Small financial firms that want a prestige address are signing pricey leases in the Back Bay, but the big fish that can fill a lot of space have been harder to come by. Meanwhile growing tech tenants have preferred older buildings and spots closer to the Red Line and commuter rail hubs at North and South Stations. Verrette noted that long-established Back Bay companies such as Houghton Mifflin and Wells Fargo are leaving behind large blocks space for new homes in the Financial District. James Avenue while online retailer Wayfair, which is in Copley Place, is reportedly looking for yet more room to grow.īut after decades as Boston’s premiere business address, Boylston Street and its surroundings have lost their edge lately, said Glenn Verrette, a veteran office broker at Cushman & Wakefield. And co-working giant WeWork recently signed a 113,000-square-foot lease at 31 St. Boston Properties has leased about 80 percent of a new tower at 888 Boylston Street. ![]() Office rents in Back Bay have climbed 10 percent on average in the last year, according to real estate firm JLL. To be clear, the Back Bay is not exactly hurting. But those other markets have slightly less vacant space than Back Bay. ![]() Rents in the Financial District and the Seaport, on average, are on a par with Back Bay. “Now you think about the Seaport, the Financial District. “Back Bay had always been the coolest area to be in,” said Steve Purpura, market leader at real estate firm Transwestern. And it’s also, real estate experts say, a reflection of the way Boston itself is changing, with new development in the Seaport and in downtown making Back Bay feel the slightest bit tired.
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