BXP · 10-Q · 2026Q3 · Full report

Tenant Leasing Commitments

BXP, Inc. · 2026-11-06 · Importance 44 · Surprise 24 · In source text

BXP paid approximately $140.2 million for tenant-related obligations, including tenant improvements and leasing commissions, during the three months ended September 30, 2026. BXP and its unconsolidated joint venture partners incurred approximately $172.4 million of new tenant-related obligations for about 1.1 million square feet of second-generation leases, averaging approximately $155 per square foot. BXP also signed approximately 93,100 square feet of first-generation leases during the quarter. Tenant-related obligations for development properties are included in the projects’ estimated total investment.

Key facts

• BXP and its unconsolidated joint venture partners incurred approximately $172.4 million of new tenant-related obligations associated with approximately 1.1 million square feet of second generation leases, or approximately $155 per square foot, during the three months ended September 30, 2026.
• At September 30, 2026, the spread between BXP’s leased and occupied square footage was 250 basis points, representing approximately 1.1 million square feet of future lease commencements, about half expected before year-end 2026.
• BXP had approximately 186,000 square feet of leases expiring during the remainder of 2026 and approximately 600,000 square feet of vacant space leased and expected to commence during the fourth quarter of 2026.
• BXP paid approximately $140.2 million for tenant-related obligations, including tenant improvements and leasing commissions, during the three months ended September 30, 2026.
• As of September 30, 2026, BXP’s share of annualized rental obligations under the 767 Lease was approximately $35.8 million, about 1.2% of its total share of annualized rental obligations.
• A consolidated BXP joint venture in which BXP owns 60% leases approximately 447,000 square feet to Weil at 767 Fifth Avenue in New York City; the lease expires August 31, 2034.
• BXP signed approximately 93,100 square feet of first generation leases during the three months ended September 30, 2026.
• Weil paid rent in full for November 2026.

Impact estimates