Availability surges in the suburbs as more sublease space continues to flood the market

In Q3 2023, the total availability rate in the Boston Suburbs office market increased by 120 basis points (bps) year-over-year to 17.9%. There is currently 6.9 million square feet (ms) of available sublease space on the market, an increase of 8.5% from last quarter and up 39.8% from 5.0 msf reported a year ago. Total available sublease space now accounts for 23.2% of all available space in the market, sitting at a new all-time high as sublet additions have continued to rise. Sublease space on the Route 128 West submarket accounts for 32.8% of all sublease space available in the market with a total of 2.3 msf available.

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