Downtown Boston Emerging Trends
Over the past 12 months, lease renewals accounted for 45.5% of the total leasing activity in Downtown Boston, while new leasing activity continued to decline, down 55.2% from the 12-month rolling average of 5.1 million square feet (msf) from two years ago.
- The number of renewals continued to climb and accounted for more than 22.7% of all transactions in the last year, compared to 14.7% over the previous two years.
- At 1.91 msf, renewal activity over the last 12 months has almost equaled the total from the last two years combined at 2.22 msf.
- In the past year, the five largest renewals accounted for 62.3% (1.2 msf) of the total square footage renewed.
