The Boston office market has big movers that need to make some real estate decisions. The market continues to tighten and blocks of 100,000 square feet and above are harder to find.
From Banker and Tradesman:
Banks continue to move employees into smaller workspaces, with the industry average now 150 square feet per employee, down from 225 square feet in 2009…many banks are [also] choosing to relocate offices. Only 25 percent of the financial services office deals tracked by JLL in 2014 were lease renewals, while 46 percent were relocations.
That trend is likely to continue in Boston, with three major financial institutions responsible for 33 percent of the total active requirements in the market. But the result likely will be a net decrease in occupied space.
Putnam Investments and Wells Fargo are in the market for 280,000 and 220,000 square feet, respectively, while BNY Mellon is seeking to downsize to 350,000 square feet. And available build-to-suit parcels in the Seaport District provide competition to existing office towers in the Financial District.