Are Suburban Office Buildings Selling in Boston?
By Jeremy Cyrier, CCIM, CRE
Founder & President, MANSARD
Boston-based commercial real estate advisor specializing in suburban office and industrial strategy
If you own a suburban office building in Greater Boston, you are likely hearing the same narrative everywhere: the office market is frozen, tenants are leaving, and properties simply aren’t selling.
When you hear that kind of doom and gloom, it is easy to feel stuck. You might be wondering if you should accept a below-market lease just to keep the lights on, or if you have missed your window to sell entirely.
The short answer? Yes, suburban office buildings are still selling in Boston. But the market has changed. It is no longer a market where everything sells; it is a highly selective one. At MANSARD, we are actively involved in suburban office transactions across Greater Boston, and we see firsthand that properties are still trading—but only when pricing, positioning, and strategy align.
The Reality of Suburban Office Sales in Boston
Before you make a decision based on headlines, you need to look at the hard data. Over the past 12 months, suburban office properties in Greater Boston have recorded:
• $1.4 billion in sales volume
•10.3 million square feet traded
•416 properties sold
•Average sale price: $3.6 million
Who is actually buying these properties? The buyer composition tells a clear story: 48% are private investors, 33% are institutional, and 19% are users.
Interestingly, only 8% of sellers have been users. This aligns with exactly what we are seeing in practice: many users are holding their assets and, in some cases, expanding their ownership rather than selling.
What Is Actually Happening in the Market?
Market data provides a useful framework, but it does not always reflect how deals are actually getting done on the ground. Based on our work advising owners and buyers, several distinct patterns are emerging that you need to understand before you make your next move.
Users Are Purchasing Instead of Leasing
We are consistently seeing users purchase suburban office properties, particularly in smaller to mid-sized transactions. For these buyers, the decision is driven by long-term occupancy needs. They are focused on gaining control and cost certainty, and they are rigorously evaluating the financial benefits of ownership against leasing alternatives. In several transactions we have worked on recently, these have been all-cash purchases.
All-Cash Buyers Are Helping the Market Clear
One of the primary reasons suburban office buildings are still selling in Boston is the presence of all-cash buyers. In a typical market, financing hurdles would slow or prevent execution. Today, buyers are prioritizing certainty over leverage, and pricing has adjusted to a level where leverage is simply less critical to getting the deal done.
The Line Between User and Investor Is Blurring
We are also seeing a shift in how buyers identify themselves. The line between a traditional user and an investor is blurring. We are working with future users, partial occupants, and buyers who are underwriting both operating and repositioning scenarios simultaneously.
To give you a sense of what is moving, a 236,000 SF office property in Quincy recently traded for approximately $6 million. In another instance, a 120,000 SF suburban office building sold through auction at a reduced basis. Overall, we are witnessing a continued shift from institutional ownership to private capital.
Which Buildings Are Selling (And Which Are Not)?
If you are considering a sale, you need to know exactly where your property stands. Not every building is positioned to clear the market.
Assets That Are Struggling to Sell:
•Properties with functional obsolescence.
•Buildings facing limited tenant demand.
•Assets with no clear repositioning path.
•Properties where pricing has not adjusted to current market realities.
Assets That Are Trading:
•Properties offering a lower basis relative to replacement cost.
•Buildings with existing or potential user demand.
•Properties with zoning that allows for alternative use.
•Assets with the ability to generate income during a transition period.
Investment Strategies That Are Working Right Now
For those looking to navigate this market successfully, two primary investment strategies are currently working.
The first is User Ownership. These buyers want to control their operations, secure long-term cost certainty, and take advantage of current pricing adjustments.
The second is Covered Land and Repositioning. Investors are targeting properties with a low basis where existing income supports the hold, while they explore alternative use potential for the future.
Know Your Position Before You Make a Move
So, are suburban office buildings selling in Boston? Yes—but selectively.
Before you list your property, accept a sub-par lease, or commit to a path, you need to know exactly what your property is worth and what the market will bear. You need a clear strategy.
Whether you decide to sell, hold and reposition, or adjust your overall strategy, that decision should be made with hard data and clear insight. If you own a suburban office property in Greater Boston and are evaluating your options, we are here to help you step back, evaluate the numbers, and choose the right path.