Boston Properties (BXP), one of the largest U.S. office landlords, reported strong leasing activity in the first quarter, with tenants opting to take longer-term leases that they did a year ago.
The REIT inked close to 900K SF of leases in Q1, a 35% increase compared to the Q1 2023 total of 600K SF, with a weighted average lease term of nearly 12 years, up from last year's average of about eight years.
BXP focuses on high-end properties in central business districts—the company calls them "premier workplaces"—which have been outperforming the broader office market by wide margins, CEO Owen Thomas said in an earnings call this week.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
