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We make sure you find the right Boston office space for your business at the lowest possible cost. No strings attached, we help you at no cost to you. It is a win/win.

Boston has some of the most expensive office space in the US. Making a decision to lease, rent of even purchase office space in Boston can have a significant effect on your bottom line. It is a decision that should be carefully made with as much market information as possible.

Boston is a very dynamic area for business. Next to the Silicon Valley, in the Bay area of San Francisco, it receives the most venture capital money of anywhere else in the country. Much of this can be attributed to the colleges and universities in the area. There are literately dozens, with Harvard being the most prestigious of the bunch. This leads to Boston having a very well educated workforce and a good resource for hiring new employees. High tech, financial services and tourism industries are very strong in the Boston area.

What is the best way to go about finding Boston office space? The biggest mistake many businesses make is trying to do it themselves. The office space alternatives in Boston are very diverse and have nuances that only a specialist who is in the market every day will grasp. Finding someone who is qualified, knows the market and it's players, and is ready, willing and able to assist you is easy. That is where we come in. We have been connecting business looking for office space with office tenant reps since 1995. We do a thorough job of verifying the reps we recommend.

To get started, all you need to do is complete the form at the top of this page and tell us a little about what you are looking for so that we can recommend the best rep to contact you. Once you complete the form, you will be contacted very quickly by the tenant rep who can help you. They will then do a thorough job of finding alternative that will fit what you want.

There is no cost for either our service or the service of the tenant reps we recommend. This is a FREE service to you. Our tenant reps share the fee with the listing agent the same way buyer brokers do in residential real estate. It is a no lose proposition for you and there is no obligation. Give us a try.

What You'll Find When You Look for Boston Office Space for Rent or Lease

Any company thinking of opening an office location in Boston needs to know what the leasing market is like. This will help determine which area of the city or its metropolitan area is best for the new offices, how much space will fit into the budget, and more. As with most cities, there are plenty of options to consider.

General Overview of Boston

It is also a good idea to know a bit about a city and its environs before you move in, so here is an overview to help you familiarize yourself with this area:

Boston, MA has surprisingly few people living within the city limits. Only about 685,000 residents call the actual city home. That said, this is not a small area at all. Over 4 million people live in the Greater Boston metropolitan area, including most of the region's wealthy professionals. Many of these people commute into the city to work and shop, so it is full of activity during business hours. The city has an extensive public transportation system, and many people use it rather than drive once they're inside its range of operation.

The age of Boston is a big draw for many people, and the city itself combines the old and new to keep its roots without ignoring the present. Many sports teams, museums, and other attractions provide local interest. Immigration from Europe, Africa, and Asia is making the city more cosmopolitan and providing workers with new perspectives. This is just one of the waves of immigration Boston has seen. It also got plenty of immigrants from Europe in 1830. 

During the middle of the last century, Boston struggled with the challenges of switching from being an industrial economy to one based on technology of all sorts. It is one of the brightest spots when it comes to making this transition. Thanks to state-sponsored urban renewal projects back then, combined with today's tech boom, it has become one of the most desirable real estate markets both for corporate space and residential housing.

Boston Office Space Markets

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Boston Executive Suites

Office Space in the heart of historic Boston
Boylston Street Center

Corner Office Space with Back Bay Views & Amenities Available
Park Plaza

Massachusetts Office Space in Boston
West Cummings Park

Incredible Office Space at Massachusetts
100 Cambridge Street

100 Cambridge Street Boston office space available now - zip 2114
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101 Arch Street

101 Arch Street Boston office space available now - zip 02110
60 State Street

60 State StreetBoston office space available now - zip 02109
Alewife Station

Alewife Station Cambridge office space available now - zip 02140
Arlington Street

Arlington Street Boston office space available now - zip 02116
Faneuil Hall

Faneuil HallBoston office space available now - zip 02109

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Overview of the Boston Office Leasing Market

The strongest quarter of growth in the last twenty years.  According to CBRE, Boston office market was on it’s peak on the third quarter of 2019. Despite rising fears and headlines about a recession nationally, locally, Boston remains on its strong direction.  Boston has marked more than 1.1 million sq. ft. of absorption in the as it entered the 2nd half of the year. It shows slight decline compared to the first quarters, it was attributed to two large new availabilities coming on line in the 2nd quarter; the 200,000 sq. ft. sublease space at the 10 Saint James Ave. listed by Wayfair and the 300,000 sq. ft. block of space at the One Post Office Square. Also, Morgan Stanley is renovating the property and clearing out tenants in the low-rise portion.

