房地产 -2025年第四季度波士顿郊区办公数据 Boston Suburban Office Figures - Q4 2025

FIGURES|BOSTONSUBURBANOFFICE|Q42025

SustainedLeasingMomentumProducesaMajorRiseinPositiveAbsorption

26.3%

OfficeAvailability

$29.54

OfficeLeaseRate(Gross)

1,436,836SF

LeasingActivity

Note:Arrowsindicatechangefrompreviousquarter.

•TheSuburbanBostonofficemarketstrengthenedinQ4,recordingasubstantialriseinpositiveabsorption.Quarter-over-quarter(q-o-q),absorptionincreasedby160,757sq.ft.,bringingtotalpositiveabsorptionforthequarterto490,056sq.ft.

•Thelargestdealthisquarterwassignedat175&185WymanStreet,Waltham,whereDassaultSystèmesexecuteda320,000sq.ft.renewal.

•Mid-sizetransactions(20,000to50,000sq.ft.)represented21%ofleasingactivityinQ42025,andtransactionsover50,000sq.ft.represented41.2%ofallQ42025leasingactivity.

•Approximately81%oftheleasessignedduringthequarteroccurredinClassAproperties,upfromlastquarter’s74.2%.

•Thefourthquartersawstrongleasingvelocitywithanincreaseofroughly230,000sq.ft.q-o-q,totalingabout1.43millionsq.ft..Averageaskingrentsstayedflatwithadecreaseof$0.02q-o-qto$29.54persq.ft.gross.

•Thefourthquarter’sleasingvelocitywasfueledbyrenewals,withrenewals/expansions

accountingfor54.2%ofallleasingactivity.Sixoutofthetop10leasesofthequarterwererenewals.

•Tenantdemandinthefourthquarterof2025was2,166,000sq.ft.,down819,000sq.ft.fromlastquarter’s2,985,500sq.ft.

•Vacancydecreasedby0.4%to21.6%andavailabilityfellby0.5%to26.3%inthefourthquarter.

FIGURE1:Vacancyvs.LeaseRate

20.0%

18.0%

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

Q422Q123Q223Q323Q423Q124Q224Q324Q424Q125Q225Q325Q425

VacancyRateAverageAskingLeaseRate

$30.00

$29.50

$29.00

$28.50

$28.00

$27.50

$27.00

$26.50

Source:CBREResearch,Q42025

1CBRERESEARCH©2025CBRE,INC.

FIGURES|BostonSuburbanOffice|Q42025

FIGURE2:TransactionsofNote

MetroNorth

LeasingactivityinMetroNorthincreasedsignificantlyq-o-q,withroughly

322,000sq.ft.ofleasessigned,contributingtoaslightriseinpositive

absorption,whichendedQ42025at47,546sq.ft.MetroNorthrecorded

551,002sq.ft.oftransactions,representing38.4%ofleasingactivityacrossthethreeSuburbanBostonofficemarkets—asubstantialjumpfromlast

quarter’s20%.MetroNorthcontinuestobeahighlysought-aftermarket,

withapproximately41%ofallsuburbantenantdemandfocusedhere,and,morespecifically,theRoute128–Northsubmarketaccountingforabout

25%oftotaltenantdemand

ThelargesttransactioninMetroNorthwasStateStreetBanksigninga

seven-year,162,127sq.ft.renewalandexpansionat700DistrictAvenueinBurlington.About80%ofallMetroNorthleasingactivitywassignedinthe

Route128–Northsubmarket,includingthesecond-largestMetroNorth

lease,whereAmazonRoboticssigneda95,037sq.ft.expansionat400

RiverparkDriveinNorthReading.TheRoute3–Northsubmarketsawsimilar

leasingvelocitytolastquarter,withthethird-largestdealbeingHNTB

Corporation’sten-year,24,997sq.ft.renewalandexpansionat300ApolloDriveinChelmsford.

MetroNorth’sleasingactivitywasdrivenbyrenewals;thesevenlargestdealswererenewalsorexpansions.ThefivelargestdealsinMetroNorth

transactedinClassAbuildings,highlightingtheflighttoqualityintheoverallsuburbanofficemarket.

AverageaskingrentsinMetroNorthwere$27.19persq.ft.gross,relativelyflatq-o-qwithonlya$0.05persq.ft.increaseyear-over-year(y-o-y).

Availabilityfellby0.4%q-o-qto29.3%andvacancydecreasedby0.7%q-o-q

TheonemajorsaleinMetroNorththisquarterwasMontanaAvenueCapitalPartners’acquisitionofatwo-building,431,233sq.ft.portfolioinBurlington.PeakstoneRealtyTrustsoldtheBurlingtonResearchCenter,consistingof53SouthAvenueand63SouthAvenue,for$84.5million,or$195.95persq.ft.

Tenant/Investor

Address

Sq.Ft.

