Greater Boston · Office Market Intelligence
Thinking About Selling Your
Greater Boston Office Building?
Before You List, Read This.
A data-driven guide to office property sales volume, pricing, and market cycle positioning across the top 10 Greater Boston office markets — built for owners evaluating their next move in 2026.
Market Overview
The Greater Boston Office Market in 2026
If you own a suburban office building in Greater Boston, you have likely been navigating a market defined by uncertainty. The data, however, tells a more nuanced story than the headlines suggest.
The Greater Boston office market is currently in a critical transition. According to the Q4 2026 Mueller-Chacon Real Estate Market Cycle Forecast, the U.S. suburban office market is deep in the Recession phase of the cycle. However, the Boston office market is outperforming the national trend, positioning itself at the very beginning of the Recovery phase — meaning Boston has already passed the cycle bottom and is beginning to turn upward.
According to CoStar's Q2 2026 Boston Office Market Report, the market posted positive net absorption of 1.1 million SF in Q1 2026 — the first positive quarter since 2022. Office attendance in Boston is up 11.2% year-over-year, driven by major employers like Fidelity Investments mandating a five-day return to the office.
— Jeremy Cyrier, CCIM, CRE | President, MANSARD
Within the Greater Boston market, conditions are bifurcated by geography and asset quality. Cambridge and Waltham continue to command premium pricing and attract both institutional and private capital. Meanwhile, suburban markets along the I-495 corridor are seeing value-add buyers, user-purchasers, and repositioning investors as the primary drivers of activity. Submarkets like Lowell/Chelmsford have posted annual rent gains exceeding 1.5%, outperforming the broader market average.
Market Cycle Intelligence
Where Boston Office Sits in the National Cycle
Understanding the market cycle position of Boston office is critical context for any owner evaluating a sale, hold, or repositioning decision in 2026.
Nationally, suburban office is at the very bottom of the market cycle — deep in Phase 4 (Recession), positions 15–16 on the Mueller model. Occupancies are forecast to decline -0.1% in Q4 2026, with effective rents declining even as asking rents hold flat. Supply growth is slowing as demolitions and office-to-residential conversions accelerate.
Boston is a notable exception to the national suburban office recession. The Mueller-Chacon model places Boston at positions 1–2 in Phase 1 (Recovery) — meaning Boston has already passed the cycle bottom. This is consistent with CoStar data showing positive net absorption of 1.1M SF in Q1 2026, the first positive quarter since 2022.
| Metric | Boston Market | National Average | Trend |
|---|---|---|---|
| Overall Vacancy Rate | 15.1% | 14.0% | Declining slowly |
| 12-Month Net Absorption | +1.1M SF | Mixed | First positive Q since 2022 |
| Market Asking Rent | $43.88/SF | $37.00/SF | +0.5% YOY |
| 4 & 5 Star Asking Rent | $60.04/SF | — | Stable |
| Sales Volume (TTM) | $2.1B | — | Below $4.5B historical avg |
| Office Attendance Recovery | 66% of pre-pandemic | 73.5% | +11.2% YOY in March 2026 |
| Cycle Phase (Mueller-Chacon) | Phase 1 — Recovery | Phase 4 — Recession | Boston ahead of national |
Sources: Mueller-Chacon Real Estate Market Cycle Forecast, Q4 2026 [1]; CoStar Boston Office Market Report, Q2 2026 [2].
