The Greater Boston suburban office market recorded 632,173 sq. ft. of negative absorption in Q4 2020. The vacancy rate increased by 40 basis points (bps) to 15.4% while availability increased by 60 bps to 20.5%. The sublease rate remained flat at 2.9%, the highest rate in the market since Q3 2012.
The Greater Boston market is home to the top life science real estate market across the globe. The COVID-19 pandemic has magnified the focus on healthcare and the need for life science, which has accelerated growth in the sector. This growth has spurred demand and as a result, the Greater Boston suburban lab market recorded 415,643 sq. ft. of positive absorption in the Q4, the most growth recorded in a single quarter since CBRE started tracking suburban lab in 2003.