{"id":1004763699,"date":"2025-07-24T00:37:02","date_gmt":"2025-07-24T08:37:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004763699"},"modified":"2025-08-19T07:20:33","modified_gmt":"2025-08-19T15:20:33","slug":"bostons-office-pipeline-maintains-national-lead","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bostons-office-pipeline-maintains-national-lead\/","title":{"rendered":"Boston\u2019s Office Pipeline Maintains National Lead"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0d8db177458&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"822\" height=\"600\" data-attachment-id=\"1004587266\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/biomed-realty-inks-600-ksf-lease-in-cambridge\/585-third-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/585-Third-St.jpg\" data-orig-size=\"822,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"585 Third St\" data-image-description=\"&lt;p&gt;Exterior rendering of 585 Kendall, a 16-story building in Cambridge, Mass., with glass fa\u00e7ade &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 16-story life science building at 585 Kendall St. will come online next year. Image courtesy of CBT Architects&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/585-Third-St.jpg?w=822\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/585-Third-St.jpg\" alt=\"Exterior rendering of 585 Kendall, a 16-story building in Cambridge, Mass., with glass fa\u00e7ade\" class=\"wp-image-1004587266\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/585-Third-St.jpg 822w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/585-Third-St.jpg?resize=300,219 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/585-Third-St.jpg?resize=768,561 768w\" sizes=\"auto, (max-width: 822px) 100vw, 822px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 16-story life science building at 585 Kendall St. will come online next year.<em> Image courtesy of CBT Architects<\/em><br><\/figcaption><\/figure><\/div>\n\n\n<p>Boston\u2019s office pipeline remained in the spotlight in the first months of this year. As of May, projects underway totaled 5.9 million square feet, ranking first nationally, Yardi Research Data shows. However, the pace of new starts slowed significantly, with only one development totaling 350,000 square feet to break ground in the past 12 months.<\/p>\n\n\n\n<p>Even so, the market\u2019s strong emphasis on life sciences remains a key advantage. Nearly three quarters of its office pipeline is dedicated primarily to this sector. Meanwhile, the metro&#8217;s office vacancy rate stood at 16.9 percent at the end of May, still well below the national average.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-largest-office-pipeline-nationwide\">Largest office pipeline nationwide<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0d8db17797a&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004677559\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-projects-that-will-reshape-boston\/assemblyinnovationpark_view05_fullres1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/AssemblyInnovationPark_View05_Fullres1.png\" data-orig-size=\"1500,1600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"AssemblyInnovationPark_View05_Fullres[1]\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Phase I of the project includes a 12-story building with 60 percent office space and 40 percent lab space. All images courtesy of BioMed Realty&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/AssemblyInnovationPark_View05_Fullres1.png?w=960\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"1024\" width=\"960\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/AssemblyInnovationPark_View05_Fullres1.png?w=960\" alt=\"Exterior shot of the first phase of Assembly Innovation Park, an office building in Boston.\" class=\"wp-image-1004677559\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/AssemblyInnovationPark_View05_Fullres1.png 1500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/AssemblyInnovationPark_View05_Fullres1.png?resize=281,300 281w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/AssemblyInnovationPark_View05_Fullres1.png?resize=768,819 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/AssemblyInnovationPark_View05_Fullres1.png?resize=960,1024 960w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/AssemblyInnovationPark_View05_Fullres1.png?resize=1440,1536 1440w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Phase I of Assembly Innovation Park includes a 12-story building with 60 percent office space and 40 percent lab space. <em>Image courtesy of BioMed Realty<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Boston\u2019s office pipeline at the end of May comprised 5.9 million square feet, ranking first nationally and accounting for 2.3 percent of inventory, according to Yardi Research Data. Dallas (3.2 million square feet) and Austin (2.7 million square feet) rounded out the top three metros.<\/p>\n\n\n\n<p>Nearly three quarters of Boston&#8217;s office pipeline are life science properties, with most of the buildings breaking ground during the life science boom after the pandemic.<\/p>\n\n\n\n<p>When also taking into account the projects in planning stages, the metro\u2019s share accounted for 6.4 percent. Only Austin (7.1 percent) registered a higher figure, while other gateway markets such as Los Angeles (3.3 percent) and Seattle (2.5 percent) lagged behind.