BXP · 10-Q · 2026Q2 · Full report

Supply and Office Demand

BXP, Inc. · 2026-08-06 · Importance 23 · Surprise 24

New office construction has effectively halted across most of BXP’s markets, which management expects to improve long-term supply-demand fundamentals and strengthen the competitiveness of institutional, well-amenitized assets. BXP continues to see pockets of strength where low availability is encouraging clients to select premier workplaces, although all markets still require consistent incremental absorption for a broader macro recovery. Life science leasing demand remains below historical levels, particularly among earlier-stage companies, and some markets continue to show a more measured leasing pace. Capital markets sentiment toward offices has improved, with greater private-market transaction activity and increased availability of debt and equity capital at more attractive pricing.

Key facts

• Commercial space in the pipeline (excluding residential units) was approximately 65% pre-leased as of July 31, 2026. source
• Same Property Portfolio consists of 138 properties totaling approximately 40.7 million net rentable square feet, excluding unconsolidated joint ventures. source
• Vacant space available at the beginning of the three months ended June 30, 2026 was 5,756,769 square feet and total space available for lease during the three months was 7,959,230 square feet with vacant space available for lease at the end of the period of 5,387,452 square feet. source
• Through year-end 2027, approximately 4.6% of our share of the square footage of our in-service portfolio is expiring. source
• The Same Property Portfolio consists of 138 properties totaling approximately 40.7 million net rentable square feet (excluding unconsolidated joint ventures). source