Availability trends toward stabilization as trophy demand persists

The first quarter of 2026 marked a solid start to the year, with 1.0 million square feet (msf) of leasing activity, in line with the five-year quarterly average. A key driver was JPMorgan Chase’s 246,000 square feet (sf) relocation to South Station Tower from multiple urban locations—an important signal of growing confidence in the market and continued occupier preference for trophy assets. The transaction brings South Station Tower to over 50.0% leased and reflects a broader shift toward more diverse deal activity following the renewalheavy cycle of the past two years. Ongoing constraints in premier space across Back Bay and the Seaport, aside from the fully available 10 World Trade Center Avenue, continue to drive reshuffling and renewals among top-tier space occupiers. Notable Q1 activity includes Troutman Pepper Locke renewing 57,000 sf at 111 Huntington Avenue in the Back Bay submarket and Bracebridge Capital renewing and expanding to 34,000 sf at 888 Boylston Street, also in Back Bay.

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