The Boston office market continues to show strong development, with 4.5 million square feet of construction underway. Rent growth and job growth have also put Boston on the leader board.
Here’s what CPexecutive had to say on the Boston office pipeline:
A strong market dominated by its well-performing technology and life science sectors, Boston recorded a robust job and population growth—larger than Los Angeles or San Francisco. The market conditions bolstered construction activity, resulting in more than 4.5 million square feet of office space now underway. Completions stayed under the 3 million-square-foot mark in 2015 and 2016 and dropped significantly in 2017, when only 1.6 million square feet of office space were delivered.
The largest office development scheduled to come online is the Akamai Global Headquarters in Cambridge, Mass. The 19-story property will bring 453,768 square feet of office space to the market and will be located at 145 Broadway, in the heart of the city’s Kendall Square neighborhood. Boston Properties signed a 15-year lease with Akamai, the building’s sole tenant.
The full list of the ‘Largest Office Pipelines in the Northeast’ is available, here.