Boston Suburban Office Figures Q1 2023

Following a period of stabilization for the suburban office market, vacancy and availability increased as sublease inventory climbed amidst the start of 2023. With over 1.17 million sq. ft. of sublease space added in Q1, companies continue to navigate return-to-work policies and future space needs. Across all three submarkets, looming large blocks of shadow space were formally listed on the market. Leasing activity continues to show a tenant focus on quality, amenitized, Class A space. The first quarter of 2023 resulted in muted growth for the suburban office market as availability and vacancy rose and leasing activity declined. Nonetheless, new deals remained consistent across the Metro North, South, and West.