California’s Menlo Park Commands Top Asking Rent at 109.57 PSF, Cambridge and Downtown Boston at $73.73 and $64.66, Respectively

Photo: Commercial Search

BOSTON—California’s Menlo park is commanding an average asking rent of $109.57 per square foot, taking the number one stop in a national survey by CommercialSearch.

Massachusetts’s Cambridge and Downtown Boston also made to the nation’s top markets with $73.73 and $64.66 PSF, respectively, at the end of 4th quarter of last year.

Here are some highlights from the report:

  • Massachusetts leads priciest entries in our top 50 outside California & New York.
  • The most expensive submarket in the state was in Cambridge, where office space averaged asking rents of $73.73 per square foot in Q4 2020, and taking 15th spot on CommercialSearch list.
  • The only other Massachusetts submarket in the top was downtown Boston, which ranked 31st, with an average asking rent of $64.66 per square foot.
  • Overall, California dominated the top, claiming 29 out of the 50 entries, with Menlo Park taking the first place in the nation with an average asking rent of $109.57 per square foot.

The end-of-year national office report released by CommercialEdge noted that while some companies plan to fully return to the office in equal or larger numbers, others have already begun to reorganize their office footprint going forward. And as workforce and workplace transformations brough on by COVID-19 have affected office leasing throughout the country, we decided to look at how the year closed in terms of asking rents across top U.S. locations for office space.

This report offers a snapshot of the 50 most expensive U.S. office submarkets in Q4 2020, as ranked by average asking rent.

Click here to read the full report.