Sales Velocity Data
Office Transaction Volume by Town, 2017–2026
Total recorded office sale price volume and average sale price per square foot across the top 10 Greater Boston office markets, 2017 through YTD 2026.
| # | Town | Total Vol | Avg $/SF | YTD 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | ||||
| 1 | Cambridge | $2.30B | $686 | — | — | $156.8M | $426 | $136.4M | $593 | $179.7M | $1,578 | $193.5M | $759 | $324.1M | $672 | $76.4M | $637 | $500.6M | $553 | $168.9M | $373 | $558.8M | $587 |
| 2 | Waltham | $1.19B | $339 | $5.2M | $237 | $37.1M | $118 | $5.3M | $482 | $246.1M | $522 | $51.0M | $368 | $159.2M | $379 | $167.2M | $469 | $143.3M | $270 | $152.3M | $298 | $221.2M | $244 |
| 3 | Burlington | $1.16B | $264 | $44.6M | $110 | $114.0M | $263 | — | — | $71.0M | $376 | $109.9M | $310 | $170.3M | $279 | $40.8M | $232 | $342.1M | $272 | $129.5M | $279 | $141.5M | $256 |
| 4 | Lexington | $599.9M | $277 | — | — | $3.9M | $385 | — | — | $3.3M | $243 | $108.6M | $383 | $325.5M | $395 | $78.0M | $420 | $31.4M | $93 | $26.6M | $146 | $22.6M | $154 |
| 5 | Watertown | $538.4M | $399 | $32.2M | $608 | $2.7M | $331 | $3.8M | $286 | $5.5M | $212 | $6.0M | $546 | $77.8M | $404 | $2.8M | $306 | $272.7M | $584 | $133.7M | $356 | $1.3M | $357 |
| 6 | Somerville | $413.7M | $438 | $16.3M | $559 | $1.5M | $1,006 | $41.2M | $198 | $1.4M | $521 | — | — | $101.5M | $611 | $69.3M | $281 | $10.1M | $252 | $86.1M | $219 | $86.4M | $296 |
| 7 | Framingham | $404.7M | $150 | $2.1M | $112 | $26.4M | $141 | $2.9M | $116 | $12.3M | $126 | $55.1M | $142 | $111.4M | $150 | $74.0M | $385 | $80.0M | $133 | $38.3M | $108 | $2.2M | $91 |
| 8 | Marlborough | $341.3M | $89 | $4.8M | $48 | $4.3M | $52 | $4.5M | $45 | $3.3M | $106 | $27.8M | $119 | $20.8M | $115 | $104.9M | $130 | $65.6M | $113 | $33.7M | $92 | $71.5M | $71 |
| 9 | Newton | $335.7M | $315 | $3.6M | $1,116 | $41.4M | $174 | — | — | $8.7M | $58 | $113.4M | $243 | $18.0M | $226 | $9.8M | $296 | $69.6M | $310 | $26.5M | $257 | $44.7M | $156 |
| 10 | Bedford | $315.1M | $222 | — | — | $28.0M | $295 | $4.8M | $275 | — | — | $35.9M | $147 | $64.9M | $171 | $129.6M | $205 | — | — | $28.4M | $299 | $23.5M | $158 |
Vol = Total recorded sale price volume. $/SF = Average sale price per square foot (weighted by total SF sold). Transactions between $1M–$100M. Source: MANSARD Sales Velocity Data, 2017–YTD 2026. — indicates no qualifying transactions in that period.
Town-by-Town Analysis
Top 10 Greater Boston Office Markets
Each market has a distinct buyer profile, pricing dynamic, and strategic opportunity. Rankings reflect total office sale price volume from 2017 through YTD 2026.
Cambridge commands the highest transaction volume in Greater Boston, driven by its concentration of life sciences, biotech, and technology tenants. Lila Sciences leased 176,000 SF at Alewife Park in Q3 2025. For office owners, the market transition creates a window of opportunity as tenants absorb secondhand space.
Get a Cambridge Property Evaluation →A premier suburban office destination along Route 128. Recent highlights include Dassault Systèmes leasing 214,824 SF at Hobbs Brook, Mass General Brigham taking 202,800 SF at Waltham Corporate Center, and Stoke Therapeutics signing for 98,472 SF in early 2026.
Get a Waltham Property Evaluation →Burlington is a bellwether for the Route 128 suburban office market. Keurig Dr Pepper's 274,000 SF renewal and State Street's 163,000 SF lease at The District demonstrate consistent corporate commitment and a stable, deep buyer pool.
