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Market Report

Boston Office Market Report

4Q 2022

Boston's Office Landscape Set for Dramatic Change;
Fundamentals Strengthen in the West

Corporate commitments spur historic construction. A diverse mix of traditional office-using companies are locking in their decisions to expand operations in the Boston metro. Amazon is among these companies, as the logistics giant has signed on for 600,000 square feet at a new Seaport project slated for completion in 2024. This development adds to the metro's already sizable pipeline, which includes over 14 million square feet of ongoing space. Once finalized, these projects will collectively expand the metro's inventory by 6.3 percent. With over 2.9 million square feet of Class A space absorbed on a net basis over the previous yearlong period, near-term growth in the Boston office sector bodes well for the asset class.
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