{"id":1004779124,"date":"2026-07-06T04:44:17","date_gmt":"2026-07-06T12:44:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004779124"},"modified":"2026-07-06T04:44:19","modified_gmt":"2026-07-06T12:44:19","slug":"boston-office-market-update","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-office-market-update\/","title":{"rendered":"Boston&#8217;s Office Pipeline Stays on Top, Demand Slows"},"content":{"rendered":"\n<p>Boston\u2019s office market still had the country\u2019s most active development pipeline as of May, even as demand remained uneven across traditional office and life science space, according to Yardi Matrix. Construction activity set the metro apart from other gateway markets, while leasing, investment and rent trends reflected a sector still adjusting to slower absorption, tighter capital flows and shifting tenant needs.<\/p>\n\n\n\n<iframe title=\"Office Development Pipeline in Gateway Markets\" aria-label=\"Table\" id=\"datawrapper-chart-FYaKZ\" src=\"https:\/\/datawrapper.dwcdn.net\/FYaKZ\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"443\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">(function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})();<\/script>\n\n\n\n<p>The metro\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/why-life-science-space-faces-a-slower-2026\/\">life science sector<\/a> is experiencing a sharp reset after years of accelerated expansion. New construction has collided with with weaker <a href=\"https:\/\/www.commercialsearch.com\/news\/demand-for-lab-space-hits-10-year-low\/\">demand for lab space<\/a> and a decline in occupied space, placing Boston among the major markets with vacancies above 20 percent. That imbalance is weighing on asking rents and creating more favorable conditions for tenants, while some owners are widening their search beyond traditional life science users. However, strong biotech employment and growing AI adoption are expected to support future demand.<\/p>\n\n\n\n<p>On the policy side, Boston is still using conversions to ease pressure on downtown vacancy. The city\u2019s office-to-residential program gives owners more time to seek tax incentives for turning older commercial buildings into housing. In March, planning officials advanced the Hub\u2019s largest downtown conversion to date, a 219,200-square-foot project that would create 255 units at 280-300 Washington St.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-boston-s-pipeline-remains-the-largest-in-the-u-s\">Boston\u2019s pipeline remains the largest in the U.S.<\/h2>\n\n\n\n<p>Boston\u2019s office development pipeline was the largest nationally as of May, with 3.9 million square feet underway. The figure accounted for 1.5 percent of the metro&#8217;s total inventory, almost four times the 0.4 percent national figure.<\/p>\n\n\n\n<p>The metro surpassed Manhattan (3.1 million square feet), Dallas (2.6 million square feet) and San Diego (1.7 million square feet). In terms of share of total office stock, San Diego (1.7 percent) was the only large U.S. market to rank ahead of Boston.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a5caab655257&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004803146\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004803146\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/350-Boylston-St.jpg\" data-orig-size=\"640,480\" 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=\"350 Boylston St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Earlier this year, The Druker Co. completed 350 Boylston St. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/350-Boylston-St.jpg?w=640\" 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\/2026\/06\/350-Boylston-St.jpg\" alt=\"Exterior shot of the office building at 350 Boylston St. in Boston\" class=\"wp-image-1004803146\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/350-Boylston-St.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/350-Boylston-St.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><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\">Earlier this year, The Druker Co. completed 350 Boylston St. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>One of the largest projects underway is the revitalization of Commonwealth Pier. Originally completed in 1913 at 200 Seaport Blvd., the property previously served as the center of the American wool trade. Pembroke Real Estate is working on the project targeting LEED Gold certification. Upon delivery, the 690,000-square-foot building will comprise 629,000 square feet of office space, alongside retail.<\/p>\n\n\n\n<p>As for <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-deliveries\/\">office completions<\/a>, only one development came online in the first five months of this year. The Druker Co. completed the 221,230-square-foot building at 350 Boylston St. using funds from a $197.5 million construction loan originated by Wells Fargo Bank. The property is LEED Platinum-certified.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-sale-prices-moderate\">Office sale prices moderate<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a5caab655b3a&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"409\" height=\"512\" data-attachment-id=\"1004803147\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004803147\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/265-Franklin.jpg\" data-orig-size=\"409,512\" 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;\\u00a9 Yardi Systems, Inc.&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=\"265 Franklin\" data-image-description=\"&lt;p&gt;Image from YM&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 21-story at 265 Franklin St. went through complete renovations in 2002. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/265-Franklin.jpg?w=409\" 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\/2026\/06\/265-Franklin.jpg\" alt=\"Exterior shot of 265 Franklin, an office building in Boston.