Fourth quarter 2023 sees a dip in leasing activity following a year of fluctuation in volume

Fourth quarter Boston CBD office leasing activity represented the second lowest volume of the year. Leasing activity was 0.7 million square feet (msf) in Q4 2023, down 0.5 msffrom the prior quarter and down 17.7% from a year ago. One of the most notable transactions during Q4 was the EMD Serrano lease at 200 Pier Four Boulevard for 60,528 square feet (sf), which will serve as their new United States healthcare headquarters. Most of the Q4 leasing activity happened in the Financial District which accounted for 61.8% of the volume in the Boston CBD during this time. The top 10 transactions in Q4 saw a smaller footprint of square footage being leased than previous quarters with seven being over only 10,000 sf. In addition, three of such top transactions were renewals and three were subleases.

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