After a slight recovery, Q4 leasing activity returned to shutdown lows

Total fourth-quarter 2020 leasing activity totaled 1.6 million square feet (msf), reflecting declines of 39.3% and 41.2% from the previous quarter and year, respectively. In comparison, quarterly leasing peaked at nearly 5.4 msf in the third quarter of 2015 and hit a previous low of 2.1 msf in the first quarter of 2017. Nonetheless, 210 leases were signed in the fourth quarter of 2020, averaging about 7,700 sf per lease. The largest leases in the quarter were signed by Translate Bio (138,444 sf) at 200 West Street in the Route 128 West submarket, Columbia Threadneedle (82,000 sf) at 280-294 Congress Street in the Financial District submarket, and Constellation Pharmaceuticals, Inc. (79,155 sf) at 100 Talcott Avenue in the Route 128 West submarket.

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