On average, listings lease in the $60's per square foot per year. The Back Bay region is seeing a an increase in rates. In the last 3 months, the median rate rose $3 per sqft per year. That's a 4% rise in rent.
Compared to the rest of the Greater Boston market, the Back Bay submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 19 listings have been listed, which means new listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 58% of the available leases in the Back Bay are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 530 sqft. Most buildings in this market are close to 6 stories. Most buildings in this area were built in 1923 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Arts, entertainment, and restaurants are the dominant industries in this market. Most of the occupants of Back Bay work from home. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.