in High Demand
While there has been a great deal of attention
concentrating on areas in Boston with an array of commercial real
estate developments in places such as Downtown Crossing,
the Seaport District and
more, across the Charles River in Cambridge there is
also much activity happening. Despite being the home to some of the
Worlds top Universities, Cambridge Real Estate
today also has a strong commercial influence
from start-ups, high-tech and biotech firms which have either
relocated or expanded here.
With the overall economy and real estate market
thriving throughout Massachusetts, especially nearer to Boston,
firms have taken the initiative to invest in property. It comes to
be known that in the Second Quarter of 2013, the availability of
office space in Cambridge fell as
more businesses moved in. From April through the end of June in
Cambridge, the grand
total 11 million square feet of office space had 1.1 million square
feet left vacant. While this marked a 10.4% vacancy rate, it was
successfully down by 1.3 million square feet, or 12.3% compared to
last years vacancy rate of 22.7%. Absorption, as it turned out,
increased by a significant 32,473 square feet.
Some notable firms making massive strides of late are
HubSpot and Intuit. Hubstar, who more than doubled their presence
in Cambridge, expanded
at 25 First Street to more than 117,000 square feet. This was
recognized as the largest transaction realized during the Second
Quarter for any one business. The other software corporation,
Intuit, are moving to Cambridge to occupy a
61,000 square foot facility at 150 Cambridge Park Drive.
As which happens within any market, the resulting higher demand
has only seen prices skyrocket just as they have done for
residential property in the region. Rents in Cambridge for
commercial space are
now achieving anywhere between $42.77 and $52.36 per square foot
this year. It is clearly uplifting to see so many facets of the
real estate industry performing at such a high level in the Bay
State. With so many corporations flocking to the area, employment
numbers will only continue to rise, thus benefiting the purchasing
power of our populace which in time will have a positive domino
effect on our local real estate market and economy for the
prolonged future.
More Information: Boston Business
Journal