BXP · 10-Q · 2026Q3 · Full report

Occupancy and Leasing Activity

BXP, Inc. · 2026-11-06 · Importance 43 · Surprise 32

In the third quarter of 2026, BXP executed 74 leases totaling approximately 1.2 million square feet, with a weighted-average lease term of 10.3 years; notable leases included 206,000 square feet at 500 North Capitol in Washington, DC, and a 112,000-square-foot renewal at Madison Centre in Seattle. Total portfolio occupancy reached 89.4% at September 30, up 100 basis points sequentially, while leased percentage was 91.9%, up 60 basis points. Second-generation leasing spreads were 6.55% gross and 9.33% net overall; Washington, DC recorded 13.89% gross and 19.06% net spreads, while New York recorded 10.71% gross and 18.11% net. BXP commenced leases for 1.5 million square feet of previously vacant space during the quarter, leaving 4.84 million square feet available for lease.

Key facts

• At September 30, 2026, BXP’s total portfolio occupancy was 89.4%, up 100 basis points from the end of the second quarter of 2026; this marked the fourth consecutive quarter of occupancy gains.
• At September 30, 2026, BXP’s total portfolio leased percentage was 91.9%, up 60 basis points from the end of the second quarter of 2026.
• BXP’s weighted-average in-place lease term, including leases signed by unconsolidated joint ventures and excluding residential units, was approximately 7.7 years as of September 30, 2026; historical occupancy ranged from approximately 86% to 92%.
• Leases commencing revenue recognition during the third quarter of 2026 totaled 1,514,401 square feet; vacant space available for lease at period end was 4,836,536 square feet.
• Since December 31, 2025, BXP executed approximately 1.5 million square feet of leases on vacant in-service space, contributing in part to approximately 240 basis points of occupancy improvement; portfolio changes contributed approximately 30 basis points.
• BXP leased approximately 206,000 square feet to a technology company at 500 North Capitol, NW in Washington, DC.
• BXP renewed an approximately 112,000 square foot lease with a law firm at Madison Centre in Seattle, Washington.
• BXP’s third-quarter 2026 leases executed totaled 1,208,343 square feet, with 923,369 square feet of second-generation leases; weighted-average lease term was 114 months and free-rent period was 356 days.