A boom in life science buildings led Cambridge, Mass., to top a list of most expensive office submarkets of 2021, according to a new analysis by PropertyShark, a real estate data resource. The average price per square foot of office space in Cambridge was $1,560 last year, the highest in the nation—even overtaking West Coast and New York City locations.
For comparison, the average price nationwide per square foot of office space was $237 in 2021.
Life science office spaces have posted significant growth over the last two years. The sector is “benefiting from increased digitalization and investor appetite,” PropertyShark reports in its analysis. “This means successful life sciences startups are driving demand for a growing number of specialized office properties.”