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Washington, DC 20549



Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940

o Check this box if no longer
subject to Section 16.
Form 4 or Form 5
obligations may continue.
See Instruction 1(b)

1. Name and Address of Reporting
(Last, First, Middle)
2. Issuer Name and Ticker or
Trading Symbol
3. I.R.S. Identification Number of Reporting
Person, if an entity
  Welles, Michael H.
  c/o Forrester Research, Inc.
400 Technology Square

4. Statement for (Month/Day/Year) 5. If Amendment, Date of Original (Month/Day/Year)
    November 20, 2002
  (Street) 6. Relationship of Reporting Person(s) to Issuer (Check All Applicable) 7. Individual or Joint/Group Filing
(Check Applicable Line)
  Cambridge , Ma 02139
(City)                (State)           (Zip)
  x  Director o  10% Owner   x Form filed by One Reporting Person
    o  Officer (give title below)   o Form filed by More than One Reporting Person
    o  Other (specify below)  

Reminder:   Report on a separate line for each class of securities beneficially owned directly or indirectly.
*   If the form is filed by more than one reporting person, see instruction 4(b)(v).



Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)
2. Transaction Date
2a. Deemed Execution
Date, if any.

3. Transaction Code
(Instr. 8)
4. Securities Acquired (A)
or Disposed of (D)

(Instr. 3, 4 and 5)
5. Amount of Securities
Beneficially Owned
Following Reported

(Instr. 3 and 4)
6. Ownership
Direct (D) or
Indirect (I)

(Instr. 4)
7. Nature of

(Instr. 4)

              Code V   Amount (A)

  Common Stock   11/20/2002   M   4,000   A 6.500         D  

  Common Stock   11/20/2002     S   4,000   D 15.0930     2,016     D  









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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
  (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative

(Instr. 3)
2. Conversion or Exercise
Price of Derivative
3. Transaction

3a. Deemed Execution
Date, if any

4. Transaction

(Instr. 8)
5. Number of Derivative Securities
Acquired (A) or Disposed of (D)

(Instr. 3, 4 and 5)

                      Code V   (A) (D)

  Non Qualified Stock Option (right ot buy)   6.500     11/20/2002     M   4,000










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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued
(e.g., puts, calls, warrants, options, convertible securities)

6. Date Exercisable and
Expiration Date

7. Title and Amount
of Underlying Securities

(Instr. 3 and 4)
8. Price of Derivative

(Instr. 5)
9. Number of Derivative
Securities Beneficially Owned
Following Reported Transaction(s)

(Instr. 4)
10. Ownership Form of
Derivative Security:
Direct (D) or Indirect (I)

(Instr. 4)
11. Nature of

(Instr. 4)

  Title Amount or
Number of

  9/25/06   Common Stock 4,000         8,000     D  










Explanation of Responses:

/S/ KIM MAXWELL *   11/22/2002

**Signature of Reporting Person

*   By Power of Attorney as authorized by Exhibit 99.1 attached hereto
**   Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Page 4

                               POWER OF ATTORNEY

     I hereby constitute and appoint each of Timothy J. Moynihan, Brittany E.
Roberts, and Kimberly Maxwell, signing singly, my true and lawful
attorney-in-fact to:

     (1)  execute for and on my behalf, in my capacity as an officer and/or
          director of Forrester Research, Inc. (the "Company"), Forms 3, 4, and
          5 in accordance with Section 16(a) of the Securities Exchange Act of
          1934 and the rules thereunder;

     (2)  do and perform any and all acts for and on my behalf that may be
          necessary or desirable to complete and execute any such Form 3, 4 or 5
          and timely file such form with the United States Securities and
          Exchange Commission and any stock exchange or similar authority; and

     (3)  take any other action of any type whatsoever in connection with the
          foregoing which, in the opinion of such attorney-in-fact, may be to my
          benefit, in may best interest, or that I am legally required to do, it
          being understood that the documents executed by such attorney-in-fact
          on my behalf pursuant to this Power of Attorney shall be in such form
          and shall contain such terms and conditions as such attorney-in-fact
          may approve in such attorney-in-fact's discretion.

     I hereby grant to each such attorney-in-fact full power and authority to
do and perform any and every act and thing whatsoever requisite, necessary, or
proper to be done in the exercise of any of the rights and powers herein
granted, as fully to all intents and purposes as I might or could do if
personally present, with full power of substitution or revocation, hereby
ratifying the confirming all that such attorney-in-fact, or such
attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be
done by virtue of this power of attorney and the rights and powers herein
granted. I acknowledge that the attorneys-in-fact, in serving in such capacity
at may request, are not assuming, nor is the Company assuming, any of may
responsibilities to comply with Section 16 of the Securities Exchange Act of

     This Power of Attorney shall remain in full force and effect until I am no
longer required to file Forms 3, 4 and 5 with respect to my holdings of and
transactions in Company securities, unless I earlier revoke it in a signed
writing delivered to the attorneys-in-fact.

     IN WITNESS WHEREOF, I have caused this Power of Attorney to be executed as
of this 22nd day of October 2002.

                                              /s/ Michael Welles

                                                 Micheal Welles
                                                   Print Name

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* DRAFTER'S NOTE:  In filing a Section 16(a) report on behalf of a reporting
person, an attorney-in-fact should indicate after the signature line on the form
that he or she is signing as such. The Power of Attorney should be attached to
and filed with the report, if it has not previously been filed with the
Commission. If it is not practicable to file the Power of Attorney at the time
of filing of the original report, it should be filed as soon as practicable as
an amendment to the original filing. The Power of Attorney need not be filed
with subsequent reports.