BXP · 10-Q · 2026Q2 · Full report

Occupancy and Leasing Activity

BXP, Inc. · 2026-08-06 · Importance 43 · Surprise 56 · In source text

BXP signed 106 leases totaling approximately 1.8 million square feet in the second quarter of 2026, equal to 129% of its historical 10-year second-quarter average, with a weighted-average lease term of approximately 9.9 years. Notable commitments included a 148,000-square-foot lease with McDermott Will & Schulte at 343 Madison Avenue in New York, bringing the project to 50% pre-leased, and a 322,000-square-foot lease with Boston Dynamics at Reservoir Place in Waltham. In-service occupancy increased 100 basis points sequentially to 88.4%, while leased percentage increased 40 basis points to 91.3%; approximately 85% of the 1.3 million square feet of signed but not yet commenced leases is expected to commence before year-end 2026. BXP also reported only 300,000 square feet of leases expiring before December 31, 2026, alongside 1.1 million square feet of executed leases scheduled to commence during 2026.

Key facts

• Same Property Portfolio lease revenue (excluding termination income) increased by approximately $24.286 million for the three months ended June 30, 2026 compared to 2025; average revenue per square foot increased by approximately $1.47 contributing ~$13.2 million, and average occupancy increased from 88.0% to 89.2% contributing approximately $11.1 million. source
• The spread between leased and occupied square footage was 290 basis points, representing approximately 1.3 million square feet of leases yet to commence, of which approximately 85% is expected to commence before year-end 2026. source
• The weighted-average term of BXP's in-place leases, including leases signed by unconsolidated joint ventures, excluding residential units, was approximately 7.7 years as of June 30, 2026. source
• In the second quarter of 2026, we executed 106 leases totaling approximately 1.8 million square feet with a weighted-average lease term of approximately 9.9 years. source
• Total leases commenced during the three months ended June 30, 2026 were 2,571,778 square feet and for the six months ended June 30, 2026 were 4,988,556 square feet. source
• During the three months ended June 30, 2026, BXP signed approximately 551,000 square feet of first generation leases. source
• At June 30, 2026, BXP’s total in-service portfolio occupancy was 88.4%, an increase of 100 basis points from the first quarter of 2026. source
• At June 30, 2026, total portfolio leased percentage was 91.3%, an increase of 40 basis points from the first quarter of 2026. source

Impact estimates