CompStak Portfolio Series: BXP, Inc. vs. Perform Properties

SKIP AHEAD TO

• Key Findings
• Why Are We Comparing These Two Companies’ Portfolios?
• Portfolio Overview – BXP, Inc. and Perform Properties
• Near-Exclusive Class A Focus Helps BXP Outperform Perform Properties on In-Place Rent
• Above-Market In-Place Rents May Indicate Limited Near-Term Rent Growth Potential for BXP, Inc. and Perform Properties, Though BXP Is Closest to Today’s Market Rates
• Premium Positioning: BXP Offers Larger Upfront Concessions Than Perform Properties but Achieves a Lower Overall Concession Ratio
• Starting Rents Recently Declined for Both Portfolios, Yet BXP Remains Farther Above 2019 Levels Than Perform
• BXP, Inc.’s In-Place Office Tenants Have Nearly Twice the Remaining Average Lease Term of Perform Properties’, Indicating Lower Near-Term Vacancy Risk
• BXP, Inc.’s FIRE Tenant Exposure Drives a Higher Weighted Employment Growth Than Perform Properties
• Perform Properties Outperforms BXP, Inc. on a Measure of Tenant Quality, Driven by Larger and More Publicly Traded Companies in Portfolio
• Final Evaluation: BXP, Inc. Outranks Perform Properties in Overall Portfolio Score, Outperforming on Five of Six Metrics Analyzed

Series #2: BXP, Inc. vs. Perform Properties — A CompStak Portfolio Scoring Comparison

As the second part of a new 2025 series, CompStak is evaluating and comparing the office portfolios of a major office REIT, BXP Inc., and Perform Properties, a Blackstone real estate portfolio of office and retail assets, formerly known as EQ Office, using CompStak’s data-driven scoring methodology to determine which portfolio performs better across key landlord-focused metrics identified by CompStak.

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BXP Inc. (NYSE: BXP) is a fully-integrated real estate investment trust (REIT) that develops, acquires, owns, and manages largely Class-A office properties in six U.S. gateway markets. As of September 30, 2025, the company’s total portfolio of premier workplaces across all uses comprised approximately 54.6 million square feet spanning 187 properties. BXP’s core strategy emphasizes prime-location urban office, heavy involvement in development and redevelopment, and a focus on high-quality tenants and long-term leases.
Perform Properties is a recently formed real‐estate platform established in 2025 by Blackstone via the merger of ShopCore Properties, Retail Opportunity Investments Corp. (ROIC), and EQ Office. While the platform spans both retail and office assets, the office portion includes about 20 properties across the U.S. within a combined portfolio of roughly 33 million square feet of retail + office. The firm describes itself as a “people-appeal” workplace owner/operator, partnering with tenants in leasing, property operations, redevelopment, and asset management of office assets in high-demand markets.

Key Findings:

• Overall Score
  BXP outperformed with a portfolio score of 43.8, vs. 31.3 for Perform Properties, leading in 5 of 6 metrics.
• Rent Performance
  BXP’s in-place rents average $90.31/SF, nearly 10% higher than Perform’s.
• Market Rent Spread
  Perform shows a larger negative rent spread (-24%) vs. current market rates, signaling greater downside risk.
• Concessions Strategy
  BXP offers higher TI ($89.07/SF) and longer free rent periods, but maintains a lower total concessions ratio (9.8% vs. 11.0%).
• Lease Term Stability
  BXP’s average remaining lease term is 79 months, nearly double Perform’s 42 months.
• Tenant Mix & Employment Outlook
  BXP’s heavier FIRE exposure than Perform drives a stronger employment-growth outlook for its tenant base.
• Tenant Quality Score
  Perform leads with a score of 0.43, driven by large, publicly traded tenants like Google, Visa, and Schwab, compared to BXP’s 0.36.
• Rent Growth Outlook
  Both portfolios have in-place rents above market, limiting near-term growth potential, but BXP’s smaller gap suggests stronger positioning.

Why Are We Comparing These Two Companies’ Portfolios?

The U.S. office sector remains in various stages of recovery following the pandemic and ensuing substantial increase in hybrid and remote work. While leasing activity has been strongest in top-tier Class A buildings, performance across that segment is still varied. At the same time, CompStak data also points to early signs of overall stabilization and, in some markets, improvement among well-located Class B and B-plus assets.

