Boston Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Lee Associates, Newmark, Cushman & Wakefield, CBRE
Quarterly office market indicators for Boston, aggregated by PropZone from Lee Associates, Newmark, Cushman & Wakefield, CBRE. As of Q1 2026, average asking rent was $43.72/SF with a 14.9% vacancy rate.
Projected current office pricing — Boston
low confidenceProjected asking rent
$31.41–$32.77/SF/yr
Estimated sale value
$129–$175/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 Cushman & Wakefield data (cap rate 9.7%, asking rent trend-adjusted to today). Assumes ~80% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $43.72/SF | 14.9% | 1.5M SF | — | Lee Associates |
| Q1 2026 | — | — | — | — | Newmark |
| Q1 2026 | $31.41/SF | 20.5% | 0K SF | — | Cushman & Wakefield |
| Q4 2025 | $68.25/SF | — | -873K SF | — | CBRE |
| Q4 2025 | — | 18.2% | 0K SF | — | Cushman & Wakefield |
| Q3 2025 | — | — | 0K SF | — | Cushman & Wakefield |
| Q2 2025 | — | — | 0K SF | — | Cushman & Wakefield |
| Q1 2025 | $40.00/SF | — | — | — | Newmark |
| Q1 2025 | — | — | 0K SF | — | Cushman & Wakefield |
| Q3 2023 | $286.00/SF | — | — | — | Newmark |
| Q4 2020 | — | — | 0K SF | 0K SF | Cushman & Wakefield |
| Q3 2020 | — | — | 0K SF | 0K SF | Cushman & Wakefield |
| Q3 2019 | $36.87/SF | 9.5% | 2.1M SF | — | Cushman & Wakefield |
| Q3 2017 | — | 11.2% | 0K SF | — | Cushman & Wakefield |
| Q2 2017 | $50.00/SF | 4.7% | — | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Boston?
- As of Q1 2026, the average asking rent for office space in Boston was $43.72/SF, per Lee Associates.
- What is the office vacancy rate in Boston?
- The office vacancy rate in Boston was 14.9% as of Q1 2026 (Lee Associates).
- Where does PropZone's Boston market data come from?
- This report aggregates quarterly office market data for Boston from Lee Associates, Newmark, Cushman & Wakefield, CBRE.
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