Boston is the leading office market in the country. New research from CBRE shows that Boston has strong Tenants-in-the-Market Index and leasing activity ranks, and the city is currently exceeding its pre-COVD activity in September. At the same time, the market has a shirking availability of sublease space, three trends that are spelling good news for the office recovery.

CBRE measures the health of an office market based on the three metrics above, the TIM Index, leasing demand and sublease availability, using 100 as a baseline for pre-COVID activity to give context to the recovery in these markets. On the TIM Index, Boston scored 125, 42 points above the national average, and in leasing activity is surged to a score of 210, while the average US city scored a 93. Sublease availability fell 18 points to a score of 145. While that is still 48% above pre-COVID activity, the significant decrease is a sign of recovery.

The life science industry is driving a lot of the new office demand. Boston is one of the three major life science hubs in the country, and it will likely continue to fuel office activity for the next several years. "Boston's thriving life science industry is the anchor in the city's recovery," Nicole LaRusso, senior director of research and analysis at CBRE, said in a statement about the research. "As the summer's COVID surge fades into the distance, and vaccination rates continue to climb, we are cautiously optimistic that the improvement in office demand will build through the end of 2021 and into 2022."

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.