Boston Properties (BXP Inc.) holds a portfolio that is more heavily weighted toward premier Class A and trophy office assets, while Perform Properties, formerly EQ Office, has a larger share of Class B properties. This makes the comparison between the two particularly relevant for understanding how different quality tiers within the office market are performing today.

The timing of this analysis is also important. In May 2025, Blackstone merged EQ Office with Retail Opportunity Investments Corp. and ShopCore Properties to create Perform Properties, marking a major portfolio realignment. At the same time, Boston Properties has continued to report steady leasing activity and development progress in 2025, including the start of vertical construction in July at 343 Madison Avenue, a new 930,000-square-foot, Class A tower in New York City. As of October 2025, the company was reportedly close to finalizing an agreement with global insurance and investment firm C.V. Starr to anchor the new tower set to be complete in 2029.

Portfolio Overview – BXP, Inc. and Perform Properties

In this analysis, CompStak evaluates the current leased office space in the portfolios of BXP, Inc. and Perform Properties across six markets only where both companies have an office footprint: San Francisco, Bay Area, Seattle, Los Angeles – Orange County – Inland Empire, New York City, and Boston. Here are some key comparisons of their portfolio across these markets in CompStak’s data:

Near-Exclusive Class A Focus Helps BXP Outperform Perform Properties on In-Place Rent

Current tenants of BXP, Inc. are paying an average weighted rent of $90.31 per square foot today, 9.7% higher than the $82.32 per square foot in-place rent for Perform Properties. BXP, Inc. maintains a considerably larger share of Class A space in its portfolio than Perform Properties – 98.9% versus 75.8%, respectively, according to CompStak data, which likely contributes to its higher in-place rents among current tenants.

Above-Market In-Place Rents May Indicate Limited Near-Term Rent Growth Potential for BXP, Inc. and Perform Properties, Though BXP Is Closest to Today’s Market Rates

According to CompStak’s market rent estimates, the estimate of what properties might rent for today compared to what current office tenants are paying today, today’s market rates remain below in-place rents on average. This suggests potential for near-term rent declines rather than growth.

However, BXP, Inc.’s in-place rents are much closer to current market levels than both the average across the six markets analyzed (-6.2%) and Perform Properties’s average (-24.0%). This indicates greater rent decline risk for Perform Properties, likely influenced by its higher concentration of Class B and C space and greater exposure to the San Francisco market. Despite some recent improvement, in-place rents in San Francisco remain well above current market estimates following an extended period of elevated vacancy and weakened tech-sector demand.

Premium Positioning: BXP Offers Larger Upfront Concessions Than Perform Properties but Achieves a Lower Overall Concession Ratio

BXP, Inc. provides more substantial lease concessions to its tenants compared with Perform Properties, as measured by the average work value and average free rent ratio of the term in place for its active tenants today.  Among active leases, the average free rent period for BXP tenants represents 6.1% of the total lease term, exceeding Perform Properties’ 5.2% average by 90 basis points, a meaningful difference that equates to roughly 17% longer rent-free occupancy.

BXP also averages higher build-out allowances, with an average work value of $89.07 per square foot in-place for unexpired leases, about one-third higher than Perform Properties’ $67.40 per square foot. Despite these larger upfront incentives, BXP’s adjusted weighted concessions ratio, which reflects the combined value of work value and free rent relative to total rent over the lease term, averages 9.8%, slightly below Perform’s 11.0%.

This suggests that while BXP relies more heavily on upfront incentives to attract and retain tenants, it can offset those costs through higher starting rental rates, reflecting stronger pricing power and portfolio positioning. In other words, because the total lease value in BXP’s portfolio is higher, its elevated concessions represent a smaller proportion of deal value compared with Perform Properties.

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Starting Rents Recently Declined for Both Portfolios, Yet BXP Remains Farther Above 2019 Levels Than Perform

To assess recent leasing performance, CompStak compared the average starting rent for deals signed in the past 24 months with the average for those signed in the prior 24-month period, as well as to the pre-pandemic average in 2019. These two rates of growth (or decline) were then averaged to create a combined indicator of both recent and longer-term rent performance.

Both BXP, Inc. and Perform Properties posted modest declines in average starting rents from the past two years compared with the previous period, diverging from the overall market average, which recorded a gain. Despite this pullback, both portfolios maintained average recent starting rents above 2019 levels, with BXP, Inc. up 15.7% and Perform Properties showing a smaller increase. When averaging the recent and historical changes, BXP, Inc. posted a positive composite growth rate of 1.6%, while Perform Properties recorded -4.3%, indicating weaker rent growth and a slower pace of recovery for the latter.

