OFFICE MARKET OVERVIEW

ERIC SOLEM, Managing Principal | President

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In 2022, the top ten biotechnology leases accounted for 80% of the square footage (2.5M of the ~3.1M SF) and landed in either Cambridge or Boston’s Seaport District, with the balance landing in Boston’s western suburbs which include Watertown, Waltham and Bedford, MA. With rationalization of space accommodating a hybrid workforce and a looming recession on the horizon, there is now ~10.5M SF of sublease space on the market; one year ago, that number was closer to 8M SF. Nonetheless, new developments are still leasing up. For example, Waltham’s Revolution Labs (173,000 SF) is under development by Boston-based Greatland Realty Partners, is fully leased and set to open in January 2023.