Short on time? Here are the highlights of our third quarter Downtown Boston Office MarketView. To request the full report, fill out the form at the bottom of this post.
Activity continued to ramp up in the third quarter in the Downtown Boston Office market, which culminated in over half a million sq. ft. of positive absorption. All three of the core downtown submarkets contributed to this strong showing, and the trend continued into the smaller markets as well.
A good percentage of the absorption outcome was due to two headline-making moves: technology company PTC is relocating its headquarters from Needham and Alexion Pharmaceuticals relocating its headquarters from Connecticut, both landing at 121 Seaport Square, a 17-story tower that is currently under construction in the Seaport district. Construction began on the building without any major tenants lined up, but with these deals it is now 100% preleased. PTC’s 250,000 sq. ft. lease is the largest in Boston this year, and the firm will bring over 1,000 employees to the Seaport.
PTC and Alexion Pharmaceuticals are the latest in a string of prominent companies to relocate to Boston from the suburbs, with many of these tenants choosing the Seaport as their new home.