Currently, Urban Boston’s tenants in the market (TIMs) account for 3.3 msf of active requirements. This demand is generated by 90 companies spanning various office-utilizing industries. Notably, the finance, insurance, and real estate (FIRE) sectors, along with technology and law firms, collectively represent 65% of the active TIMs in Urban Boston.
Change in trophy & class A share of leasing activityWhen comparing the first and second quarters of 2024, Greater Boston experienced a significant rise in the share of leasing activity attributed to class A and trophy properties. These facilities boast state of the art amenities, enhancing the draw for this product. While the previous quarter showed a stronger demand for B & C product, it is now clear class A and trophy properties remain in stronger demand.
Decrease in available sublease space from year-end 2023At the end of 2023, Greater Boston recorded an all-time high in available sublease space. Driven by competitive pricing and occupiers’ reluctance to commit to long term leases during a period of economic uncertainty, over 550,000 sf of sublease space has been taken off the market in the first half of 2024. This equates to a 5.17% decrease in available sublease space.
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