Availability drops in the Boston Suburbs, but sublease space continues to soar

In Q2 2023, the total availability rate in the Boston Suburbs office market decreased by 30 basis points (bps) year-over-year to 17.6%. There is currently 6.4 million square feet (msf) of available sublease space on the market, an increase of 9.2% from last quarter and up 32.4% from 4.8 msf reported a year ago. Total available sublease space has increased for 18 consecutive quarters since Q1 2019 and now accounts for 21.7% of all available space in the market, sitting at a new all-time high as sublet additions have continued to rise. Meanwhile, total direct space is down 3.2% from last quarter and down 8.2% from last year, as most of the space that is leased has been done so on a direct basis.

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