On average, listings lease in the $70's per square foot per year. The Back Bay submarket is going through a decline in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 6% decrease in rent.
Compared to the rest of the Greater Boston market, the Back Bay submarket has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 19 listings have come on the market, which means listings are probably going fast. You'll want to be prepared to make an offer immediately. About 5% of the available space in the Back Bay are subleases, so you will probably have to focus your search on direct office leases. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 9,800 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this market are close to 6 floors. Most buildings in this area were built in 1925 and are Class A.
A large portion of this region is residential, but there's plenty of office_space. Arts, entertainment, and restaurants are the dominant industries in this area. Most of the residents 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.