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After recent high-profile office leases by Amazon, Rapid7 and Alexion Pharmaceuticals in recent months, numerous companies remain in the hunt for big blocks of space in Boston and Cambridge.
The list includes existing tenants evaluating their options as lease expirations approach, companies in expansion mode and those looking to move closer to thriving industry clusters, brokers said at Wednesday’s market forecast sponsored by NAIOP Massachusetts.
Cambridge’s heated tech cluster continues to lead the region in prices, with rents for office space 13 percent above all-time peaks and lab space fetching 25 percent above previous records, said Molly Heath, an executive vice president at JLL.
JLL is tracking 1.2 million square feet of office requirements in the Cambridge market from companies including Google, Accenture, Foundation Medicine, the Cambridge Innovation Center, Spero Therapeutics, Pega and WeWork.
Multiple tenants have put out requirements for over 100,000 square feet in Boston, led by Amazon’s potential 500,000-to-1-million-square-foot expansion in addition to its recent 150,000 lease at 253 Summer St. in Fort Point, said Ron Perry, a principal at Avison Young.
Back Bay-based online home goods retailer Wayfair and WeWork are looking for 400,000 square feet and 200,000 square feet in Boston respectively. Spotify, which entered the region with its 2014 acquisition of The Echo Nest in Somerville, is seeking 100,000 square feet.
Such large commitments could kick off construction of approved office towers looking for anchor tenants at South Station, Bulfinch Crossing and the Hub on Causeway at North Station.
“The one that has the fundamentals to do it is Boston Properties with the Hub on Causeway,” Perry said. “They have the retail infrastructure there. The market’s really improved over there and I think that could happen.”
Online security firm Rapid7 recently leased 157,061 square feet in the 181,054-square-foot podium building now under construction at the Hub on Causeway. The project also has an approved 525,000-square-foot office tower.
