The Cambridge Office market rounded out the year with a strong fourth quarter featuring over 400,000 sq. ft. of positive absorption. While rent growth previously dipped, it is on the rise again, and average asking rents by the end of the year were $82.34 per sq. ft.
In East Cambridge, there was 0.0% lab vacancy in the fourth quarter.Market-wide, vacancy was 1.7%. This increase was due to a large block of space that became vacant at 35 CambridgePark Drive in West Cambridge. Outside of that, there was only 84,000 sq. ft. of unoccupied lab space in the entire city.