2022 Office Space Rent & Sales
- $61.34 2022 Avg. Asking Rent
- 10.18% 2022 Office Vacancy Rate
- $274.2M2022 Total Office Sales
- $798.95Avg. Sale Price/SF
Boston office price per square foot in 2022 was $61.34 on average. The local office market recorded an average vacancy rate of 10.18% across all asset classes combined. The 3 transactions that closed here throughout 2022 amounted to a total sale volume of $274.2M. Boston office space commanded an average sale price per square foot of $798.95.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Boston Class A & A+ Office Space$74.15
- Boston Class B Office Space$47.53
- Massachusetts Class A & A+ Office Space$61.77
- Massachusetts Class B Office Space$32.35
- Massachusetts Class C Office Space$20.14
Boston, MA Office Asking Rents by Class
2022 Office Vacancy Rates in Boston
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Boston - Central Business District | $71.05 | 10.00% |
Boston - Back Bay | $69.53 | 6.24% |
Boston - Seaport Innovation District | $58.69 | 9.01% |
Cambridge | $51.01 | 2.11% |
Boston - Downtown | $47.76 | 15.48% |
Boston - Downtown Waterfront | $41.76 | 5.97% |
Boston - Charlestown | $40.96 | 9.55% |
Boston - South End | $29.97 | 1.48% |
Boston Office Sale Price per SF
- $798.952022 Avg. Price per SF
- -5.58%Y-o-Y Avg. PpSF Change
- $274.2M2022 Office Sales Volume
- 32022 Number of Transactions
Boston, MA Sale Price per SF Trend
- Boston Avg. Sale Price per SF in 2022$798.95
- Massachusetts Avg. Sale Price per SF in 2022$455.78
2022 Office Sales Volume
- Boston, MA Total Office Sales Volume in 2022 $274.2M
- Boston, MA Total Number of Office Sales Closed in 2022 3
Largest Boston Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
535-545 Boylston Street | 535 Boylston Street | 2/18/2022 | $148,000,000 |
Hive - 55 Summer Street, The | 55 Summer Street | 3/25/2022 | $106,646,400 |
Wesleyan Building | 581 Boylston Street | 9/14/2022 | $19,550,000 |
Coworking Spaces in Massachusetts
- New York City Coworking Space
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- Bethesda Coworking Space
- Grand Rapids Coworking Space
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2022 Office Construction in Boston, MA
- Boston, MA Total SF completed in 2022 1,239,740
- Boston, MA Total SF under construction in 2023 4,652,302
During 2022, 1,239,740 square feet of new office space were delivered across the market. At the close of 2022, the Boston office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 1,239,740 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 4,652,302 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
10 World Trade | 401 Congress Street, 02210 | 555,250 | 2024 |
15 Necco Street | 15 Necco Street, 02210 | 345,996 | 2024 |
One Post Office Square | 1 Post Office Square, 02110 | 1,082,000 | 2023 |
One Kenmore Square - Beacon Building | 660 Beacon Street, 02215 | 209,500 | 2023 |
149 Newbury | 149 Newbury Street, 02116 | 43,500 | 2023 |
Hub on Causeway | 100 Causeway Street, 02114 | 842,000 | 2021 |
The Hub on Causeway | 100 Causeway Street, 02110 | 826,000 | 2021 |
1785 Columbus Avenue | 1785 Columbus Avenue, 02119 | 139,200 | 2020 |
399 Wash | 399 Washington Street, 02108 | 75,540 | 2020 |
Congress Square | 40 Water Street, 02109 | 284,600 | 2019 |
Worth noting among recent office completions on the Boston market is 10 World Trade, which is currently the largest new office development in the city, at 555,250 square feet.
See reports for other markets
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- Waltham Office Rent Price
- Burlington Office Rent Price
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- Quincy Office Rent Price
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Boston commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.