Gone are the days when tenants would start looking for Boston office space one-to-two years in advance. Prospective tenants now find themselves shopping for immediate occupancy, and are only interested in spec suites that have been prebuilt by the landlord to meet today’s connectivity demands.
Tech has dominated the ongoing positive cycle in Boston’s office market, and the industry’s reputation as a disruptor has extended into how landlords appeal to potential tenants. While law firms and financial firms are known for making space decisions far in advance, the tech community has compressed the time from site tour to move-in…Their growth is more explosive than a bank or insurance company; thus, they wait until the last minute.
As life science firms turned Cambridge into a lab-dominant market, the historically tech-heavy Kendall Square passed its tech reputation across the river into areas like Boston’s Fort Point and Seaport neighborhoods.