<\/p>\n\n\n\n<p>At the beginning of the year, <a href=\"https:\/\/www.commercialsearch.com\/news\/biomed-realty-tops-out-boston-life-science-building\/\">BioMed Realty topped out<\/a> 585 Kendall, a 637,000-square-foot life science building in Cambridge, Mass. The 16-story project broke ground in 2022 and is set to come online next year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-completions-still-above-u-s-average\">Completions still above U.S. average<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0d8db177de8&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1629\" height=\"2454\" data-attachment-id=\"1004755540\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nuveen-sells-boston-high-rise-for-227m\/synergy-99-high-street-boston\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg\" data-orig-size=\"1629,2454\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Synergy 99 High Street Boston\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Synergy\u2019s new high-rise, 99 High Street in Boston, was completed in 1971 and had some $24 million in capital improvements invested over the past decade. Image courtesy of Synergy&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg?w=680\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg\" alt=\"Exterior shot of 99 High Street, an office building in Boston.\" class=\"wp-image-1004755540\" style=\"width:auto;height:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg 1629w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg?resize=199,300 199w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg?resize=768,1157 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg?resize=680,1024 680w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg?resize=1020,1536 1020w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Synergy-99-High-Street-Boston.jpg?resize=1359,2048 1359w\" sizes=\"auto, (max-width: 1629px) 100vw, 1629px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Synergy\u2019s newly acquired high-rise, 99 High St., was built in 1971. <em>Image courtesy of Synergy<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Year-to-date as of May, Boston had 1.6 million square feet of <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-deliveries\/\">office space coming online<\/a> across six properties. This accounted for 0.5 percent of the metro\u2019s total stock, above the 0.2 percent national average.<\/p>\n\n\n\n<p>The metro posted 22.2 percent improvement year-over-year for deliveries. Among gateway metros, only Miami (105.7 percent) reached a higher figure, while Los Angeles (-49.7 percent) and Chicago (-91.6 percent) were at the opposite pole.<\/p>\n\n\n\n<p>Recently, BioMed Realty opened the first phase of Assembly Innovation Park, one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/top-projects-that-will-reshape-boston\/\">projects that will reshape Boston<\/a>. The 498,000-square-foot, 12-story component broke ground in January 2022. The second phase will comprise two buildings totaling 970,000 square feet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-more-office-to-residential-conversions-to-break-ground\">More office-to-residential conversions to break ground<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0d8db17820f&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"794\" height=\"600\" data-attachment-id=\"1004603209\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/one-lincoln-boston\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg\" data-orig-size=\"794,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Lincoln, Boston\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The One Lincoln office tower in Boston sold for $400 million at a foreclosure auction. Image courtesy of Fortis Property Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg?w=794\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg\" alt=\"Exterior shot of One Lincoln, an office tower in Boston.\" class=\"wp-image-1004603209\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg 794w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg?resize=300,227 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg?resize=768,580 768w\" sizes=\"auto, (max-width: 794px) 100vw, 794px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The One Lincoln office tower in Boston sold for $400 million at a foreclosure auction. <em>Image courtesy of Fortis Property Group<\/em><br><\/figcaption><\/figure><\/div>\n\n\n<p>Boston\u2019s Conversion Feasibility Index\u2014a tool developed using Yardi Research Data to help investors assess the potential for successfully converting existing office buildings into multifamily\u2014shows that the market had more than 110 properties suitable for adaptive reuse as of May. Additionally, there were 378 office buildings into the Tier II category, meaning they have strong potential for conversion but will require additional adjustment.<\/p>\n\n\n\n<p>In June, the Government of Massachusetts awarded $7.4 million to support two office-to-residential conversions that will create 200 units within the city\u2019s downtown. One of the projects is 31 Milk St., a 94,851-square-foot building with a CFI score of 86.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sale-prices-remain-high-despite-foreclosures\">Sale prices remain high despite foreclosures<\/h2>\n\n\n\n<p>Boston\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-transactions\/\">office investment volume<\/a> year-to-date as of May clocked in at $633 million, ranking 10th nationally. Manhattan ($2.8 billion) remained in the lead, followed by Washington, D.C. ($2.6 billion) and the Bay Area ($2.1 billion).<\/p>\n\n\n\n<p>Assets in the metro traded for $237 per square foot on average, well above the $194 national index. Among gateway markets, Manhattan ($448 per square foot), and San Diego ($346 per square foot) fared better, while Chicago ($59 per square foot) and Seattle ($124 per square foot) were at the opposite pole.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0d8db1786ae&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-attachment-id=\"1004751536\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/us-realty-advisors-lands-boston-area-hq-lease\/400-first-avenue-needham\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/400-First-Avenue-Needham.png\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"400 First Avenue, Needham\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Advisor360\u00b0 is relocating its headquarters to 400 First Ave. in Needham, Mass. Image by Baker Design Group, courtesy of Advisor360\u00b0&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/400-First-Avenue-Needham.png?