JLL's Bekarian and CBRE principal Curtis Cole explain that the largest blocks taken down in 2007 were never factored into the statistics because the space involved was not being marketed. Monitor Corp., for example, renewed for nearly 200,000 sf at 2 Canal Park after threatening to depart the city altogether, while a 250,000-sf lease renewal and expansion by Akamai at 4 and 8 Cambridge Center also was struck before the space went up for grabs. The blockbuster 175,000 sf Microsoft lease at One Memorial Dr. was another off-market phenomenon, partly because the landlord allegedly muscled in on tenant options reserved for existing occupants.

The latter issue provided a bit of melodrama to the Cambridge leasing scene in 2007, but Bekarian says the greater effect was a boost for the stature of the city as a prime business address. Coupled with the arrival of Google to Kendall Square, the Internet powerhouses willing to pay upwards of $72 per sf "helped the psychology of the market," relays Bekarian, and further pared down the availability. CBRE puts the office vacancy rate in Cambridge at a slim 6.8% versus 7.3% for JLL. DTZ FHO posts a 10.2% rate for the 9.7 million sf in its Cambridge survey.

Cole characterizes the office market in 2007 as a "moderate" year, concurring that the high-power arrivals were welcomed and relaying that buildings offering space improved their position thanks to the dearth of supply and "significant" accretion of rents. "There are many happy landlords out there," he says. CBRE lists the average asking rent in Cambridge at $44.78 per sf, compared to $52.69 in the JLL review. DTZ FHO puts the mark at $40.24 per sf, well up from the $31.69 per sf the firm recorded at year-end 2006.