The torch gets passed to Kendall Square with office rents in Cambridge skyrocketing, and one market expected to climb even higher. Kendall is the spot to be for blue chip tech companies, but why – is it the view of the Boston Skyline? No, simply put it’s Harvard and MIT that are the attraction. Companies want to attract top talent and want to associate with these prestigious institutions any way they can.
Banker and Tradesman is reporting “building owners in the lab- and office-packed Cambridge neighborhood [of Kendall Square] are quoting $80 a square foot for prime space…[while] the vacancy rate for office space in the Cambridge neighborhood is a practically air-tight 0.6 percent.”
More information on the demand trends of Kendall Square office space is available on B&T’s website.