It’s been a tumultuous few years for the office market, and the volatility is being felt by publicly traded real estate companies that have made their name developing and acquiring office properties. Looking at office REITs in particular, many of the firms with the largest portfolios are down significantly from highs early last year. Still, these investors seem to be sticking with their premier office buildings and in some cases, developing new ones. At the same time, while office remains their core asset class, some REITs are exploring adjacent sectors like life sciences, where demand has continued to be strong, and the nicely-rebounded retail sector, and even casinos.
Office REITs are also rethinking their geographic strategy. Some companies are expanding their footprint in new cities while others continue to focus on New York City, the country’s biggest office market. To help understand how the largest office REITs are spread out across the country, we have mapped out their portfolios.
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Boston Office Properties
Boston-based office REIT Boston Office Properties (BXP) owns 194 properties totaling 54.1 million square feet as of December 2022. Of the total portfolio, 5.6 million square feet is life sciences space, which makes since their hometown of Boston is the largest life science real estate market in the country. In the company’s 2022 fourth quarter earnings call, BXP President Doug Linde said he doubted that the company’s portfolio would see positive absorption in 2023, admitting that overall, the number of companies growing their space footprints has fallen.