
Greater Boston Office Rents Dipped in Q3 as Metro Leads in Return-to-Office
Asking rents for office space in Greater Boston declined in the third quarter as landlords competed to attract leases in a tenant-friendly market.
Asking rents for office space in Greater Boston declined in the third quarter as landlords competed to attract leases in a tenant-friendly market.
Greater Boston’s office availability rate reached a record high of 20.2 percent at the midyear mark after another declining quarter for leasing activity and uptick in sublease space.
A handful of high-profile leases at trophy office buildings couldn’t mask declining occupancy in Greater Boston’s office market during the third quarter.
Last year, companies around the U.S. scrambled to figure out how to shut down their offices and set up their employees for remote work as the COVID-19 virus suddenly bore down on the world.
Now, in a mirror image, they are scrambling to figure out how to bring many of those employees back.
As we approach the seven-month mark since the state of emergency was declared and office workers transitioned to Work from Home overnight, many people are asking the same question: Will workers return to the office?
Boston’s once-booming office market is starting to reflect concerns of a global recession, as tenants pull back on leasing activity.