Availability continues to increase in the Suburbs

In Q1 2024, the total availability rate in the Boston Suburbs office market increased by 50 basis points (bps) from last quarter and 100 bps year over year to 18.7%. There are currently 6.9 million square feet (msf) of available sublease space on the market, a decrease of 1.1% from last quarter but up 18.5% from 5.9 msf reported a year ago. Total available sublease space now accounts for 22.2% of all available space on the market. Total Q1 available space has increased 5.5% year over year, with direct available space up 2.3% from last year. Demand in the suburbs has been more focused on Class B/ C properties, which is illustrated by an availability rate of 13.3% compared to the 25.7% availability rate for Class A buildings.

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