Hot Cambridge Market A Sign Of Things To Come?
With downtown Boston and the suburbs still awash with empty office space, that certainly would be nice.
But for now, Cambridge is emerging as the big bright spot of an otherwise still dismal market, with hungry tech giants and biotech behemoths are gobbling up office and lab space left and right.
Some highlights of a recent Cambridge market report by CresaPartners:
· Microsoft, Google, EMC, Akamai and VMWare all continue to expand, with Microsoft recently inking a 105,000 square foot lease while the Cambridge Innovation Center took down roughly another 100,000 square feet.
· Rents are increasing on both the office and lab site. Class A office rents now average $42 a square foot, up a $1 from earlier in the year. Lab rents are now at $65 a square foot, up from $60 in the first quarter.