BXP, Inc.’s In-Place Office Tenants Have Nearly Twice the Remaining Average Lease Term of Perform Properties’, Indicating Lower Near-Term Vacancy Risk

BXP, Inc.’s portfolio shows a significantly higher weighted average remaining lease term (WALT) of 79.0 months, compared to 42.1 months for Perform Properties. This 88 percent difference signals lower near-term vacancy risk for BXP. BXP’s WALT slightly surpasses the six-market benchmark office average, underscoring its tenant stability and long-term leases in place, while Perform Properties’ average remaining term lags those averages.

Among BXP, Inc.’s tenants, those with the longest remaining lease terms include Goodwin Procter in Manhattan (261 months) and Ropes & Gray (191 months) in Boston, as well as The Knitwell Group (251 months) in Manhattan. Similarly, Perform Properties’ longest lease commitments also include major law firms such as Simpson Thacher & Bartlett (143 months) in San Francisco and Helsell Fetterman (117 months) in Seattle, along with a major media company,  iHeartMedia (117 months), in Los Angeles.

BXP, Inc.’s FIRE Tenant Exposure Drives a Higher Weighted Employment Growth Than Perform Properties

CompStak analyzed each office portfolio’s tenant industry mix, weighting each industry by its share of leased square footage, and compared those weights against year-over-year employment changes from the Bureau of Labor Statistics. This approach produces a weighted average employment growth rate for each portfolio, an indicator of how each portfolio’s tenant base might perform given recent labor market trends within its industries.

BXP, Inc. slightly outperformed Perform Properties on this measure. Boston Properties’ largest exposure is to the FIRE sector (Finance, Insurance, and Real Estate), which accounts for 36.2% of its portfolio, where national employment growth was positive year over year at 1.0%. Also contributing to BXP’s stronger score is its 17.9% exposure to legal services, which saw employment growth just below 1.0%.

By contrast, Perform Properties has a smaller share of its leased office portfolio in the FIRE sector (22.0%), and its largest exposure is in TAMI (Technology, Advertising, Media, and Information), where employment growth was slightly negative at -0.2%, which contributes to its lower score. 

Perform Properties Outperforms BXP, Inc. on a Measure of Tenant Quality, Driven by Larger and More Publicly Traded Companies in Portfolio

CompStak also calculated a Tenant Quality Score for each portfolio using two key indicators: the number of employees (more employees = higher score) and public company status (tenants that are publicly traded on a global exchange receive an additional boost). Results were weighted by each tenant’s leased square footage, giving larger occupiers with more employees and with publicly traded status a greater positive influence in the final score.

By this metric, Perform Properties achieved a Tenant Quality Score of 0.43, slightly higher than BXP, Inc.’s score of 0.36, on a scale of 0 to 1. Notably, Perform Properties also exceeded the benchmark score representing all actively leased office space across the six markets evaluated. A higher score generally signals greater tenant stability across the portfolio, often associated with stronger credit quality, larger revenue bases, and longer business tenure.

Final Evaluation: BXP, Inc. Outranks Perform Properties in Overall Portfolio Score, Outperforming on Five of Six Metrics Analyzed

CompStak’s portfolio scoring analysis shows BXP, Inc. outperforming Perform Properties with a total weighted score of 43.8 vs. 31.3 (on a 100-point scale). BXP, Inc. led on five of the six key metrics analyzed, including recent and historical rent growth, the spread of market rents to in-place rents (a measure of potential rent upside or downside), and average weighted tenant employment growth.

Perform Properties outperformed slightly on tenant quality, but lagged in most other categories, with higher concession ratios and larger rent declines across the six major office markets in the portfolio analyzed. Notably, both portfolios exhibited in-place rents above CompStak’s market starting rent estimates (the rate the same properties might achieve if leased today), signaling limited near-term rent growth potential. However, Perform Properties showed a much larger negative spread, suggesting greater exposure to potential rent declines. While both portfolios experienced some decline in starting rents recently, BXP’s rents remain above 2019 averages, highlighting its comparatively greater resilience in the post-COVID landscape.

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• Aggregate leasing metrics such as average rent, concessions, TI, and lease term data.
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