Boston, MA Office Overview
Notable Boston commercial real estate neighborhoods include the Back Bay, Charlestown, and South Boston office space submarkets. With a metropolitan population of nearly 2 million people, it's the largest city in New England and is seeing major demand for office space throughout the entire region.
As of mid-2017, the Greater Boston market encompasses over 74 million square feet of existing office space in properties larger than 50,000 square feet. The city's reputation as the intellectual and medical center of New England continues to drive employment in the education, biotechnology, education, and financial services sectors and also has a powerful impact on the local commercial real estate market.
Boston, MA Office Inventory Description
Boston ranks among the top 30 most economically powerful cities in the world and is home not only to a diverse mix of white collar businesses but is also considered to be highly innovative due in no small part to the presence of world-class universities that attract high-technology companies and venture capital.
With a gross metropolitan product of nearly $177 billion annually, there is powerful demand for white-collar employment in Boston. Nearly 75% of the office space in the city is Class A or A+, while Class B inventory contributes an additional 25% of product to the market.
The Financial District submarket is home to some of the most prestigious Class A buildings in the U.S. Global investors are attracted to world-class office properties like 50 Post Office Square, Two International Place, and 101 Federal Street.
Boston, MA Commercial Inventory Breakdown
Total: 105,063,710 SF
By square footage range:
- 50k to 100k SF: 7,511,829 SF / 7.15% of total office
- 100k to 500k SF: 42,004,277 SF / 39.98% of total office
- 500k to 1M SF: 32,857,268 SF / 31.27% of total office
- > 1M SF: 22,690,336 SF / 21.6% of total office
- Class A+: 19,968,649 SF / 19.01% of total office
- Class A: 43,763,940 SF / 41.65% of total office
- Class B: 21,758,802 SF / 20.71% of total office
- Class C: 75,800 SF / 0.07% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|200 Clarendon Street||200 Clarendon Street, 02116||1,764,440||1976|
|Winthrop Center||115 Federal Street, 02110||1,511,000||2022|
|125 High Street||125 High Street, 02110||1,484,268||1989|
|The Innovation and Design Building||1 Design Center Place, 02210||1,389,192||2000|
|100 Federal Street||100 Federal Street, 02110||1,247,849||1971|
|The Offices at Copley Place||100 Huntington Avenue, 02116||1,242,000||1983|
|Prudential Center - Prudential Tower||800 Boylston Street, 02199||1,235,777||1961|
|One Financial Center||1 Financial Center, 02111||1,226,449||1984|
|One Federal Street||1 Federal Street, 02110||1,118,355||1976|
|53 State Street||53 State Street, 02109||1,100,000||1983|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|Congress Square||40 Water Street, 02109||284,600||2019|
|iSQ Seaport - Phase I||6 Tide Street, 02210||125,000||2019|
|121 Seaport||121 Seaport Blvd, 02210||400,000||2018|
|Pier 4||200 Pier 4 Blvd, 02210||372,372||2018|
|22 Boston Wharf Road||22 Boston Wharf Road, 02210||112,807||2018|
|61 North Beacon Street||61 North Beacon Street, 02108||71,300||2018|
|Raymond L. Flynn Marine Park - 645 Summer Street||645 Summer Street, 02210||150,000||2017|
|100 Northern Avenue||100 Northern Avenue, 02210||516,000||2016|
|Prudential Center - 888 Boylston Street||888 Boylston Street, 02116||363,307||2016|
|Boston Landing - 80 Guest Street||80 Guest Street, 02135||297,000||2016|
Boston, MA Green Office Space
The 2017 National Green Building Adoption Index reviewed office properties in the top 30 U.S. markets. Boston has placed 14th on this survey. While nearly 4% of buildings over 50,000 square feet are LEED certified, just under 9% rank as Energy Star Certified and nearly 11% are recognized as green buildings. The volume of green certification has increased from less than 5% in 2005 to 38% as of mid-2017.
An outstanding example of a LEED-certified property is 100 Cambridge Street. Completed in 1965, this nearly 750,000-square-foot building has attained LEED Gold certification.
It's not just newly built workspaces that can be energy efficient. Built in 1873, the One Winthrop Square in the Financial District is recognized as a LEED certified green building. As tenants, national and global investors seek out green certified workspaces for their use and portfolios, the green office trend will continue to grow in Boston.
Boston, MA's Top Office-Using Sectors
Finance, education, bio-technology and high-technology all contribute significantly to the economy in Boston and drive demand for white collar employment in the metropolitan area. The Route 128 Corridor and the Greater Boston area continue to attract large amounts of venture capital investment.
- Finance – banking and financial services companies such as Fidelity Investments, Bain Capital, and State Street Corporation.
- Education – known as the intellectual capital of New England, institutions of higher education in the city include Harvard, the Massachusetts Institute of Technology, and Tufts.
- Biotechnology & High-Technology – including Abbott Laboratories, Advanced Cell Technology, Boston Scientific, and the Intel Corporation
- Corporate Offices – companies such as Hewlett-Packard, Novartis, Philips Electronics, and Vertex Pharmaceuticals.
- Total Population669,158
- Male Population(48.1 %) 321,703
- Female Population(51.9 %) 347,455
- Median Age32.00
- Average Household Income$95,114
- Median Household Income$62,021
- Median Income Under 25$29,856
- Median Income 25-44$78,993
- Median Income 45-64$67,253
- Median Income Over 65$29,276
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