by Suzanne Duca, Director of Research
With more than 2.2 million square feet of office space currently under construction, over 800,000 square feet scheduled to break ground in 2014, and an additional 4.6 million square feet expected to break ground in the next 2-3 years, cranes have returned to change the Cambridge landscape.
- Organic growth from local companies like Biogen Idec, Broad Institute, Millennium: The Takeda Oncology Company and ARIAD Pharmaceuticals are fueling build-to-suit demand
- Space utilization trends combined with lack of big block inventory in East Cambridge are forcing tenants to continue to consider build-to-suit options
- The desire for geographic continuity is outweighing ‘above-market’ rents associated with new construction
- There has been an industry-wide shift to lower lab/office ratios, causing base building infrastructure to be carefully considered