The availability decreased from 13.7% to 13.0%.  The movement was mainly because of the headquarter move, organic expansion by technology companies and continued expansion of flexible space in the downtown market.

Vacancies remained flat at 6.9%, this is the lowest since around year 2001. Overall city rents are still going up to $66.04 per sq. ft. with rents in the CBD covering the $70 per sq. ft. mark, ending &70.98 per sq. ft., a new record.

Developers are showing trust and confidence in the market by disclosing more prospective projects. There are announced projected developments; one is at Exchange South End (Abbey Group) and 350 Boylston Street (Druker Company). Also, Hines may do the same at the South Station. These projects added to the long list of already underway developments throughout the city.

The highlight the transactions of this quarter was still WeWork, dominating the. Wework signed on for different locations in the downtown market, they signed new leases in the Back Bay for 234,000 sq. ft. Coworking providers is the 2nd largest tenant in Boston, holding new locations at the 75 Arlington Street. At 1.6 million SF, it is by far the largest coworking or flexible provider in the market. A competitor Hana has come to Boston, looking at 51 Sleeper (3 Seaport), while Knotel is now marketing spaces for lease. Currently, 3.5% of the Boston Market is coworking spaces, showing a downside risk in an economic downturn, if the form of direct and shadow vacancy.

Boston Office Submarkets of Interest

Boston CBD

A good quarter for this market, showing a 243,000 sq. ft. of positive absorption and Class A rents went up to $74.38 per sq. ft. Even with the insight that tech companies are lead to the Seaport first, CBD still see groups of TAMI companies looking for the availability to provide their requirement for growth.

Klaviyo is key transaction in the CBD, leasing 160,000 sq. ft. at the Summer Street, it shows a major growth from their initial footprint of 25,000 sq. ft. DataRobot got bigger by 71,000 sq. ft. at 225 Franklin Street and will now occupy more than 100,000 sq. ft. in the market. Twitter came to the downtown market, leasing 44,000 sq. ft at 3 Center Plaza.

Back Bay

Asking rent is still increasing reaching $70.96 per sq. ft. a new high for the submarket. It I showing 8% growth a year but a nominal growth quarter over quarter. The small increase was due the lack of prime space available then flattening rents. Vacancy still going down by 300 basis points to 3.2 %, the tightest so far since they year 2000s. Finally, after a decade of planning, They Druker Company is now planning to start the construction on 350 Boylston Street, a nine-story, 221,000 sq. ft office building in front of the Public Garden. The project is planned to begin by the third quarter of 2020.

Seaport

Had the strongest quarter of the downtown submarkets. It marked 548,000 sq. ft. of positive absorption and with an increasing asking rents more than $1.50 to $67.86 per sq. ft. Foundation Medicine is one of the highlight transactions from the third quarter, it signed the largest lease in Boston  since Vertex moved to Seaport five years ago. Foundation medicine leased 581,000 sq. ft at 400 Summer Street. They are expected to break ground by yearend. A first ever grocery store is opening in the Seaport, the Trader Joe’s. The grocery will be at the 44 Thomson Place. This long-desired amenity will be a welcome addition to the ever-changing landscape in the Seaport by both residential and office users.

Outlook:

Coworking and flexible office providers have changed the way users think about space. Tenants prefers shorter lease terms so landlords must adapt by revising their underwriting to cater more rapid turnover.

