BXP · 10-Q · 2026Q3 · Full report

Supply and Office Demand

BXP, Inc. · 2026-11-06 · Importance 36 · Surprise 24

BXP reports that premier workplaces have consistently outperformed broader office markets in its five traditional central business district markets on occupancy, net absorption, rental rates, and landlord concessions. Its CBD assets were 91.8% occupied and 94.1% leased at September 30, 2026, and approximately 90.4% of its share of annualized rental obligations came from predominantly premier CBD workplaces. Management attributes the advantage to tenants’ preference for vibrant, amenitized, accessible buildings and describes this as an accelerating flight to quality. New office construction remains limited across most markets, supporting the relative competitiveness of institutional, well-amenitized assets.

Key facts

• BXP reported that new office construction remained limited across most of its markets and expected this to improve long-term supply-demand fundamentals.