Boston Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $56.66 2021 Avg. Asking Rent
  • 0.90% Y-o-Y Avg. Asking Rent Change
  • 9.42% 2021 Office Vacancy Rate
  • $3.3B2021 Total Office Sales
  • $846.16Avg. Sale Price/SF

Boston office price per square foot in 2021 was $56.66 on average. This marked a +0.90% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.42% across all asset classes combined. The 17 transactions that closed here throughout 2021 amounted to a total sale volume of $3.3B. Boston office space commanded an average sale price per square foot of $846.16.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Boston Class A & A+ Office Space$60.06
  • Boston Class B Office Space$50.23
  • Boston Class C Office Space$36.43
  • Massachusetts Class A & A+ Office Space$47.50
  • Massachusetts Class B Office Space$30.21
  • Massachusetts Class C Office Space$24.52

Boston, MA Office Asking Rents by Class

Average office rent in Boston rested at $56.66 per square foot in 2021. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Boston averaged $60.06 per square foot. Across all submarkets, class B office space recorded an average asking rent of $50.23 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $36.43 per square foot, on average. Comparably, statewide Massachusetts average office rents by class in 2021 were: $47.50 per square foot for class A office space; $30.21 per square foot for class B office space; $24.52 per square foot for class C office space.

2021 Office Vacancy Rates in Boston

Submarket Asking Rents Vacancy Rates
Boston - Back Bay $67.06 6.95%
Boston - Central Business District $55.83 12.23%
Boston - Downtown $55.60 12.73%
Boston - Seaport Innovation District $48.85 8.54%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Boston market was 9.42% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Boston was 6.95% in the Boston - Back Bay submarket, while the highest office vacancy in the market was 12.73%, recorded in Boston - Downtown.

Office Spaces for Rent in Massachusetts

Boston Office Sale Price per SF

  • $846.162021 Avg. Price per SF
  • 16.44%Y-o-Y Avg. PpSF Change
  • $3.3B2021 Office Sales Volume
  • 172021 Number of Transactions

Boston, MA Sale Price per SF Trend

  • Boston Avg. Sale Price per SF in 2021$846.16
  • Massachusetts Avg. Sale Price per SF in 2021$440.72
Boston office space cost in 2021 marked a +16.44% change compared to the previous year. The sale price for office space in Boston averaged $846.16 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Massachusetts average office sale price during the same time period was $440.72 per square foot.

2021 Office Sales Volume

  • Boston, MA Total Office Sales Volume in 2021 $3.3B
  • Boston, MA Total Number of Office Sales Closed in 2021 17
A total of 17 deals closed on the Boston office market in 2021, adding up to a yearly sales volume of $3.3B. Notably, the largest transaction on the market saw 401 Park change hands for $1,162,080,000 on 2/1/2021.

Largest Boston Office Sales in 2021

Property name Address Date Price
401 Park 401 Park Drive 2/1/2021 $1,162,080,000
BEAT, The 135 Morrissey Blvd 8/19/2021 $362,500,000
Congress Square 40 Water Street 12/27/2021 $342,000,000
Independence Wharf 470 Atlantic Avenue 12/17/2021 $238,000,000
Two Drydock 2 Drydock Avenue 12/20/2021 $234,500,000
Data provided by Commercial Edge

Coworking Spaces in Massachusetts

2021 Office Construction in Boston, MA

  • Boston, MA Total SF completed in 2021 2,577,500
  • Boston, MA Total SF under construction in 2022 1,238,740

During 2021, 2,577,500 square feet of new office space were delivered across the market. At the close of 2021, the Boston office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 2,577,500 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 1,238,740 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Boston
Office building Address SF Completed
One Post Office Square - Redevelopment 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 45,478 2023
The 105 by Breakthrough 105 W First St, 02127 263,500 2022
Hub on Causeway 100 Causeway Street, 02114 842,000 2021
100 Causeway Street 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
17,403 - 77,964 SF Sublease Available at 200 Pier 4 Boulevard 200 Pier 4 Boulevard, 02210 0 2018

Worth noting among recent office completions on the Boston market is One Post Office Square - Redevelopment, which is currently the largest new office development in the city, at 1,082,000 square feet.

Data provided by Commercial Edge

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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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.