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Commercial

 Market Trends

2020 Office Space Rent & Sales

$56.16
2020 Avg.
Asking Rent
-0.22%
Y-o-Y Avg.
Asking Rent Change
6.88%
2020 Office
Vacancy Rate
$2.4B
2020 Total
Office Sales
$746.51
Avg. Sale
Price/Sqft

Boston office price per square foot in 2020 was $56.16 on average. This marked a -0.22% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 6.88% across all asset classes combined. The 9 transactions that closed here throughout 2020 amounted to a total sale volume of $2.4B. Boston office space commanded an average sale price per square foot of $746.51.  
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Since January 2021, the median rent price in Boston is up 23%, significantly faster than during the most recent “normal” years. As a result, Boston rent prices have now eclipsed their pre-pandemic levels; in March 2020 the city-wide median rent was $2,078 while in August 2021 it was $2,130 (up 2.5%).
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Office vacancies are high — and a lot more space is  on the way.  Nearly 3.6 million square feet of more office space is  on the way in four downtown towers alone, and  three-fourths of that space still needs tenants.
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Beacon Hill heard testimony on a rent and eviction stabilization bill. If passed, the bill would allow cities and towns to put a limit on yearly rent hikes and stipulate that evictions be based on “a limited number of defined just causes.”
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