As the city of Boston began to gradually reopen in Q3, the expectation was that the Boston office market would begin to show signs of normalcy, particularly post-Labor Day. While tour activity has slowly increased from the early days of the stay-at-home orders in Massachusetts, the daily occupancy of towers downtown has been hovering around 8-12%. Companies are slow to bring employees back to the office, with many postponing return dates until mid to late 2021.
The Boston life science industry remains a pillar of strength as the COVID-19 pandemic has continued to disrupt the world throughout 2020. Boston’s role as a driving force in the life sciences industry continues to be at the forefront of vaccine and therapy development, with the hopes that preventative treatments for COVID-19 will be become available by early-mid 2021.