Demand for Boston office space is still high, and we have seen rent rates continue to rise. The chart below is based on available data, but in practice we generally are not seeing the large gap in rents between Kendall Square and Harvard Square from Back Bay and the Seaport District that the chart indicates.
Office Rent Rates
With companies' office needs changing, many tenants are seeking to do shorter term leases than the 3-5 year minimum commitments that landlords generally prefer. Companies looking for a long-term lease may consider one of the neighborhoods that has not seen rents increase as quickly as others, since they can present opportunities to lock in at a lower rate than that area might see.
As rent rates continue to rise and with interest rates at record lows, it is also a great time for businesses to evaluate options to buy their office space rather than leasing. Those opportunities can be harder to find, but they are out there - contact us to help you with that search.