Cereva is said to pay an estimated $29 per sf, a record for themarket. 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 inSilicon Valley, M&G director of research Leslie A. Ouelettenotes that there was little slowdown in leasing activity during thesecond quarter, despite the 40% correction in the Nasdaq.

Despite that resiliency, some industry observers believe thereare potential pitfalls in the offing, especially because suburbanBoston appears increasingly dependent on the technology sector.That 3Com sublet has raised some eyebrows, but tenant agent JosephSciolla of Cresa Partners believes additional space will open up asthe high-tech industry matures. Already, for example, strugglingFurniture.com is offering most of its 45,000 sf at 10 CaliforniaAve. and its 64,000 sf at 1881 Worcester Rd., both inFramingham.