BXP · 10-Q · 2026Q2 · Full report

Geographic Market Commentary

BXP, Inc. · 2026-08-06 · Importance 17 · Surprise 24

Leasing demand is increasingly concentrated in BXP’s premier locations, particularly Midtown Manhattan, Boston’s Back Bay, Reston Town Center and select San Francisco submarkets. Second-quarter leasing volume totaled approximately 512,847 square feet in Boston, 498,936 square feet in New York and 375,987 square feet in San Francisco, compared with 219,069 square feet in Washington, DC, 103,440 square feet in Seattle and 44,882 square feet in Los Angeles. Second-generation cash rents increased 23.66% in Boston and 19.92% in New York, but declined 17.76% in San Francisco, 20.11% in Seattle and 10.20% in Washington, DC. Occupancy was highest in Boston at 92.9% and lowest in San Francisco at 79.7%, indicating uneven recovery across BXP’s gateway markets.

Key facts

• For the three months ended June 30, 2026, San Francisco residential average monthly rental rate was $3,270 (change 9.1%), average rental rate per occupied square foot $4.12 (change 9.6%), average physical occupancy 92.1% (change 2.8%), and average economic occupancy 91.9% (change 4.6%). source
• Leasing activity is increasingly concentrated in Midtown Manhattan, Boston's Back Bay, Reston Town Center, and select San Francisco submarkets. source
• Regionally, Boston had 512,847 square feet of leases executed, second generation space vacant <2 Years of 177,582, change in second generation cash rents net 23.66%, occupancy 92.9% and leased 94.2%. source
• Regionally, New York had 498,936 square feet of leases executed, second generation space vacant <2 Years of 217,885, change in second generation cash rents net 19.92%, occupancy 86.7% and leased 92.0%. source
• Regionally, San Francisco had 375,987 square feet of leases executed, second generation space vacant <2 Years of 232,441, change in second generation cash rents net (17.76)%, occupancy 79.7% and leased 82.8%. source
• Regionally, Seattle had 103,440 square feet of leases executed, second generation space vacant <2 Years of 62,700, change in second generation cash rents net (20.11)%, occupancy 81.9% and leased 85.9%. source
• Regionally, Washington, DC had 219,069 square feet of leases executed, second generation space vacant <2 Years of 183,799, change in second generation cash rents net (10.20)%, occupancy 90.5% and leased 92.7%. source
• Boston Marriott Cambridge hotel occupancy for the six months ended June 30, 2026 was 79.3% (versus 78.8% prior year), average daily rate $320.95 (versus $318.90), and REVPAR $254.40 (versus $251.45). source