Boston Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $65.72 2023 Avg. Asking Rent
  • 11.47% 2023 Office Vacancy Rate
  • $388.4M2023 Total Office Sales
  • $515.12Avg. Sale Price/SF

Boston office price per square foot in 2023 was $65.72 on average. The local office market recorded an average vacancy rate of 11.47% across all asset classes combined. The 8 transactions that closed here throughout 2023 amounted to a total sale volume of $388.4M. Boston office space commanded an average sale price per square foot of $515.12.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Boston Class A & A+ Office Space$73.43
  • Boston Class B Office Space$51.11
  • Boston Class C Office Space$38.48
  • Massachusetts Class A & A+ Office Space$61.88
  • Massachusetts Class B Office Space$30.93
  • Massachusetts Class C Office Space$41.60

Boston, MA Office Asking Rents by Class

Average office rent in Boston rested at $65.72 per square foot in 2023. 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 $73.43 per square foot. Across all submarkets, class B office space recorded an average asking rent of $51.11 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $38.48 per square foot, on average. Comparably, statewide Massachusetts average office rents by class in 2023 were: $61.88 per square foot for class A office space; $30.93 per square foot for class B office space; $41.60 per square foot for class C office space.

2023 Office Vacancy Rates in Boston

Submarket Asking Rents Vacancy Rates
Boston - Back Bay $76.24 10.24%
Boston - Central Business District $70.25 9.50%
Boston - Seaport Innovation District $59.98 10.86%
Boston - Downtown $56.13 13.58%
Boston - South End $29.97 1.48%
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 11.47% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Boston was 1.48% in the Boston - South End submarket, while the highest office vacancy in the market was 13.58%, recorded in Boston - Downtown.

Office Spaces for Rent in Massachusetts

Boston Office Sale Price per SF

  • $515.122023 Avg. Price per SF
  • -35.53%Y-o-Y Avg. PpSF Change
  • $388.4M2023 Office Sales Volume
  • 82023 Number of Transactions

Boston, MA Sale Price per SF Trend

  • Boston Avg. Sale Price per SF in 2023$515.12
  • Massachusetts Avg. Sale Price per SF in 2023$339.14
Boston office space cost in 2023 marked a -35.53% change compared to the previous year. The sale price for office space in Boston averaged $515.12 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Massachusetts average office sale price during the same time period was $339.14 per square foot.

2023 Office Sales Volume

  • Boston, MA Total Office Sales Volume in 2023 $388.4M
  • Boston, MA Total Number of Office Sales Closed in 2023 8
A total of 8 deals closed on the Boston office market in 2023, adding up to a yearly sales volume of $388.4M. Notably, the largest transaction on the market saw Boston Medical Center - 670 Albany Street change hands for $117,196,900 on 12/29/2023.
Data provided by Commercial Edge

Coworking Spaces in Massachusetts

2023 Office Construction in Boston, MA

  • Boston, MA Total SF completed in 2023 3,680,000
  • Boston, MA Total SF under construction in 2024 2,965,224

During 2023, 3,680,000 square feet of new office space were delivered across the market. At the close of 2023, the Boston office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 3,680,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 2,965,224 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Boston
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
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
Congress Square 40 Water Street, 02109 284,600 2019
56 Wareham Street 56 Wareham Street, 02118 64,530 2019
121 Seaport Boulevard 121 Seaport Boulevard, 02110 400,000 2018

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.

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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.