Boston area office rents spiked sharply over the year but flattened over the quarter

In the third quarter of 2020, Boston's overall average asking rent stood at $35.38 per square foot (psf), reflecting a sharp annual increase of 10.6% and a modest quarterly decrease of 1.2%. Third-quarter submarket rents ranged from $15.90 psf in Southern New Hampshire and $17.21 psf along Route 495/Route 2 West, to $71.35 psf in Back Bay and $66.48 psf in the Financial District. Class A rents in the region increased by 10.8% year over year but decreased by 2.6% over the quarter, to $43.30 psf. Central Business District (CBD) rents fell by 2.0% in the third quarter of 2020, while suburban rents gained about 1.6% over the same period.

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