Cambridge Office Figures Q3 2021
October 8, 2021
- As the Cambridge office market recovers from pandemic related effects, occupancy remains well below pre-pandemic norms, but there are signs of recovery. The market ended the third quarter with 448,500 sq. ft. of positive absorption, due to the absorption of some large subleases, spaces being pulled off the sublease market for reoccupancy, and a couple buildings removing office availability in preparation for future office to lab conversions.
- The second consecutive quarter of positive absorption for the market resulted in availability decreasing to 8.9%. This was the first time availability has fallen below 10% since the beginning of the pandemic at the start of 2020. Vacancy also decreased to 5.8%.