Boston's Cambridge was the most expensive office submarket in 2021 by average sale price, according to an analysis of CommercialEdge data from PropertyShark, a subsidiary of Yardi.
The average price per square foot paid in office sales in the life sciences hotspot topped $1,560, thanks mostly to four high-profile deals. Those include the purchase of Charles Park by Alexandria Real Estate Equities in December and MetLife Real Estate Investment's acquisition of One Memorial Drive in September; both deals exceeded a price of $2,000 per square foot.
Pre-pandemic, the submarket pulled in the number four spot with an average price of $1,074 square foot in 2019. Demand has ballooned since, and vacancies have been as low as 1.1%.
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