BXP's Boston-area office portfolio was 93.4% occupied at the end of September, up from 92.9% three months earlier. Gains at its suburban properties offset a small decline in the buildings the company classifies as its Boston central business district, a category that includes office properties in Boston and Cambridge.
The Boston-based landlord's third-quarter operating supplement reports suburban Boston occupancy of 81.5%, compared with 79% at the end of June. Occupancy in the company's Boston central business district category edged down from 97.6% to 97.4%. That category includes 11 buildings in Boston and 12 in East Cambridge and Mid-Cambridge.
Those figures cover BXP's in-service office properties and exclude its residential and hotel holdings. They count 100% of buildings BXP owns through joint ventures. They do not describe all office buildings in Boston or its suburbs. The company counts space as occupied when it is covered by a signed lease for which it has begun recognizing revenue. That is an accounting measure, not a count of people working in the buildings each day.
Signed leases and occupied space
BXP reported 94.2% of its Boston portfolio leased as of Sept. 30. That measure also counts signed leases for vacant space that have not yet begun producing recognized revenue.
The supplement lists 200 Clarendon Street at 97.3% occupied and 800 Boylston Street at the Prudential Center at 93.2%. Both are in the Boston central business district category.
Across all of BXP's markets, occupancy reached 89.4%, up one percentage point from June. Boston's total was higher than that companywide figure, while its suburban properties remained well below its core buildings.
Companywide results
In its Oct. 27 earnings release, BXP reported companywide quarterly revenue of $911.4 million, up 4.6% from $871.5 million a year earlier.
The company signed 74 leases covering about 1.2 million square feet during the quarter. Those are companywide totals that include markets outside New England.
The results are unaudited. BXP scheduled a public earnings call for Oct. 28 at 10 a.m. Eastern. Its investor events page carries webcast information.