Submarket

Type

DassaultSystèmes

175&185WymanStreet,Waltham

320,000

Route128–West

Renewal

StateStreetBank

700DistrictAvenue,Burlington

162,127

Route128–North

Renewal/Expansion

AmazonRobotics

400RiverparkDrive,NorthReading

95,037

Route128-North

Expansion

DentsplySirona

590LincolnStreet,Waltham

84,413

Route128–West

Renewal

Ascensus

140KendrickStreet,Needham

36,233

Route128–West

New

Source:CBREResearchQ42025

FIGURE3:HistoricalQuarterlyLeasingActivity

SF(Millions)

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

Q22022

Q32022

Q42022

Q12023

Q22023

Q32023

Q42023

Q12024

Q22024

Q32024

Q42024

Q12025

Q22025

Q32025

Q42025

1.8

1.2

1.4

1.31.3

0.9

1.0

0.9

0.7

0.7

0.8

0.60.6

0.5

0.3

to24.8%.Availabilityandvacancybothincreasedby3.2%y-o-y.Source:CBREResearch,Q42025

2CBRERESEARCH©2025CBRE,INC.

FIGURES|BostonSuburbanOffice|Q42025

Stats

MetroSouth

AlthoughMetroSouthexperiencedaq-o-qdeclineinleasingactivity—largelybecauselast

BostonOffice

Bldgs

TotalSqFt

Available

(%)

Vacant

(%)

Sublease

(%)

Quarter

Absorption

AvgAsking

Rent$(Gross)

Close-InSuburbsNorth

56

5,241,495

33.1

28.6

6.1

175,194

31.15

Route128-North

152

17,839,698

24.8

19.4

3.5

(116,666)

24.8

Route495-Northeast

37

6,622,336

32.4

31.1

5.6

10,365

32.4

Route3-North

114

11,570,661

32.4

28.0

5.0

89,392

32.7

MetroNorth

359

41,274,190

29.3

24.8

4.6

158,285

29.3

Route128-West

247

22,711,262

27.8

22.2

5.4

412,715

42.37

Framingham–Natick

58

5,866,307

14.0

12.1

1.0

(38,916)

21.49

Route495-Route2West

48

4,721,648

37.8

35.0

1.6

10,155

20.54

Route495-MassPikeWest

108

10,778,660

22.7

18.3

2.7

59,087

21.68

MetroWest

461

44,077,877

26.6

21.3

3.8

443,041

32.67

Route128-South

154

13,803,361

20.7

14.1

3.5

(57,183)

25.69

Route495–South

32

2,446,493

19.2

14.3

5.4

11,032

20.67

MetroSouth

186

16,249,854

20.5

14.1

3.8

(46,151)

24.78

OverallSuburbanOffice

1,006

101,601,921

26.3

21.6

4.1

555,175

29.54

quartersawanunusuallystrongsurgewithtwo100K+sq.ft.tenantsenteringthemarket—ithasremainedconsistentoverallandshowedslightimprovementyearoveryear(y-o-y).ThemajorityofMetroSouth’sleasingactivitytransactedintheRoute128–Southsubmarket,withthemostnotabledealbeingAnalogDevicessigning33,900sq.ft.at720UniversityAvenue,Norwood.

Althoughunabletomatchthethirdquarter’sleasingvelocityorpositiveabsorption,Metro

Southhasstillshowny-o-yimprovement.MetroSouth’svacancyratedroppedanotable1.8%

y-o-yto14.1%.Thesubleasepercentagealsoimproved,decreasingabout40basispoints(bps)toendtheyearat3.8%.Availabilitydeclinedby1.5%y-o-y,bringingfourth-quarteravailabilityto20.5%.Averageaskingrentsremainedrelativelyflatovertheyearandarenow$24.78persq.ft.

MetroWest

MetroWestshowedq-o-qgrowthinpositivenetabsorption,increasingbyroughly276,000sq.ft.fromlastquarterandendingthequarterwith342,852sq.ft.ofpositiveabsorption.This

Source:CBREResearchQ42025

FIGURE5:PercentageofLeasingVelocitybyMarket

FIGURE6:PercentageofLeasingVelocitybyDealType

changeofjustover250,000sq.ft.reflectsMetroWest’sincreasedleasingactivityandveryfewlargeavailabilitiesbeingaddedbacktothemarket.TheRoute128–Westsubmarketrecordedthehighestpositivenetabsorptionamongallsuburbanareas,puttingMetroWestabout

Sublease3.2%

300,000sq.ft.aheadoftheothertwosuburbanmarkets.

MetroNorth

38.4%

Percentageof

Leasing

Velocityby

Submarket

Percentageof

Leasing

Velocityby

DealType

New42.6%

MetroWestledthesuburbanBostonofficemarketsinleasingactivity,accountingforwelloverhalf(58.3%)ofallleasessigned.Vacancyremainedrelativelyflat,dippingonly0.1%q-o-qto

MetroWest

58.3%

21.3%,whileavailabilitydecreased0.8%to25.8%.Overallaverageaskingrentsstayedmostlysteadyq-o-qwithonlyaslightincrease,thoughy-o-ytheyroseby$0.44to$32.67persq.ft.

