The Kendall Square/E. Cambridge market has struggled in the past two years and currently logs a 21.4% overall vacancy rate, according to a Cushman & Wakefield first-quarter report. But Mark Winters, executive director at C&W, sees progress.
"What we're starting to see is a steady decrease in both office and lab space vacancy," he tells Globest.com. "And we're seeing the best product, such as Riverfront Office Park and One Memorial Drive, starting to push rents. There is good activity in the lab sector, so we're starting to chip away at that excess space."
One Kendall Square is a class A brick and beam office complex comprised of nine buildings totaling more than 660,000 sf. The complex is approximately 75%, occupied, and the 125,000-sf building that Draper will move into will be adding more tenants to increase the rate to about 80%, according to Matt George of Lincoln Property, owners of the building.
Winters, Dave Townsend and Juliette Reiter of C&W represented Draper, while George and Tim Bianchi spoke for Lincoln Property.
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