BXP · 10-Q · 2026Q3 · Full report

Geographic Market Commentary

BXP, Inc. · 2026-11-06 · Importance 17 · Surprise 24

Management describes leasing conditions as constructive, with activity concentrated in Midtown Manhattan, Boston's Back Bay, Reston Town Center, and select San Francisco submarkets. Demand is supported by tenants in technology, defense and cybersecurity, asset management, financial services, and professional services, while life science leasing remains below historical levels, particularly among earlier-stage companies. Leasing recovery differs by market and property type, and elevated financing costs and broader economic uncertainty continue to affect occupier and real estate investment decisions. New office construction remains limited across most markets, which BXP expects to support long-term supply-demand fundamentals.