MetroSouth

3.3%

Renewal/

Expansion

54.2%

Source:CBREResearchQ42025

Source:CBREResearchQ42025

gross.Subleaseavailabilityinchedup0.2%q-o-qto3.8%.Morethanhalf(56.2%)ofallsuburbantenantdemandtargetedtheMetroWestmarket,with37.1%specificallyfocusedontheRoute128–Westsubmarket,reflectingthepreferenceforestablished,centrallylocatedhubssuchasWaltham,Newton,Wellesley,Lexington,andNeedham.

3CBRERESEARCH©2025CBRE,INC.

FIGURES|BostonSuburbanOffice|Q42025

ThefivemostnotableleasesinMetroWestthisquarterwereover30,000sq.ft.

DassaultSystèmescompletedthelargesttransaction,renewing320,000sq.ft.at175&185WymanStreetinWaltham.DentsplySironaalsorenewed84,413sq.ft.at590LincolnStreetinWaltham.ThelargestnewdealwasAscensus,whichsignedfor

36,233sq.ft.at140KendrickStreetinNeedham.TechTargetsimilarlyexecuteda

ten-year,34,289sq.ft.relocationwithinthebuildingat275GroveStreetinNewton.ClassAbuildingsaccountedfor80%ofallMetroWestleasingactivity,upsharply

from63.1%inthethirdquarter,underscoringtheongoingflight-to-qualityastenantsprioritizewell-locatedofficeswithmodernamenities.

Route128Westrecorded312,526sq.ft.ofpositivenetabsorption,asignificantq-o-qincreaseofabout267,105sq.ft.OverallaverageaskingrentsinRoute128West

decreasedslightlyby$0.15q-o-qto$42.37persq.ft.gross.Availabilitydecreasedbyasignificant1.8%q-o-q,andoverallvacancyalsodeclinedby0.4%to22.6%.Subleaseavailabilityremainedrelativelyflatq-o-qbutisdownroughly0.9%y-o-y.TheriseinpositivenetabsorptionislargelydrivenbyMetroWest’sstrongleasingactivity.

MetroWestaccountedfor58.3%ofallleasingvelocity,with51.1%ofallleasesoccurringintheRoute128–Westsubmarket.

TheMassPikeWestsubmarketreboundedto59,087sq.ft.ofpositivenet

absorptioninthefourthquarter,asubstantialq-o-qincreaseof188,454sq.ft.The

Route2–Westsubmarketalsoimprovedq-o-q,finishingthequarterwith10,155sq.ft.ofpositiveabsorption.WhileMetroWestoutperformedtheothersuburbanoffice

marketsinabsorptionthisquarter,theFramingham–Naticksubmarketsawanotableq-o-qdecline,endingthefourthquarterwith38,916sq.ft.ofnegativeabsorption.

Overall,MetroWestcontinuestobeahighlyfavoredmarketforlargeofficetenants.

FIGURE7:NetAbsorptionbyMarket

SFNetAbsorption

600,000

400,000

200,000

0

(200,000)

(400,000)

(600,000)

(800,000)

Q42022

Q12023

Q22023

Q32023

Q42023

Q12024

Q22024

Q32024

Q42024

Q12025

Q22025

Q32025

Q42025

uNorth158,285uSouth(46,151)uWest443,041

Source:CBREResearch,Q42025

Source:CBREResearch,Q42025

FIGURE8:Q42025AverageAskingLeasingActivitySFbyClass

SF(Thousands)

900

800

700

600

500

400

300

200

100

0

142,284

92,744

644,447

461,258

10,010

37,073

MetroNorthMetroSouthMetroWest

ClassAClassB/C

4CBRERESEARCH©2025CBRE,INC.

FIGURES|BostonSuburbanOffice|Q42025

MarketAreaOverview

Rt495Northeast

Rt128North

Rt3North

Rt495-Rt2West

Close-InNorth

Cambridge

Rt128-West

Rt495-MassPikeWest

Boston

Framingham-Natick

Rt128South

Rt495South

Definitions

AVERAGEASKINGLEASERATE:Ratedeterminedbymultiplyingtheaskinggrossleaserateforeachbuildingbyitsavailablespace,summingtheproducts,thendividingbythesumoftheavailablespacewithnetleasesforall

buildingsinthesummary.GROSSLEASES:Includesallleasetypeswherebythetenantpaysanagreedrentplusestimatedaveragemonthlycostsoftheoperatingexpensesandtaxesfortheproperty,includingutilities,insuranceand/ormaintenanceexpenses.NETABSORPTION:Thechangeinoccupiedsq.ft.fromoneperiodtothenext,asmeasuredbyavailablesq.ft.NETRENTABLEAREA:Thegrossbuildingsquarefootageminustheelevatorcore,

flues,pipeshafts,verticalducts,balconiesandstairwellareas.OCCUPIEDAREA(SQ.FT.):Buildingareanot

consideredvacant.UNDERCONSTRUCTION:Buildingsthathavebegunconstructionasevidenced