Boston CBD leasing activity decreases to start the year

First quarter leasing activity for the Boston CBD office market was 0.6 million square feet(msf), down 15.8% from the prior quarter and down 18.5% from a year ago, coming in below the five-year quarterly average of 1.0 msf. Most of the Q1 leasing activity occurred in the Financial District, accounting for 69.5% of the volume in the Boston CBD during this time. Back Bay accounted for 17.7%, while Seaport/South Boston accounted for 12.8%. Seven of the top 10 transactions closed in the Financial District, with the remaining occurring in Back Bay. Additionally, the financial services and insurance industry accounted for five out of the top 10 transactions in Q1.

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