Shifting Power Dynamics in Commercial Office and Lab Space in Greater Boston

Adam Subber

BOSTON – Boston’s tenant-focused commercial real estate firm Cresa released its annual Market Insights Reports, which provide a first-hand look at the trends and opportunities in the region’s commercial real estate market.

Known for its expert commercial real estate advice and services for industries ranging from pharmaceuticals to insurance, Cresa’s reports point to a variety of major changes that will impact commercial property trends in 2024 and beyond.

 Key highlights include the following:

  • Flex space demand continues to drive the Route 495 market, while office space holds flat.

  • Sublease availability drops in Boston, but direct vacancies continue to rise.

  • Route 128 market records a 20% YoY increase in office space availability, shredding the 3-year average of 4.8%.

  • Tenants remain in control in the greater Boston life sciences market, with pricing pressures dropping nearly 8.5% YoY.

“With landlords increasingly looking to accommodate tenants, our clients have strong opportunities to secure the ideal property and lease terms with potential to expand and/or retrofit spaces,” said Adam Subber, Managing Principal, Cresa. “We anticipate that the trends captured in each of our market reports will hold steady throughout the year, with plenty of upside for companies looking to shore up existing space agreements or find new options across Boston, Cambridge, and the surrounding suburbs.”