Boston Properties (BXP), one of the largest U.S. office landlords, reported strong leasing activity in the first quarter, with tenants opting to take longer-term leases that they did a year ago.
The REIT inked close to 900K SF of leases in Q1, a 35% increase compared to the Q1 2023 total of 600K SF, with a weighted average lease term of nearly 12 years, up from last year's average of about eight years.
BXP focuses on high-end properties in central business districts—the company calls them "premier workplaces"—which have been outperforming the broader office market by wide margins, CEO Owen Thomas said in an earnings call this week.
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