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21Q3 Boston Office Market Report

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There are signs of recovery emerging across the Greater Boston market. Absorption was positive in Boston, after six consecutive quarters of space givebacks. Sublease space decreased sharply, by 773,000 square feet in the quarter, while vacancies fell to 15.2%. Tenant activity has picked up, with numerous tenants seeking space despite the uncertainty of flexible work arrangements. Many employers returned to work after Labor Day, and other major employers are waiting until the turn of the New Year. The Boston office market feels more “normal” again, with tenants touring, deals getting done, and strong venture capital funding driving growth.

The Cambridge and suburban office markets both posted positive net absorption in Q3, led by East Cambridge, 495 North, and 495 West. Over the past year, vacancies grew by one percentage point in the suburbs and by 1.6 percentage points in Cambridge. Rents in both markets continue to rise, by 2.3% in the suburbs and by 7.8% in Cambridge over the past year. Sublease space decreased this quarter and is now broadly in line with year-ago levels. Tenant activity is gaining momentum, though differing by submarket.


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21Q3 Boston Office Market Report

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Jeffrey Myers

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A 20-year industry veteran, Jeff brings an extensive commercial real estate background that includes expertise in city planning, market research, landlord representation and more.

Myers most recently held the position of Deputy Director of Portfolio & Asset Management at Massport, the port authority in the Commonwealth of Massachusetts. During his time with the organization, Myers and his team managed 9+ million square feet of commercial real estate across 500 acres. Myers was heavily involved in lease negotiations, leasing strategies, tenant relations and market research to aid stakeholders by providing critical information needed for their decision-making processes.

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