Boston Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $69.40 2024 Avg. Asking Rent
  • 16.31% 2024 Office Vacancy Rate
  • $425.6M2024 Total Office Sales
  • $332.58Avg. Sale Price/SF

Boston office price per square foot in 2024 was $69.40 on average. The local office market recorded an average vacancy rate of 16.31% across all asset classes combined. The 13 transactions that closed here throughout 2024 amounted to a total sale volume of $425.6M. Boston office space commanded an average sale price per square foot of $332.58.

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

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Boston Class A & A+ Office Space$77.53
  • Boston Class B Office Space$50.64
  • Boston Class C Office Space$31.17
  • Massachusetts Class A & A+ Office Space$77.31
  • Massachusetts Class B Office Space$34.68
  • Massachusetts Class C Office Space$43.40

Boston, MA Office Asking Rents by Class

Average office rent in Boston rested at $69.40 per square foot in 2024. 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 $77.53 per square foot. Across all submarkets, class B office space recorded an average asking rent of $50.64 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $31.17 per square foot, on average. Comparably, statewide Massachusetts average office rents by class in 2024 were: $77.31 per square foot for class A office space; $34.68 per square foot for class B office space; $43.40 per square foot for class C office space.

2024 Office Vacancy Rates in Boston

Submarket Asking Rents Vacancy Rates
Brighton - Brookline $95.00 51.12%
Cambridge $83.87 19.72%
Boston - Downtown $76.21 13.93%
Boston - Back Bay $74.51 13.72%
Boston - Central Business District $66.03 10.55%
Boston - Seaport Innovation District $59.12 21.02%
Boston - Charlestown $55.48 26.33%
Boston - Downtown Waterfront $51.46 9.30%
Boston - South End $41.19 9.52%
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 16.31% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Boston was 9.30% in the Boston - Downtown Waterfront submarket, while the highest office vacancy in the market was 51.12%, recorded in Brighton - Brookline.

Office Spaces for Rent in Massachusetts

Boston Office Sale Price per SF

  • $332.582024 Avg. Price per SF
  • -35.44%Y-o-Y Avg. PpSF Change
  • $425.6M2024 Office Sales Volume
  • 132024 Number of Transactions

Boston, MA Sale Price per SF Trend

  • Boston Avg. Sale Price per SF in 2024$332.58
  • Massachusetts Avg. Sale Price per SF in 2024$242.24
Boston office space cost in 2024 marked a -35.44% change compared to the previous year. The sale price for office space in Boston averaged $332.58 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Massachusetts average office sale price during the same time period was $242.24 per square foot.

2024 Office Sales Volume

  • Boston, MA Total Office Sales Volume in 2024 $425.6M
  • Boston, MA Total Number of Office Sales Closed in 2024 13
A total of 13 deals closed on the Boston office market in 2024, adding up to a yearly sales volume of $425.6M. Notably, the largest transaction on the market saw 149 Newbury change hands for $101,000,000 on 10/16/2024.

Largest Boston Office Sales in 2024

Property name Address Date Price
149 Newbury 149 Newbury Street 10/16/2024 $101,000,000
101 Arch Street 101 Arch Street 3/28/2024 $78,000,000
179 Lincoln Street 179 Lincoln Street 3/20/2024 $77,000,000
801 Boylston Street & 45 Fairfield Street 801 Boylston Street 5/1/2024 $39,100,000
147 Milk Street 147 Milk Street 5/23/2024 $36,350,000
Data provided by Commercial Edge

Coworking Spaces in Massachusetts

2024 Office Construction in Boston, MA

  • Boston, MA Total SF completed in 2024 2,182,396
  • Boston, MA Total SF under construction in 2025 3,143,725

During 2024, 2,182,396 square feet of new office space were delivered across the market. At the close of 2024, the Boston office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 2,182,396 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 3,143,725 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 2025
55 Summer Street 55 Summer Street, 02110 170,800 2025
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
The Hub on Causeway 100 Causeway Street, 02110 826,000 2021
1785 Columbus Avenue 1785 Columbus Avenue, 02119 139,200 2020
40 Warren Street 40 Warren Street, 02129 53,000 2020
Two Drydock 2 Drydock Ave, 02127 235,000 2019
56 Wareham Street 56 Wareham Street, 02118 64,530 2019

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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.