Given the strong activity in the West Cambridge market, it comes as no surprise that in the past three years there has been a migration of out-of-market tenants. This three-year trend is comprised of 38 tenants totaling 363,000 square feet of positive absorption. Though the West Cambridge market is small, with 2.7 million square feet of office and lab space, there have been over one million square feet of transactions throughout the course of this trend. In response, there has been a steady increase in average asking rents, which now average $32.48 per square foot. Close to half of all transactions in the past three years have been from migrating tenants. Of those tenants, 40% have come from neighboring East Cambridge and 30% have come from suburbs. The proximity to Boston and cost-effective rents have created an ideal location for users of all industries, but particularly so for those from the technology and life science sectors.
With overall leasing activity increasing 13% between 2012 and 2013 alone, West Cambridge continues to be one of the most valuable options for tenants in the market today.