The short answer is mid $50’s PSF which equates to a 10 percent increase over last year. That being said, the real cost is even greater, due to fewer concessions from landlord’s. The East Cambridge office market is at a 6.4 percent vacancy rate, which contributes to the elevated rental numbers. The other side of this is there are fewer options for mid-sized tenants. Landlords would prefer larger full floor users as opposed to multi tenanted floors.
A Banker & Tradesman article from last week reported on one company migrating to Kendall Square, in East Cambridge:
“Biomeasure Inc. will abandon its Milford location for the proximity to hospitals and research institutions offered by Cambridge’s Kendall Square. The firm, a subsidiary of French pharmaceutical company Ipsen, has leased 63,000 square feet of space at 650 East Kendall St. in Cambridge. The company is moving its U.S. research and development operations from 27 Maple St. in Milford.”
You can jump over to the full article on Banker and Tradesman.
Office Space in Kendall Square