Cereva is said to pay an estimated $29 per sf, a record for the market. According to Scott R. Hughes of Hughes Properties Corp., the previous high-water mark was $25 per sf.

Noting that rents are currently 60% to 70% below those in Silicon Valley, M&G director of research Leslie A. Ouelette notes that there was little slowdown in leasing activity during the second quarter, despite the 40% correction in the Nasdaq.

Despite that resiliency, some industry observers believe there are potential pitfalls in the offing, especially because suburban Boston appears increasingly dependent on the technology sector. That 3Com sublet has raised some eyebrows, but tenant agent Joseph Sciolla of Cresa Partners believes additional space will open up as the high-tech industry matures. Already, for example, struggling Furniture.com is offering most of its 45,000 sf at 10 California Ave. and its 64,000 sf at 1881 Worcester Rd., both in Framingham.