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
Office Spaces
Total: 105,611,139 SF
By square footage range:
- 50k to 100k SF: 7,509,872 SF / 7.11% of total office
- 100k to 500k SF: 42,588,414 SF / 40.33% of total office
- 500k to 1M SF: 33,834,517 SF / 32.04% of total office
- > 1M SF: 21,678,336 SF / 20.53% of total office
By class:
- Class A+: 20,972,898 SF / 19.86% of total office
- Class A: 43,996,840 SF / 41.66% of total office
- Class B: 21,901,845 SF / 20.74% of total office
- Class C: 75,800 SF / 0.07% of total office
Top 10 Largest Office Buildings
in Boston
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Winthrop Center | 115 Federal Street, 02110 | 1,511,000 | 2022 |
| 125 High Street | 125 High Street, 02110 | 1,484,268 | 1989 |
| 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 |
| Federal Reserve Plaza | 600 Atlantic Avenue, 02210 | 1,078,903 | 1976 |
| State Street Financial Center | 1 Lincoln Street, 02111 | 1,050,000 | 2003 |
Most Recently-Built Office Buildings
in Boston
| 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 |
| 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 |
| 610 Commonwealth Avenue | 610 Commonwealth Avenue, 02215 | 145,000 | 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.
FREQUENTLY ASKED QUESTIONS
How much does office space cost in Boston, MA?
The average office rental rate in Boston, MA is $48.51 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways.
What is the size of available office spaces in Boston, MA?
The Boston, MA office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 390,152 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Boston, MA is 304 square feet, while the maximum rentable space on the market now is 780,000 square feet.
How do I get office space in Boston, MA?
Start your search for office space in Boston, MA by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Boston, MA?
There are 425 office listings on the Boston, MA market.
Boston Demographics
Population
- Total Population679,413
- Male Population(48.1 %) 326,759
- Female Population(51.9 %) 352,654
- Median Age32.00
Income/Financial
- Average Household Income$101,310
- Median Household Income$65,883
- Median Income Under 25$31,955
- Median Income 25-44$85,830
- Median Income 45-64$72,641
- Median Income Over 65$29,894
News
MLL Capital has started building a $500 million portfolio of institutional assets in the medical office, laboratory and life sciences sector. The investment firm recently purchased the Ravenswood Professional Building — a medical office building in the Ravenswood neighborhood on the north side o...
We analyzed the top 50 U.S. office deals of 2019, and the results show an increased investor appetite for trophy assets outside of New York City. In particular, it was Class A office spaces in California—particularly in the Bay Area—and Washington’s Seattle and Bellevue areas that attracted most...
Coworking is expanding into a range of industries, including life science, biotech and other science-focused sectors. To meet the needs of these users, a growing number of lab-focused coworking spaces are opening their doors. As a result, scientists can now reap the rewards of coworking, thanks ...