US News Office prices plummet in Boston amid coronavirus shutdowns as companies rethink traditional spaces

tom_mai78101

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Office prices are plummeting amid coronavirus shutdowns as companies ditch their expensive downtown spaces, leaving vacancies in Boston high-rises not seen since the tech bust nearly two decades ago.

“The second quarter saw the worst negative absorption rate in Boston’s history. There were more tenants moving out of office space during that time than we’ve ever seen before,” said Aaron Jodka, managing director of research and client services at Colliers International.

“The only comparable time periods would be during Sept. 11 and the tech bust in the fourth quarter of 2001,” Jodka said.

Rents have taken a nosedive as companies reconfigure or do away with traditional office spaces altogether and as new construction continues to come online amid a stunted economy and waning demand.

Read more here. (Boston Herald)
 
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