📉 Commercial real estate vacancies continued to fall below 24% into the first quarter of 2026, per a recent report from Colliers.
That's partly due to the rise of redevelopment projects and office-to-residential building conversions in Boston.
It also helped that companies likely to shrink their footprints had already done so shortly after the pandemic.
Yes, but: While this could continue throughout 2026, Boston's slow growth of white-collar jobs compared to other cities could hurt these prospects, says Jeff Myers, research director at the Colliers Boston office.
"Should the economy slow further and lead to widespread layoffs, it would likely weigh on the prospects of a near-term recovery," he tells Axios.
🏗️ The law firm McCarter & English signed an 11-year lease for 47,000 square feet of office space in International Place downtown, CityBiz reported.
The firm plans to move in May 2027.
💰 New York-based Acadia Realty bought two Newbury Street buildings that host Chanel and Cartier stores earlier this month for a combined $113.5 million, per the Boston Globe.
🏙️ Meanwhile, local construction firms — including Suffolk Construction and Newton-based Commodore Builders — are pursuing major projects outside of New England, the Boston Business Journal reported.
That includes Suffolk's Manhattan skyscraper project, known as The Torch, and a joint venture to build a $10 billion project in Beverly Hills.
