Leasing activity continues on a downward trend for the fourth quarter in a row

Boston Central Business District (CBD) office leasing activity of just 0.5 million square feet (msf) in Q2 2023 marks the third lowest reported quarterly leasing activity in the last 10 years. Leasing activity has been on a downward trend for the last four quarters and is now down 63% year over year. Only one lease over 50,000 square feet (sf) was signed this quarter in the Boston CBD. In addition, four of the top ten leases reported in Q2 2023 were in the Technology, Advertising, Media and Information (TAMI) sector. This bucks the trend of the previous few quarters where the largest blocks of space have been primarily leased by tenants within Financial Services, Legal Services, as well as Business, Professional and Consulting Services.

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