Major Companies Creating Steady Value to Kendall Square Market

twitter page of boston headquarterOffice space in Cambridge is always in great demand. The overall vacancy rate of office market in Cambridge declined from 10.8% in 2012 to 9.0% in 2013. According to the Greater Boston Market Viewpoint Report conducted by Colliers International, the direct asking rent for Class A and Class B office in East Cambridge have both increased by around $4 per square feet from 2012 to 2013. And due to the lack of space available in the Kendall Square market, the office rent in East Cambridge will continue to rise.
 
Companies like Akamai, HubSpot and Izotope contributed to a big bulk of the total office transaction last year. HubSpot expanded its office space to 117,000 square feet in 2013, which more than doubled its size than 2006. And Twitter leased a three-floor office space at Kendall Square as it east coast headquarter. Technology companies are willing to pay more to get into that hot spot to have easier access to the great talents, resources and infrastructures of MIT and Harvard.
 
Meanwhile the lab vacancy rate had increased by 8.5% at the end of 2013. The total transaction velocity went down slightly year by year since it reached the highest point in 2011, but the transaction in the form of new lease increased substantially. Even though the lab and biotech space in Cambridge are not as tight as office space, the rent will hold firm for well-located space.

 
 


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