大波士顿地区写字楼市场报告：2025年第一季度

Q1 2025 Greater Boston office market trends Q1 2025 officesalesdollarvolume Q1 2025 leasing activity Average asking rents (FS) After a surge in renewal activity at the end of2024, quarterly leasing activity in GreaterBoston declined quarter-over-quarter.However, Q1 2025 saw a heightened numberof new leases and relocations signed. Withample space available and over 4millionsquare feetof active downtown requirements,leasing activity is expected to increasethroughout the rest of 2025. Rents in Greater Boston have remainedrelatively stable over the past year. The BackBay submarket continues to narrow the gapwith East Cambridge, currently the region’smost expensive submarket. With Back Bay’sTrophyandClassAmarket provingsignificantly tighter than that of EastCambridge, rents in the Back Bay are expectedto keep rising, positioning it as a strongcontender for the most expensive submarketin Greater Boston. Officesalesvolume maintained strongmomentum into Q1 2025, reaching nearly$500 million in total dollar volume (excludingcondo sales). Investorswhotakeanaggressiveapproachhavea unique opportunity toacquire office properties at pricingcomparable to the early 2000s.Withconversion opportunities available and theoffice leasing market gradually rebounding,totalsales volume is expected to remain onpar with the past two quarters. Leasing activity totals 1.73 msf in Q1 2025. Greater Boston logged 1.73million square feet (msf) oftotal leasing activity in Q12025. With around 4 msf of spacerequirements in Urban Bostonalone, leasing activity isexpected to rise in the comingquarters as occupiers navigatea wide range of availableoptions to meet their realestate needs. Greater Boston office sales see increased PSF values. $267.56average PSF recorded onQ1 2025 transactions. $497mmof total sales volumerecorded in Q1 2025. In 2024, average price per square foot (PSF) values in Greater Boston hoveredin the low $200s, aligning with levels last seen in the early 2000s. Withtransaction activity picking up in late 2024 and continuing into early 2025, PSFvalues have risen accordingly as investor activity adapts to pricing corrections. In Q1 2025, the Greater Boston region recorded $497 million in total officesales volume (excluding condo sales), marking the third-highest quarterly totalsince 2022. Transaction activity has surged as aggressive investors takeadvantage of a surplus of office properties available at steep discounts. Back Bay asking rents continue to seegrowth. Greater Boston reported anaverage full service (FS) askingrent of $52.12 in Q1 2025. Average FS Asking Rent ($)East Cambridge andtheBackBay remained the mostexpensive submarkets. Whilerents in East Cambridge haveflattened out, Back Baycontinues to see quarter-over-quarter growth, driven by itshighly competitiveTrophy/Class A market. Supply Snapshot Class A availability continues upwardtrajectory. Class A space in GreaterBoston has maintained thehighest availability rate amongall property classes for overthree years. While blue-chip occupierscontinue to pursue space attrophy facilities, budget-conscious tenants are optingfor high-end Class B spaces totake advantage of lower rates. Buildings delivered in 2010 post lowest Q12025 availability. Aligned with the flight-to-quality trend, assets deliveredin the 2010s posted the lowestavailability in Q1 2025, comingin 200 basis points below thenext lowest decade. Looking ahead, availability inbuildings delivered in the2020s is expected to decline asoccupiers continue prioritizingbest-in-class spaces. Rendering of 350 Boylston St: Office developmentpipeline A 231k sf office property, fullyleased and set to deliver in Q22025. 2 propertiesUnder construction 931,663 sf Under construction 0.4%Share of inventory 33.3% Under construction % pre-leased Page9Greater Boston office insights | Q1 2025 Demand Drivers FIRE tenants account for highest total SFof requirements. As of Q1 2025, DowntownBoston currently boasts over 4msf of active spacerequirements across amultitude of industries. FIREand tech companies accountfor the bulk of these occupiers,representing over 50% of alltenants in the market. Given that no new major out-of-state occupiers are lookingto expand into DowntownBoston, active spacerequirements are expected toremain around 4 msfthroughout the remainder of2025. Class A sees heightened share of leasingactivity in Q1 2025. After a strong quarter ofrenewals in trophy-classfacilities throughout 2024, Q12025 saw trophy spacesexperience a decline in theirshare of quarterly leasingactivity. Looking ahead, given theabundance of high-class spaceavailable, trophy leasing isexpected to rise from itscurrent 7% share of totalleasing activity. Greater Boston posts second quarter ofpositive absorption since 2023. Since 2020, Greater Boston’soffice market has seen just sixquarters of positive netabsorption, with Q1 2025being one of them. As the market maintainspositive momentumthroughout 2025, tota