Cambridge Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $51.13 2021 Avg. Asking Rent
  • 4.20% 2021 Office Vacancy Rate
  • $1.9B2021 Total Office Sales
  • $1,736.36Avg. Sale Price/SF

Cambridge office price per square foot in 2021 was $51.13 on average. The local office market recorded an average vacancy rate of 4.20% across all asset classes combined. The 7 transactions that closed here throughout 2021 amounted to a total sale volume of $1.9B. Cambridge office space commanded an average sale price per square foot of $1,736.36.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Cambridge Class A & A+ Office Space$53.90
  • Cambridge Class B Office Space$41.62
  • Massachusetts Class A & A+ Office Space$47.50
  • Massachusetts Class B Office Space$30.21
  • Massachusetts Class C Office Space$24.52

Cambridge, MA Office Asking Rents by Class

Office Spaces for Rent in Massachusetts

Cambridge Office Sale Price per SF

  • $1,736.362021 Avg. Price per SF
  • $1.9B2021 Office Sales Volume
  • 72021 Number of Transactions

Cambridge, MA Sale Price per SF Trend

  • Cambridge Avg. Sale Price per SF in 2021$1,736.36
  • Massachusetts Avg. Sale Price per SF in 2021$440.72
The sale price for office space in Cambridge averaged $1,736.36 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Massachusetts average office sale price during the same time period was $440.72 per square foot.

2021 Office Sales Volume

  • Cambridge, MA Total Office Sales Volume in 2021 $1.9B
  • Cambridge, MA Total Number of Office Sales Closed in 2021 7
A total of 7 deals closed on the Cambridge office market in 2021, adding up to a yearly sales volume of $1.9B. Notably, the largest transaction on the market saw One Memorial change hands for $825,100,000 on 9/14/2021.

Largest Cambridge Office Sales in 2021

Property name Address Date Price
One Memorial 1 Memorial Drive 9/14/2021 $825,100,000
Two Charles Park 1 Rogers Street 12/31/2021 $539,738,200
One Charles Park 1 Charles Park 12/31/2021 $235,261,800
One Canal Park 1 Canal Park 7/8/2021 $131,000,000
24 Moulton Street 24 Moulton Street 9/9/2021 $78,305,000
Data provided by Commercial Edge

Coworking Spaces in Massachusetts

2021 Office Construction in Cambridge, MA

  • Cambridge, MA Total SF completed in 2021 162,000
  • Cambridge, MA Total SF under construction in 2022 1,858,515

During 2021, 162,000 square feet of new office space were delivered across the market. At the close of 2021, the Cambridge office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 162,000 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 1,858,515 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Cambridge
Office building Address SF Completed
30 Hampshire Street 30 Hampshire Street, 02139 30,025 2023
55 Spinelli Place 55 Spinelli Place, 02138 17,094 2023
Cambridge Crossing - 222 Jacobs Street 222 Jacobs Street, 02141 460,000 2020
Cambridge Discovery Park - Buildings 400 & 500 100 Acorn Park Drive, 02140 286,000 2020
Building 400/500 400-500 cambridge, 02140 270,000 2020
75 Binney Street 75 Binney Street, 02142 151,160 2015
Cambridge Discovery Park - Building 100 100 Acorn Park Drive, 02140 128,601 2005
University Park at MIT 88 Sidney St, 02139 155,823 2002
One Cambridge Place 50 Hampshire St, 02139 202,000 1999
350 Massachusetts Avenue 350 Massachusetts Avenue, 02139 118,000 1998

Worth noting among recent office completions on the Cambridge market is 30 Hampshire Street, which is currently the largest new office development in the city, at 30,025 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Cambridge commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.