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Report: Office Availability Drops to 6% in Cambridge
Office availability in Cambridge dropped to 6% in Q3 2019, the lowest it has been in more than five years, according to CBRE’s recently released Q3 Cambridge Office and Lab MarketView.
Vacancy in Cambridge remained stable at 4%, while quarterly absorption reached 164,100 square feet and year-to-date absorption surpassed 960,000 square feet. Asking rents dropped 11% to $71.98-per-square-foot, largely due to the lack of available high-end space, rather than a lack of demand, said the report.
In East Cambridge, availability dropped to 4.6% and vacancy increased slightly to 2%. West Cambridge lab rents have increased 6.5%, up to $72.78-per-square-foot NNN, and availability has decreased to 12.5% from 20.3% last quarter.
*Pictured above is a rendering of Cambridge Crossing, a new 43-acre, mixed-use neighborhood in Cambridge. Design firm CBT is the master planner of Cambridge Crossing.
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