As pandemic restrictions put limits on the number of employees who could occupy office space, the office sector in Cambridge continued to see a decrease in leasing activity. Availability increased 60 basis points (bps), to 11.4% with vacancy increasing to 7.1%. Absorption was negative for the fourth quarter in a row, totaling 89,580 sq. ft. of negative absorption for the third quarter.
The life science sector continues to show its resiliency through a global pandemic, in contrast to other sectors’ slowdowns for the last two quarters. Availability in Cambridge stayed at 8.2% and vacancy decreased to 2.2%. It is important to note of the 1.2 million sq. ft. that was available at the end of the third quarter, 68% is not available until the beginning of 2022.