[Updated Oct 2020] A guide to executive suites and office space for rent in Boston as well as general information that may be useful if you are thinking of renting offices in the city.
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History & Geography
There are few US cities that have an aura like Boston. The capital of Massachusetts is one of the oldest cities in the country and one of the most culturally and economically important on the east coast. Located on the Shawmut Peninsula on Massachusetts Bay on the Charles River, the city has is one of the most densely populated in the US. Boston was founded in 1630 by Puritans from England, who named the city after Boston in Lincolnshire. The settlement was heavily involved in the French and Indian Wars, out of which the British eventually emerged victoriously. For many years Boston was the largest city in the 13 colonies until superseded by Philadelphia in the mid 18th century. When the American Revolution broke out in 1775 Boston played a major part, is the site of the Boston Tea Party, the Boston Massacre, the Battle of Bunker Hill and the Siege of Boston. After the war, the city emerged as a major trading hub and profited greatly from its seafaring tradition. In the 19th century manufacturing also became a large part of the city’s economy and it also became well regarded culturally and academically. The 19th century also saw large waves of immigrants move to the city, including many Irish, Russians and Poles. The city expanded rapidly and grew in size from land reclamation and construction. In the mid 20th century Boston suffered from an economic downturn due mostly to a decline in manufacturing. However, in the 1970s, the city’s economy recovered and many new skyscrapers were built in the downtown area of the city. Additionally, Boston’s many universities attracted more students to the area, further boosting the economy. Today Boston is one of the most important political and intellectual cities in the nation and considered one of the most desirable places to live on the east coast of the US.
Economy
Currently, Greater Boston has the sixth-largest economy in the US and the 12th largest on Earth. A mainstay of the city’s economy, and indeed its character, are Boston’s many universities and academic institutions. These institutions are major employers in the area and attract many industries such as biotech and other sciences. Additionally, the city is a popular destination for think tanks and research companies. Boston is also still a major seaport which is a bulwark of the economy. It is one of the largest ports on the east coast and is a major employer in the city. The financial services industry is also a large part of Boston’s economy and the city has a thriving financial district. Mutual funds and insurance services are especially prominent in the city. Fidelity Investments is headquartered in Boston, as is Bank of America and Sovereign Bank. Asset management and custody services specialist State Street Corporation is also based in the city. Recently Boston was rated as one of the top ten cities in the world for a career in finance. Boston is also a publishing hub, with Houghton Mifflin headquartered in the city as well as Bedford-St Martin’s Press, Beacon Press, Pearson PLC and Little, Brown and Co. Tourism is the other major staple of Boston’s economy, with the city ranked as one of the ten most popular tourist spots in the country.
Tourism & Culture
Every year tourists spend close to USD 9 billion dollars in Boston, making tourism one of the city’s primary economic drivers. Boston’s status as one of the oldest cities in the US attracts many visitors from both inside and outside the US. Among the historical sites most visited are the Paul Revere House, USS Constitution, Massachusetts State House, Granary Burying Ground, and Old State House. Another popular site is the Freedom Trail, a red brick path through downtown Boston leading around various sites such as Boston Common, the Bunker Hill Monument, the site of the Boston Massacre and others. For culture vultures, the city also boasts a range of theaters, including Cutler Majestic Theatre, Boston Opera House and Citi Performing Arts Center. Boston is also famous for several events which take place annually, primary among them is its fourth of July celebrations and First Night, which takes place on New Year’s Eve. In the summer the North End neighborhood is host to various festivals honoring Italian saints. Boston is also famous for its sports teams, including its basketball team, the Celtics, and its baseball team, the Red Sox.
Transportation
Boston is served by Logan International Airport, located in the neighborhood of East Boston. The city itself is slightly harder to navigate than most American cities, in that it does not follow the traditional grid pattern, but is slightly more scattered as most of its streets originated in the 17th century. The city has the fourth-highest rate of public transport use in the country with over a third of Bostonians using public transport to get to work. Boston’s underground rapid transit system, known as the ‘T’, has 65.5 miles of track and reaches Malden in the north and Braintree in the south. There is also a comprehensive bus system, the seventh busiest bus network in the country.
Office space to rent in Boston
Currently, Boston’s vacancy rate is 15.3 percent, down from the 16.5 percent it stood at last year. The Back Bay and East Cambridge/Kendall Square areas are currently the most popular districts for office space and have seen a few large Grade A office space developments in the last years. Average rents currently stand at approximately USD 48 per square foot and are not expected to rise significantly in the near future. Currently, Boston has about 60 million square feet of office space.
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