\" class=\"wp-image-1004803147\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/265-Franklin.jpg 409w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/265-Franklin.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 409px) 100vw, 409px\" \/><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 21-story building at 265 Franklin St. went through complete renovations in 2002. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Boston\u2019s office investment volume year-to-date as of May totaled just $483 million, lagging behind most gateway markets. Seattle ($297 million) and San Diego ($454 million) are the only peers that fared worse, while Manhattan ($3.7 billion) and San Francisco ($2.3 billion) were in the lead nationally.<\/p>\n\n\n\n<p>Assets in the metro traded for about $201 per square foot on average, below the $213 per square foot national figure. Manhattan ($650 per square foot) commanded the highest price nationally, followed once again by San Francisco ($614 per square foot).<\/p>\n\n\n\n<p>In May, Synergy Investments acquired the 370,000-square-foot 265 Franklin from Clarendon Group. The company paid $118 million for the LEED Gold-certified asset, a steep discount from its 2006 sale price of $170 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-vacancy-remains-stable-year-over-year\">Office vacancy remains stable year-over-year<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ma\/boston\/\">Boston office space<\/a> recorded a 16.9 percent vacancy rate at the end of May, on par with the year-ago figure. The market\u2019s index was below the 17.6 percent national average, as well as below most gateway metros.<\/p>\n\n\n\n<p>Among peers, San Diego (23.6 percent) and San Francisco (23.3 percent) had the most vacant space, while Los Angeles (14.1 percent) and Manhattan (13.1 percent) proved more resilient.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a5caab6564c8&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=\"1004739974\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-lands-1st-tenant-at-boston-tower\/south-station-office-tower-in-boston\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/South-Station-office-tower-in-Boston-e1773838038804.jpg\" 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=\"South Station office tower in Boston\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Last year, Hines completed South Station office tower in Boston. Image courtesy of DBOX&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/South-Station-office-tower-in-Boston-e1773838038804.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\/2024\/12\/South-Station-office-tower-in-Boston-e1773838038804.jpg\" alt=\"Exterior photo of Hines\u2019 South Station office tower in Boston\" class=\"wp-image-1004739974\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/South-Station-office-tower-in-Boston-e1773838038804.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/South-Station-office-tower-in-Boston-e1773838038804.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/South-Station-office-tower-in-Boston-e1773838038804.jpg?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\">Hines completed South Station Tower last year. <em>Image courtesy of DBOX<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In March, <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-signs-jpmorgan-chase-at-boston-tower\/\">JP Morgan Chase leased 250,000 square feet<\/a> at Hines\u2019 South Station Tower in the city\u2019s central business district, one of the largest office leases in the metro since 2020. The bank is set to relocate to the 51-story, mixed-use building starting early 2028.<\/p>\n\n\n\n<p>Another notable deal was a more than 95,000-square-foot commitment in Marlborough, Mass. Starting this fall, nonprofit human services organization <a href=\"https:\/\/www.commercialsearch.com\/news\/boston-andes-secures-95-ksf-lease\/\">Advocates&nbsp;will occupy the space<\/a> at Boston Andes Capital\u2019s 251 Locke Drive for almost 11 years.<\/p>\n\n\n\n<p>Boston\u2019s office average asking rate clocked in at $44.03 in May, marking a 4.4 percent year-over-year decline. Regardless, the figure remained above the $33.61 national average and was higher than those recorded in most gateway markets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-flex-office-footprint-trails-national-average\">Flex office footprint trails national average<\/h2>\n\n\n\n<p>As of May, Boston\u2019s coworking sector comprised more than 6 million square feet across 266 locations, representing 2.2 percent of its total office inventory, according to CoworkingCafe. That figure trailed the 2.3 percent national average. Among gateway markets, Miami (4.2 percent) posted the highest coworking share of office stock.<\/p>\n\n\n\n<p>Manhattan led nationally for coworking footprint with 12.6 million square feet, followed by Chicago (9.2 million square feet) and Los Angeles (7.4 million square feet). San Diego (2.9 million square feet) recorded the smallest such footprint among peers.<\/p>\n\n\n\n<p>Regus remained Boston\u2019s largest flex office provider, operating 791,572 square feet across 41 locations. CIC followed with 472,207 square feet, while WeWork had 448,716 square feet. Industrious also maintained a notable presence in the metro, with 279,788 square feet across 10 locations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>See how other market metrics stack up, according to Yardi Matrix.<\/p>\n","protected":false},"author":3355,"featured_media":1004739974,"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":[51047,32785],"class_list":["post-1004779124","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","tag-yardi-matrix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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