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/400-First-Avenue-Needham.png\" alt=\"the office building at 400 First Ave. in Needham, Mass.\" class=\"wp-image-1004751536\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/400-First-Avenue-Needham.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/400-First-Avenue-Needham.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/400-First-Avenue-Needham.png?resize=768,576 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Advisor360\u00b0 is relocating its headquarters to 400 First Ave. in Needham, Mass.<em> Image by Baker Design Group, courtesy of Advisor360\u00b0<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In April, <a href=\"https:\/\/www.commercialsearch.com\/news\/nuveen-sells-boston-high-rise-for-227m\/\">Nuveen sold<\/a> 99 High St., a 32-story Class A office tower in Boston\u2019s Financial District, for $227 million. Nuveen acquired the asset for about $100 million below the property\u2019s valuation and at a discount compared to the $273 million sale price registered two decades ago.<\/p>\n\n\n\n<p>In another markdown deal, the 1.1 million-square-foot One Lincoln office tower <a href=\"https:\/\/www.commercialsearch.com\/news\/office-tower-sells-for-400m-at-foreclosure-auction\/\">traded for $400 million<\/a>. An affiliate of merchant bank BDT &amp; MSD Partners, reportedly in partnership with developer and investor DivcoWest, acquired the 36-story tower at a foreclosure auction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-asking-rates-decline-year-over-year\">Asking rates decline year-over-year<\/h2>\n\n\n\n<p>Boston\u2019s office vacancy rate at the end of May was 15.7 percent, one of the lowest among gateway markets and behind the 16.9 percent national average. Miami (14.6 percent) and Los Angeles (15.7 percent) had less vacant space, while Chicago (19.6 percent) and San Francisco (28.4 percent) were at the opposite pole.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0d8db178afe&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004450320\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-metro-boston-life-science-campus\/innovation-park-image-courtesy-of-iqhq-inc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Innovation-Park.-Image-courtesy-of-IQHQ-Inc..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Innovation Park. Image courtesy of IQHQ Inc.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Generate:Biomedics has a 75,0000-square-foot, CryoEM laboratory at IQHQ\u2019s Innovation Park in Andover, Mass. Image courtesy of IQHQ Inc.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Innovation-Park.-Image-courtesy-of-IQHQ-Inc..jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Innovation-Park.-Image-courtesy-of-IQHQ-Inc..jpg\" alt=\"A rendering of Innovation Park, an office building in Andover, Mass.\" class=\"wp-image-1004450320\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Innovation-Park.-Image-courtesy-of-IQHQ-Inc..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Innovation-Park.-Image-courtesy-of-IQHQ-Inc..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Innovation-Park.-Image-courtesy-of-IQHQ-Inc..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Generate:Biomedicines has a 75,0000-square-foot, CryoEM laboratory at IQHQ\u2019s Innovation Park in Andover, Mass. <em>Image courtesy of IQHQ Inc.<\/em><br><\/figcaption><\/figure><\/div>\n\n\n<p>In March, Advisor360\u00b0 <a href=\"https:\/\/www.commercialsearch.com\/news\/us-realty-advisors-lands-boston-area-hq-lease\/\">signed a six-year lease<\/a> to complete its corporate headquarters relocation to Needham, Mass. The firm will occupy 83,516 square feet across two floors of U.S. Realty Advisors\u2019 six-story building on 400 First Ave.<\/p>\n\n\n\n<p>Additionally, early lease renewals are still penciling through. Generate:Biomedicines agreed to <a href=\"https:\/\/www.commercialsearch.com\/news\/iqhq-inks-biotech-firm-to-lease-renewal-extension\/\">renew and extend the agreement<\/a> for its cutting-edge 75,000-square-foot CryoEM laboratory at IQHQ\u2019s Innovation Park in Andover, Mass.<\/p>\n\n\n\n<p>Boston\u2019s average listing rate at the end of May clocked in at $46.1, marking a 140-basis-point year-over-year decrease, but still above the $33.2 U.S. figure. Manhattan ($68.1) remained in the lead nationally.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-boston-s-shared-space-inventory-holds-steady\">Boston\u2019s shared space inventory holds steady<\/h2>\n\n\n\n<p>Boston\u2019s coworking inventory at the end of May reached more than 5.5 million square feet across 234 locations, according to CoworkingCafe information. The metro\u2019s shared space accounted for 2.0 percent of its total office stock, on par with the national average. Manhattan (11.4 million square feet) led nationally. However, in terms of coworking space share out of total office inventory, Miami (4.0 percent) ranked first, while Washington, D.C (1.7 percent) had the least space out of gateway markets.<\/p>\n\n\n\n<p>Regus was the coworking provider with the largest shared space inventory in the metro as of May, owning 677,818 square feet across 36 locations. The firm was followed by WeWork (448,716 square feet) and BXP (275,000 square feet).<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One industry accounts for most of the activity, according to Yardi Research Data.<\/p>\n","protected":false},"author":3355,"featured_media":1004603209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,22251,21783,52420,21742,10,21747],"tags":[51047],"class_list":["post-1004763699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-in-focus","category-investment","category-market-updates","category-latest","category-northeast","category-office","tag-marketupdate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boston\u2019s Office Pipeline Maintains National Lead - 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