Harvey says a flight to quality has helped fuel the demand for class A space in the Burlington area. The increased demand from growing firms has also fueled a rise in rents, with the average space costing about $2 more per sf than it did at the beginning of the year, he says. According to a study compiled by Cresa, class A office rents rose from $21.50 per sf at the beginning of the year to $23.00 per sf in the third quarter. Premium class A space can run as high as $31 per sf in some buildings, Harvey says.

At Burlington Centre, a three-building, 380,000-sf office complex on Corporate Drive, three recent leases, by sneaker maker Nike USA Inc., truck routing and tracking firm Maptuit Corporation and medical device maker Medtronic USA, totaling 13,369 sf have kept the complex 86% leased at per-square-foot rates in the mid-$20s.

"There's been a lot of activity," Kerry Olson, with Trammell Crow Co.'s Boston office, tells GlobeSt.com. Olson, along with colleague Brian Hines handled that triple lease transaction for Kennedy Associates on behalf of Multi-Employer Property Trust, the property's owner. Olson says much of the leasing activity in Burlington reflects a moderate growth by businesses in the area but also a desire by tenants to upgrade their image and location.