Sustained demand presents a more balanced mix of renewals and new leases

Leasing activity rebounded in Q3 2025, with 1.4 million square feet (msf) transacted. Unlike earlier quarters, when large occupier renewals dominated, Q3 activity was more balanced, driven by new demand and major relocations. Hasbro anchored net new demand by subleasing 265,000 square feet (sf) within Foundation Medicine’s space at 400 Summer Street. KKR leased 132,500 sf at 2 International Place, relocating from Boston Landing. Schneider Electric relocated within the Boston Central Business District (CBD), leasing 74,600 sf at Winthrop Center, pushing the newly developed trophy asset to over 75.0% leased. Renewal activity remained strong, highlighted by Datadog’s 125,000 sf renewal and expansion at 225 Franklin Street and MassHousing’s 102,000 sf renewal at 1 Beacon Street.

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