Get a Burlington Property Evaluation →Lexington attracts a mix of traditional office users and life science spillover tenants. The $325.5M in 2021 volume — the highest single-year figure for the market — reflects the pandemic-era flight to quality suburban space. Sales here are driven by strategic positioning and high-quality asset profiles.
Get a Lexington Property Evaluation →Watertown has emerged as one of the most active suburban office submarkets in Greater Boston. Despite a high vacancy rate near 36%, it has fallen nearly 5% in the past year due to strong net absorption of 63,000 SF. Proximity to Cambridge makes it a prime target for life science spillover tenants.
Get a Watertown Property Evaluation →Somerville is rapidly emerging as a major office and life science destination. Transmedics Group's 498,286 SF lease at Assembly Innovation Park in Q1 2026 is the largest single lease in the Greater Boston market over the past 12 months.
Get a Somerville Property Evaluation →The MetroWest hub is seeing a notable trend of major tenants upgrading from Class B to Class A space as price gaps narrow. Framingham and Natick together hold approximately 8.4 million square feet of Class A and B office space, with conversions creating new exit strategies for owners.
Get a Framingham Property Evaluation →Positioned along I-495 with strong highway access, Marlborough offers a lower basis relative to replacement cost — making it attractive to investors pursuing repositioning strategies. The $104.9M in 2020 volume reflects the submarket's resilience through the pandemic.
Get a Marlborough Property Evaluation →A highly desirable, supply-constrained market just outside Boston, Newton's office properties consistently attract private capital and all-cash buyers who prioritize certainty over leverage. The $113.4M in 2022 volume reflects Newton's resilience and the scarcity of quality assets.
Get a Newton Property Evaluation →Bedford is a specialized suburban office market anchored by defense, technology, and government contractors along the Route 3 corridor. The $129.6M in 2020 volume reflects the submarket's resilience. MANSARD successfully sold a 40,000 SF Bedford office building at 100% of asking price within 60 days of going under contract.
Get a Bedford Property Evaluation →Recent Leasing Activity
Major Office Leases in Greater Boston, 2025–2026
Corporate leasing activity is the leading indicator of future sales demand. The following transactions confirm that Greater Boston's top office submarkets remain actively sought by major tenants.
| Tenant | Property | Town | SF Leased | Quarter |
|---|---|---|---|---|
| Keurig Dr Pepper | Burlington Research Center | Burlington | 274,000 | Q4 2025 / Q1 2026 |
| Dassault Systèmes | Hobbs Brook Office Park | Waltham | 214,824 | Q4 2025 |
| Mass General Brigham | Waltham Corporate Center | Waltham | 202,800 | Q3 2025 |
| State Street | The District Burlington | Burlington | 163,000 | Q4 2025 |
| Lila Sciences | Alewife Park | Cambridge | 176,000 | Q3 2025 |
| Amazon | RiverPark | Wilmington/Reading | 139,227 | Q4 2025 |
| Medtronic | 880 Technology Park Dr | Lowell/Chelmsford | 113,673 | Q2 2025 |
| Stoke Therapeutics | 245 5th Ave | Waltham | 98,472 | Q1 2026 |
| AMD | Tech Central @ Boxborough | Concord/Maynard | 90,952 | Q3 2025 |
| Converge | Centennial Park | Peabody/Salem | 76,771 | Q4 2025 |
Source: CoStar Boston Office Market Report, Q2 2026, licensed to MANSARD [2].
Who Is Buying
Understanding the Buyer Landscape in 2026
Before you go to market, you need to know who will actually compete for your asset. The buyer composition in Greater Boston's suburban office market has shifted significantly.
Three Buyer Types Driving the Market
- User-Buyers: Purchasing to control operations, secure long-term cost certainty, and take advantage of current pricing adjustments. Often all-cash. Most active in smaller to mid-sized transactions.
- Private Investors: The dominant buyer type at 48%. Focused on lower-basis acquisitions with clear value-add or repositioning potential. Particularly active in Marlborough, Framingham, and Bedford.
