Cambridge, MA Office Overview
The Cambridge real estate market includes the Area 4, Cambridge Highlands, and Cambridgeport submarkets. With a metropolitan population of over 2.3 million residents, the market is located directly north of Boston and sees robust demand for Class A product throughout all parts of the city.
As of mid-2017, the Cambridge office market encompasses over 18 million square feet in properties larger than 50,000 square feet. Home to both Harvard University and the Massachusetts Institute of Technology, a deep mix of technology and venture capital firms help to drive the demand for commercial real estate in the area.
Cambridge, MA Office Inventory Description
The Kendall Square section of the city has been called the most innovative square mile on the planet, due to the dense concentration of entrepreneurial start-up companies that have emerged in this tiny area over the past few years. With a gross metropolitan product of over $176 billion, the demand for Class A workspaces is strong. Nearly 82% of office space is Class A or A+, including nearly 15 million square feet. Class B assets account for roughly 3.2 million square feet of the inventory.
The North Cambridge submarket is one of the most sought-after areas for office space, by both tenants and investors alike. Located northwest of Harvard University, this area is home to trophy buildings such as 125 Cambridge Park Drive, One Alewife Center, and the Henderson Carriage Building on Massachusetts Avenue.
Cambridge, MA Commercial Inventory Breakdown
Total: 27,739,670 SF
By square footage range:
- 50k to 100k SF: 2,216,431 SF / 7.99% of total office
- 100k to 500k SF: 20,778,813 SF / 74.91% of total office
- 500k to 1M SF: 3,522,426 SF / 12.7% of total office
- > 1M SF: 1,222,000 SF / 4.41% of total office
- Class A: 20,156,468 SF / 72.66% of total office
- Class B: 4,792,899 SF / 17.28% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|CambridgeSide Mall||100 Cambridgeside Place, 02141||1,222,000||n/a|
|One Kendall Square||1 Kendall Square, 02139||669,689||1887|
|Riverfront Office Park||1 Main Street, 02142||656,021||1983|
|Kendall Square - 290 Binney Street||290 Binney Street, 02142||600,000||n/a|
|181 Massachusetts Avenue & 22 Windsor Avenue||181 Massachusetts Avenue, 02139||550,000||2015|
|Cambridge Crossing - Parcel G||NWC North Street & Gilmore Bridge, 02141||540,000||2021|
|250 Massachusetts Avenue||250 Massachusetts Avenue, 02139||506,716||2004|
|Draper Headquarters||555 Technology Square, 02139||493,000||1976|
|40 Thorndike Street||40 Thorndike Street, 02141||491,303||n/a|
|Cambridge Crossing - JK Site||222 Jacobs Street, 02141||460,000||2020|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|Akamai Global Headquarters||145 Broadway, 02142||453,768||2019|
|399 Binney Street||399 Binney Street, 02141||164,000||2019|
|121 First Street||121 1st Street, 02141||58,200||2019|
|Alexandria Center at Kendall Square - 100 Binney Street||100 Binney Street, 02142||431,483||2018|
|Alewife Research Center||35 Cambridge Park Drive, 02140||224,252||2018|
|Alexandria Center at Kendall Square - 50 Binney Street||50 Binney Street, 02142||278,448||2017|
|Alexandria Center at Kendall Square - 60 Binney Street||60 Binney Street, 02142||262,552||2017|
|75 Moulton Street||75 Moulton Street, 02138||37,500||2017|
|610 Main Street||610 Main Street, 02139||278,738||2016|
|University Park at MIT - 300 Massachusetts Avenue||300 Massachusetts Avenue, 02139||245,000||2016|
Cambridge, MA Green Office Space
With the abundance of high technology and biotechnology business in the city, it comes as no surprise that there is an abundance of green workspaces to meet the ever-growing demand. Of the buildings larger than 50,000 square feet, there are 20 green properties that provide over 5.3 million square feet of energy-efficient space to the local market.
One example of a LEED certified building in the city is One Memorial. Located in the MIT office submarket, this Class A tower was constructed in 1987 and offers over 369,000 square feet of LEED Gold certified office space.
The 2017 National Green Building Adoption Index surveyed the top 30 office markets in the U.S. for the growth of energy-saving, LEED certified, and EPA Energy Star certified buildings. Cambridge's next-door neighbor, Boston, has ranked 14th for the availability of energy-efficient workspaces. Given its over 5.3 million square feet of green properties, it is clearly keeping up with its neighbor.
Cambridge, MA's Top Office-Using Sectors
The Cambridge commercial real estate market is driven by the technology, education, biotechnology & healthcare sector and large corporate office users.
- High Technology – include firms such as Google, IBM, and Amazon.
- Education – Harvard University, the Massachusetts Institute of Technology, and the large number of venture capital and R&D firms they attract all help to drive the demand for white collar employment in the city.
- Biotechnology & Healthcare – organizations such as Biogen Idec, Novartis, Genzyme, and the Cambridge Health.
- Corporate Offices – companies such as Akamai Technologies, Sanofi, Pfizer, Millennium Pharmaceuticals, Philips Research, and Hewlett-Packard.
- Total Population110,893
- Male Population(49.1 %) 54,465
- Female Population(50.9 %) 56,428
- Median Age30.40
- Average Household Income$125,041
- Median Household Income$89,145
- Median Income Under 25$50,289
- Median Income 25-44$100,571
- Median Income 45-64$95,976
- Median Income Over 65$54,502
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