In the second half of 2025, Boston Properties reported a notable uptick in office leasing activity, driving its same-property occupancy rate up to 90.5% by the end of December. The company executed more than 1.8 million square feet of new and renewal leases across its U.S. gateway markets, representing a 12% increase in leasing volume versus H1 2025. Concurrently, stabilized vacancy for BXP’s portfolio improved by 70 basis points to 13.8%, as supply pipelines remained constrained, with only 0.9% of the firm’s total portfolio square footage scheduled for delivery in the next 12 months.

Boston Properties is set to release Q4 2025 earnings on January 27. Consensus forecasts anticipate revenue growth of approximately 4.2% year-over-year, driven by higher leasing spreads and incremental contributions from recently completed projects in Boston and San Francisco. Funds from operations (FFO) per share are expected to rise by nearly 5.5%, reflecting both improved operating margins—projected to expand by 80 basis points—and modest reductions in interest expense as the company refinanced $400 million of debt at lower rates in November.

Analysts tracking BXP are scrutinizing several underlying metrics that could influence the stock post-earnings. Same-store net operating income (NOI) growth is projected at 3.6%, while average rental rates across the portfolio are expected to tick up by $1.30 per square foot compared to the prior quarter. Lease rollover exposure for 2026 stands at 9.2% of annualized base rent, a level that management has highlighted as manageable given the current leasing pipeline, which includes 4.5 million square feet of active proposals under negotiation.