Total availability down from last quarter but sublease space continues to increase

With a slight increase in demand and less space coming on the market, overall availability for Q3 2022 decreased 20 basis points (bps) from last quarter to 16.4%. This was also slightly lower by 10 basis points (bps) year-over-year. Even with total available space decreasing, Boston saw an 11.1% increase in available sublease space which is now 99.6% higher than pre-pandemic levels. This is the biggest increase in sublease space availability since the beginning of the pandemic when sublease availability increased by 25.1% in Q3 2020 and 13.3% in Q4 2020. Sublease space now accounts for 23.2% of all available space in the Boston market, which grew 2.6% on quarter and 4.2% from a year ago. The increase in total sublease space availability has been fueled by the technology sector as more companies put space on the market to reduce their real estate footprints as they adapt to the hybrid workplace environment sparked by the pandemic.

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