Overall leasing down just slightly at mid-year

Boston's office leasing activity for the first half of 2024 totaled 3.3 million square feet (msf). This amount is slightly below the 3.7 msf for the same year ago period, due to a softer second quarter with Q2 2024 volume down just an annual 4.0%. Notable transactions included Havas Media's 74,000-square-foot relocation to GE's former headquarters at 5 Necco Court in the Seaport submarket where it downsized from 125,000 square feet (sf). In addition, Bose Professional signed an office lease for 56,300 sf for their new headquarters at 117 South Street formerly occupied by EMC in Hopkinton within the Route 495/Mass Pike West submarket, and Dicerna Pharmaceuticals expanded for another 26,200 sf at 50-60 Sylvan Road in Waltham within Route 128 West. These top transactions illustrate a continued preference by some tenants for suitable Class B and C space both outside of and now within the Boston CBD.

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