The fourth quarter of 2020 resembled the third quarter in many ways. As the virus continues to put constraints on office workers, many office buildings in Cambridge continued to sit mostly empty. Cambridge ended the year with 823,000 sq. ft. of negative absorption. Availability increased for the fifth consecutive quarter and ended the year at 13.4%.
As the pandemic continued to soften the office market in Cambridge, the life science market remained stronger than ever. Availability and vacancy both decreased across the market to 7.6% and 1.3% respectively. Vacancy in East Cambridge dropped below 1% once again and cemented themselves comfortable in the triple digits, with the average asking rate reaching $106.06 per sq. ft. (NNN).