Downtown Boston Office Figures Q4 2025

• Leasing activity remained high with 1,956,494 sq. ft. leased in Q4 2025, ending 2025 with 5,896,234 sq. ft. leased, the second largest YTD total in 15 years behind 2019.

• Renewal activity was significant with 1.07 million sq. ft. leased in the fourth quarter of 2025.

 

• Tenant demand was 4,294,000 sq. ft. of during Q4 2025, the third highest total in the past five years.

 

• Yearly average tenant demand in 2025 was 4,251,250 sq. ft., the largest amount in the past five years and larger than 2024 by 221,750 sq. ft.

 

• Urban migration in 2025 was 765,573 sq. ft., the highest amount since 2019.

 

• Sublease availability decreased for the ninth consecutive quarter. Total sublease availability now totals 2.88 million sq. ft. or 3.6% of total availability. This number represents a decrease of 20 basis points (bps) q-o-q and 1.1% year-over-year (y-o-y).

 

• The Boston office market recorded fourth quarter absorption of -873,278 sq. ft., a quarter-over-quarter decrease of more than 1.67 million sq. ft.

 

• Average asking rents declined by $0.50 q-o-q to $68.25 per sq. ft. gross.