Needham Office Market Trends

Office Rental Market

  • $37.35 2019 Avg. Asking Rent
  • 8.01 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 165,000 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Needham was $37.35 per square foot, and the office vacancy rate across the market averaged 8.01 %. During 2019, developers added 0 square feet of new office space to the Needham market inventory. Office developments estimated for delivery during 2020 total 165,000 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Needham Class A Office Buildings$38.96
  • Needham Class B Office Buildings$36.89
  • MA Class A Office Buildings$48.73
  • MA Class B Office Buildings$33.36
  • MA Class C Office Buildings$24.54

Needham, MA Office Asking Rents by Class

OFFICE CONSTRUCTION IN Needham, MA

  • Needham, MA Total Sqft completed in 2019 0
  • Needham, MA Total Sqft under construction in 2020 165,000
10 Largest Office Buildings in Needham
Building name Address Total Sqft Year built
140 Kendrick Street 140 Kendrick Street, 02494 380,987 2000
Center 128 East - TripAdvisor Headquarters 400 1st Avenue, 02494 288,092 2015
Founders Park - 89 A Street 89 A Street, 02494 247,000 2017
Cutler Lake Corporate Center 117 Kendrick Street, 02494 212,759 2001
Founders Park - 189 B Street 189 B Street, 02494 165,000 2020
Needham Corporate Center 160 Gould Street, 02494 135,698 1987
Riverbend Office Park - 200 & 220 Reservoir Street 220 Reservoir Street, 02494 130,000 1958
Charles River Place 63 Kendrick Street, 02494 113,133 1961
Hillsite Office Building 75 2nd Avenue, 02494 111,928 1985
254 Second Avenue 254 2nd Avenue, 02494 86,906 1954
Largest Office Properties Recently Completed in Needham
Office building Address Sqft Completed
Founders Park - 189 B Street 189 B Street, 02494 165,000 2020
Founders Park - 89 A Street 89 A Street, 02494 247,000 2017
Center 128 East - TripAdvisor Headquarters 400 1st Avenue, 02494 288,092 2015
Cutler Lake Corporate Center 117 Kendrick Street, 02494 212,759 2001
464 Hillside Avenue 464 Hillside Avenue, 02494 47,064 2001
140 Kendrick Street 140 Kendrick Street, 02494 380,987 2000
First Needham Place 250 1st Avenue, 02494 73,176 1999
197 1st Avenue 197 1st Avenue, 02494 46,398 1989
Needham Executive Center 144 Gould Street, 02494 45,312 1988
266 Chestnut Street 266 Chestnut Street, 02492 37,416 1988
Data provided by Commercial Edge

Office Spaces for Rent in Massachusetts

See trends for nearby markets

The Needham office market contains an inventory of 2,630,880 square feet of office space, in 30 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Needham 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.