Skip to main content Skip to footer

22Q2 Boston Office Market Report

Download Report

Key Takeaways

  • For the first time in a year, office availability in metro Boston increased, ending 22Q2 at 15.9%.
  • Tenant demand for high-quality space is driving strong preleasing in new construction.
  • Life science conversion activity is having a positive impact on fundamentals across the metro.

Macroeconomic factors such as high inflation, rising interest rates and falling stock values are impacting the local economy. Given that backdrop, for the first time in a year, in the second quarter the Boston metro had negative net absorption and rising availabilities. Despite the headwinds, the mid-year availability rate of 15.9% remains below the metro's historical average.

Occupancies were the most impacted in Boston, where a significant amount of sublease space came to market. As firms show a preference for higher-quality space, in Boston it has been the Class B segment that has experienced the most disruption. Class B availabilities there are near record-high levels. However, with tenants seeking more than four million square feet of space in the market in Boston, there are opportunities to fill empty space. Cambridge and the Suburbs both had increases in occupied space in 22Q2. Office-to-lab conversions are bolstering office market fundamentals across the metro.


2022researchcard1000x784

22Q2 Boston Office Market Report

Download Report
Related Experts

Jeffrey Myers

Research Director

Boston

As Research Director, Jeff Myers leads the research operation of the Boston office of Colliers. 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.

Since joining Colliers in September 2021, he has focused on synthesizing real estate, demographic, and economic variables to support brokers and provide clients with strategic and actionable insights. In addition to tracking and analyzing pertinent trends, Jeff leads the production of quarterly reports highlighting activity in the market.

Prior to joining Colliers, Jeff 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, he and his team managed 9+ million square feet of commercial real estate across 500 acres. Jeff 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.

Before joining Massport, Jeff spent more than 11 years as a consultant and real estate economist at CoStar Portfolio Strategy. While there he developed extensive knowledge of the commercial real estate business as well as strong skills in client engagement and industry analysis. During his tenure with CoStar, Jeff provided strategic advice to institutional real estate investors across multiple sectors and geographies. Jeff also has municipal city planning experience in Indiana and Georgia.

View expert

Kelly Doonan

Research Analyst

Boston

I joined Colliers' Boston office as a Research Analyst in 2021. In this position, I contribute to the creation of the firm's quarterly Market Viewpoints, as well as the distribution of Week in Review, Colliers' weekly newsletter. I also collaborate across various brokerage and advisory teams on client work and presentations, including labor analytics and market trend analyses.

I assist in managing and upkeeping Colliers' Boston proprietary research database, which contains data on over 360 million square feet of commercial space in approximately 4,000 buildings in the Greater Boston area and the insights it delivers. I work with the rest of the research team to provide reliable data that proves critical when making well-informed market decisions.

View expert