Owen Thomas

Owen Thomas leads BXP Inc (formerly Boston Properties), the largest publicly traded developer, owner, and manager of Class A office properties in the United States. The company's portfolio includes approximately 190 properties totaling over 53 million square feet of premium office space in five gateway markets: Boston, New York, San Francisco, Washington DC, and Seattle. BXP's properties are among the highest-quality office buildings in each market — modern, well-located, amenity-rich towers that attract premier tenants including law firms, financial institutions, technology companies, and life science organizations. This focus on the top tier of the market has proven relatively advantageous during the post-pandemic office disruption, as the "flight to quality" trend has seen tenants consolidate into the best buildings while vacating older, less desirable space. Nevertheless, the US office market faces significant structural headwinds from remote and hybrid work adoption. Office utilization rates remain below pre-pandemic levels, sublease space has increased, and many tenants are reducing their footprints upon lease renewal. BXP's challenge is to maintain occupancy and rental rates in this environment while selectively developing new properties. Key stock drivers include office leasing activity, occupancy rates, rental rate growth, interest rates (critical for REITs), return-to-office trends, tenant credit quality, development pipeline, and the competitive dynamics in each gateway market.