According to economists, they are projecting 2019 to still grow, allowing the current economic cycle. Collier expressed that, the yield curve (the difference between rates on 10-year and 3-month Treasuries) has inverted for the first time since 2007, historically a leading indicator of a recession 12-18 months into the future. Locally, with numerous major tenants no longer seeking space, development picking up, stalled Class B absorption, and a rent topping the psychological barrier of $100/SF, we are at or close to the top of this cycle.

Boston Submarkets of Interest

Cambridge.  Vacancies still decreasing in Cambridge at the start of the year, as effort remains strong. Numbers of companies looking for large-scale requirements are closing and signing deals, which will increase velocity and validate decisions by developers willing to build on spec. Overall, vacancy rate is at 7.2%.

Back BayAsking rent in Back Bay significantly increased in the first quarter of 2019. The recovery of this submarket seen in recent quarters. Overall rents went up from $65.51 per sq. ft. in Q4 2018 to $69.05 per sq. ft. in the first quarter. Class A rents alone saw an even larger increase: from $69.80 per sq. ft. in Q4, to $74.08 per sq. ft. in Q1.  The vacancy dropped in Q1 2019, from 6.3% to 5.7%. Back bay had a good absorption rate this quarter as well at 191,000 sq. ft.

Seaport. This submarket started the year with the positive absorption with 145,000 sq. ft. Dominant leasing activity came from TAMI Tenants. Average asking rate has increased from $64.30 per sq. ft. by last quarter of 2018 to, 66.55 per sq. ft in the first quarter of 2019. Availability went down in Q1 this year, falling from 15.0% to 13.8%. Contrary, vacancy increased from 6.9% to 10.2% when 601 congress Street went dark following Manulife’ official consolidation to the back bay

Predictions

Real estate analysts have been worried about a cooldown in the Boston area market, but so far, it isn't coming. Current predictions are for Cambridge and Back Bay to remain in extreme demand and to have the rents to match. However, some stabilization is expected in many other submarkets, and the practice of offering big tenant improvement allowances is expected to increase. Savills Studley makes a point of noting that rents and amenities can vary greatly from one building to the next in the Boston area, so it's a good idea to check several before signing a deal.

The ongoing retention of college graduates, wage increases, and the continued influx of newcomers who need to hire local employees is expected to keep demand strong over time. Since many of the companies coming here sell their products nationally or worldwide, changes in local demand for these products shouldn't have a big effect on corporate viability or the demand for either space or workers.

Effective rents, on closed deals are being projected to rise monthly. This most possible in the Seaport where triple net (NNN) leases are quickly becoming the norm and yearly rent increase of $1 per square foot have been replaced by 3% annual increases.

If you're looking for office, lab, or R&D space in Boston or its metropolitan area, just contact us. We're leasing experts who will make your search for your new location easier. We will find you the best prices for the type and quality of space you need while eliminating hassles from the experience.

Useful Statistics for businesses looking for office space in Boston
  Boston MA State
2016 Estimated Population 658,279 6,742,143
Median Age 31.7 39.4
Housing Units 281,417 2,836,658
Occupied 259,324 2,558,889
Owned 89,882 1,588,743
Rented 169,442 970,146
Average Household Size 2.35 2.54
Rental Vacancy Rate 3.1% 4.1%
Homeowner Vacancy Rate 1.2% 1.1%
Median Home Value $423,200 $341,000
Median Monthly Rental Cost $1,369 $1,129
Estimated Mean Income $101,909 $116,766
Median Household Income $58,516 $70,954
Percent of Individuals below poverty level 21.1% 11.4%
Educational Attainment: Percent high school graduate or higher 85.7% 90.1%
Educational Attainment: Percent high school graduate 21.3% 25.1%
Educational Attainment: Percent with some College 13.4% 16%
Educational Attainment: Percent bachelor degree or higher 46.4% 41.2%
Average Commute time in minutes 30.3 29
Commute 347,608 3,399,796
Commute by car, truck or other vehicle - Drive Alone 135,149 2,418,342
Commute by car, truck or other vehicle - Carpool 20,811 255,853
Use Public Transportation 116,723 338,273
Work from Home 11,659 158,396
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