This year was a rough one for much of Greater Boston’s commercial real estate industry, as desired bouncebacks in sectors such as office and lab were either muted or failed to materialize.
The office segment’s troubles are nothing new, but the damage that the real estate sector has incurred became all the more clear in 2024, especially in downtown Boston.
In March, Boston saw its largest office-tower sale since 2019 when Synergy bought 101 Arch St. for $78 million, a 36% decline from its previous sale price nearly two decades ago. And that was a building that was mostly leased. Other, emptier offices in the neighborhood traded this year at much steeper discounts. The same thing happened in cities and towns other than Boston.
Source: Boston real estate industry news in 2024 – Boston Business Journal
