Availability continues to rise with more sublease space additions to the market

In Q4 2023, the total availability rate in the Boston Suburbs office market increased by 30 basis points (bps) from last quarter and 120 bps to 18.2% year-over-year. There is currently 7.0 million square feet (msf) of available sublease space on the market, an increase of 1.0% from last quarter, as well as up 41.2% from 5.0 msf reported a year ago. Total available sublease space now accounts for 23.0% of all available space on the market, sitting at a new all-time high as sublet additions have continued to rise. Total Q4 available space has increased 6.6% year-over-year, while in that same time period, direct space has decreased 0.7%. As such, a vast majority of new available space on the market is comprised of sublet space.

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