- Institutional Capital: Targeting trophy assets and well-leased properties in Cambridge, Newton, and Lexington. Require a clear income story and institutional-quality documentation.
What Buyers Are Underwriting
- User Ownership: Buyers want to control operations, secure long-term cost certainty, and take advantage of current pricing adjustments.
- Covered Land & Repositioning: Investors targeting a low basis where existing income supports the hold while exploring alternative use potential.
- All-Cash Execution: Buyers are prioritizing certainty over leverage — and pricing has adjusted to a level where leverage is less critical to getting the deal done.
MANSARD Strategy
We Don't Start With a Listing.
We Start With Strategy.
Most owners make the decision to sell too late — or go to market before they fully understand their options. MANSARD was built to change that.
- Know what your Greater Boston office property is worth today
- Identify the right buyers for your specific asset and location
- Decide if selling, holding, or repositioning makes the most sense
- Build a strategy to maximize value before going to market
88.9% of MANSARD's recent sales closed on-time and at the client's accepted offer price. That outcome is determined before the property ever goes live.
Schedule a Pre-Sale Strategy Call
A short conversation can help you understand what your office property is worth, who the right buyers are, and how to approach a sale the right way.
Schedule a Pre-Sale Strategy Call Call (617) 674-2043Confidential. No obligation. No pressure.
Client Results
What Greater Boston Office Owners Say
"We used MANSARD to help us reposition and sell a 40,000 SF suburban commercial office building. They were fantastic, well read in the market place and helped us realize our projected returns. Would highly recommend their services."
"Jeremy did a great job with the entire process. He is very smart and great at making everything go smoothly. I would recommend MANSARD for anyone looking to sell or rent commercial property."
"MANSARD was a partner through the whole process. From the initial leasing of a temporary space to the acquisition of our own building. I like the personal touch and sense of expertise that came with working with MANSARD."
Frequently Asked Questions
Greater Boston Office Market: Common Questions
Yes — but the market is highly selective. Over the past 12 months, Greater Boston suburban office properties recorded $1.4 billion in sales volume, with 416 properties sold and an average sale price of $3.6 million. Properties are trading when pricing, positioning, and strategy align. Assets with a lower basis relative to replacement cost, existing or potential user demand, and clear repositioning paths are the ones moving.
Cambridge leads all Greater Boston towns with $2.30 billion in total office sales volume from 2017 through YTD 2026, followed by Waltham at $1.19 billion and Burlington at $1.16 billion. Cambridge's dominance is driven by its concentration of life sciences, biotech, and technology tenants.
The buyer composition shows 48% private investors, 33% institutional buyers, and 19% users. All-cash buyers are increasingly common, as they prioritize certainty over leverage. User-buyers are particularly active in smaller to mid-sized transactions, purchasing to control their operations and secure long-term cost certainty.
The answer depends on your specific asset, its position in the local market, your financial goals, and your tax situation. The key questions to answer before making that decision are: What is your property worth today? Does selling now make sense given current pricing and buyer demand? What are the capital gains and 1031 exchange implications? MANSARD's Pre-Sale Strategy process is specifically designed to help you answer these questions before committing to any path.
The Greater Boston office market has an overall vacancy rate of approximately 15.1% as of Q2 2026, according to CoStar. However, this varies significantly by submarket. Cambridge and Waltham have tighter conditions than the overall average, particularly for Class A and Trophy assets. The structural trend is improving: the market posted positive net absorption of 1.1M SF in Q1 2026 — the first positive quarter since 2022.
MANSARD's process begins with a confidential Pre-Sale Strategy Call — no obligation, no pressure. From there, we conduct a Strategic Asset Evaluation: we evaluate your asset, its performance, and its position in the Greater Boston market. We identify the likely buyers and how to position your property to create demand. We then help you decide whether to sell, hold, or reposition. This approach is why 88.9% of MANSARD's recent sales closed on-time and at the client's accepted offer price.