Boston, MA Office Space for Lease or Rent

Boston, MA Office Overview

Notable Boston commercial real estate neighborhoods include the Back Bay, North End Boston, and South Boston office space submarkets. With a metropolitan population of nearly 2 million people, Boston is 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 office market encompasses over 74 million square feet of existing office space in properties larger than 50,000 square feet. Boston's reputation as the intellectual and medical center of New England continues to create demand for white collar office employment in the education, bio-technology, education, and financial services sectors and also has a powerful impact on the Boston 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 office employment in Boston. Nearly 75% of the office space in Boston is Class A or A+, while Class B inventory contributes an additional 25% of product to the market.

The Downtown - Financial District office submarket in Boston is home to some of the most prestigious Class A office 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

Office Spaces

Total: 95,275,334 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

50k to 100k SF: 6,437,225 SF / 6.76% of total office
100k to 500k SF: 36,119,455 SF / 37.91% of total office
500k to 1M SF: 32,120,986 SF / 33.71% of total office
> 1M SF: 20,597,668 SF / 21.62% of total office

By class:

Class A+: 18,024,031 SF / 18.92% of total office
Class A: 41,716,183 SF / 43.78% of total office
Class B: 20,716,522 SF / 21.74% of total office

Top 10 Largest Office Buildings

in Boston

Office building	Address	Sqft	Year built
200 Clarendon Street	200 Clarendon Street, 02116	1,746,151	1976
115 Winthrop Square	115 Federal Street, 02110	1,497,000	n/a
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	1,273,968	1971
The Offices at Copley Place	100 Huntington Avenue, 02116	1,242,000	1983
Prudential Center - Prudential Tower	800 Boylston Street, 02199	1,229,384	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

in Boston

Office building	Address	Sqft	Year built
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
888 Boylston Street	888 Boylston Street, 02116	444,900	2016
Boston Landing - 80 Guest Street	80 Guest Street, 02135	297,000	2016
9 Channel Center	9 Channel Center Street, 02127	76,000	2016
101 Seaport	101 Seaport Blvd, 02210	440,000	2015
Van Ness	1325 Boylston Street, 02215	433,000	2015
Longwood Center	360 Longwood Avenue, 02215	414,000	2015
Boston Landing - 100 Guest Street	100 Guest Street, 02135	250,000	2015
125 Nashua Street	125 Nashua Street, 02114	198,080	2015

Boston, MA Green Office Space

Of the Top 30 Green Office Markets in the U.S., Boston ranks 14 th for energy-efficient office buildings. While nearly 4% of the office buildings larger than 50,000 square feet are LEED certified, just under 9% rank as Energy Star Certified and nearly 11% are recognized as green buildings.

An outstanding example of a LEED-certified office building in Boston is 100 Cambridge Street. Built in 1965, this nearly 750,000-square- foot office building has attained LEED Gold certification.

It's not just newly-built office buildings that can be energy efficient. Built in 1873, the One Winthrop Square office building in Boston's Downtown Financial District is recognized as a LEED certified green office building. As tenants, national and global investors seek out green certified office assets for their use and portfolios, the green office trend will continue to grow in Boston.

The 2017 National Green Building Adoption Index reviewed commercial office properties in the top 30 U.S. markets. Including EPA Energy Star-labeled buildings, the volume of green certification has increased from less than 5% in 2005 to 38% as of mid-2017. Boston has placed 14th on this survey.

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 – The commercial real estate market in Boston sees significant demand for white collar office space from 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 Boston include Harvard, the Massachusetts Institute of Technology, and Tufts.
Bio-Technology & High-Technology – Abbott Laboratories, Advanced Cell Technology, Boston Scientific, and the Intel Corporation help drive the demand for Class A office property in the Boston metropolitan area.
Corporate Offices – The demand for white collar Class A office space in Boston also comes from countless companies that employ thousands of people, including Hewlett-Packard, Novartis, Philips Electronics, and Vertex Pharmaceuticals.

Boston Demographics

Population

Total Population650,281
Male Population(48.0 %) 311,843
Female Population(52.0 %) 338,438
Median Age31.60

Income/Financial

Average Household Income$85,374
Median Household Income$55,777
Median Income Under 25$22,211
Median Income 25-44$70,623
Median Income 45-64$61,586
Median Income Over 65$26,796

News

2018 Office Check-In: Top US Markets for Development, Largest Projects of the Year

September 20, 2018

We’re almost halfway through H2 2018, and it’s high time to check up on construction activity, as well as the state of the U.S. office pipeline when compared to previous analyses. Last year around the same time, we looked at top U.S. cities for office delivery during the fall-winter season, and ...

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September 05, 2018

Executive Summary The historic cultural importance of the skyscraper, and this article’s methodology; Mapping the skyscraper construction timeline from NYC, Chicago and Pittsburgh to the rest of the U.S.; America’s biggest construction boom to date kicked off in the 1960s, culminated...

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August 21, 2018

  Ever since Gordon Gekko uttered his now infamous credo, “greed is good,” many economists have been concerned with the long-term effects of the growing income inequality in the U.S. While free-market enthusiasts see things differently, inequality has become a recurring topic within our new...

Office Space for Rent in Boston, MA - 310 Listings