributing to the rising vacancy rate among class A office properties that previously had been insulated from the downturn?
A: With more divisible floorplates and a tenant base largely made up of smaller companies that tend to renew and maintain relatively consistent space needs, class B and C buildings can accommodate a broader range of requirements. On top of that, B and C assets are often less heavily underwritten than trophy and class A buildings, giving landlords more flexibility on rents.
Q: Looking at the industrial market, there’s been an uptick in tenant requirements over the past six months or more. How do you think the rest of the year is going to shape up in terms of leasing and absorption in Greater Boston?
A: I guess the jury is a little bit out on that one still. One thing I can point to is that, since the fourth quarter in 2025 to today, we have seen an increase in releasing activity, which is great. In addition, there’s new requirements dominating, especially in the first quarter of 2026. Tenants really seek that more modern, upgraded space that has been delivered in past years. In addition to that, the Greater Boston industrial market recorded almost $1.5 billion in industrial and flex sales activity in the first quarter alone.
Q: Are there mentors who have helped you advance in a male-dominated industry?
A: I’ve been doing this for 21 years at various firms in Boston as a woman, and I’m aware of it. Being in somewhat of a male-dominated industry, I never really thought about it like that, especially on a day to day basis. I find I used to always just tell myself that if I’m prepared, I know my market, I do what I can to deliver for my clients. That was what would help me, or anybody in the industry, really, to help differentiate themselves. As far as a mentor as I, you know, there’s been a handful, actually, to be honest with you.
Especially as a younger broker, starting in 2004-2005, I definitely had the opportunity to work with some very well established brokers, some of whom still work today, who really just took me under their wing. It was more about teaching me the business and how to service clients, execute a transaction, and just try to be a smart broker as well. It’s just about being a sponge a little bit. You just realize that no two deals are alike, right? The one thing that I always tried to do was, once a deal got finished, you just try to look back on it and understand what was different. What did I learn? And how you can just become a more well-rounded broker going forward, because maybe a particular part of that transaction will show up in another situation.
Q: How is Avison Young addressing the role of AI in brokerage?
A: It’s staring us all in the face, right? AY is definitely investing time and resources into AI. It’s going to be part of our life. What we feel is that people are still going to be our best assets, so how do we integrate AI to help make every professional here more efficient and utilize it appropriately?
Q: What are the areas of focus for the company in terms of expanding its business lines and growth in New England?
A: The opportunities are across all service lines. I don’t think we’re targeting one particular area. We’re going to be opportunistic across all of our service lines. The focus is to grow in general. As opportunities arise, we’re going to be aggressive at trying to attract talent, and grow where all of the opportunities present themselves.
Rizzo’s Five Favorite Pizza Toppings
- Pepperoni
- Sausage and caramelized onion
- Green pepper and onion
- Bacon
- Plain with dollops of ricotta
