• Boston
• Cambridge
• 128/Mass Pike
• 495/Mass Pike
• 495/North
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• << back to Greater Boston

Located along the Route 2 and Route 3 corridors from Route 128, Boston’s inner beltway, out to just before Route 495, the Norwest submarket has historical been a hotbed for established high technology and defense companies and new emerging start-ups.  Burlington anchors this submarket and Lexington, Bedford and Billerica are other towns with significant commercial space.  High profile companies including Sun Microsystems, Oracle, Raytheon, Instrumentation Laboratory, and RSA Security call this submarket home, and benefit from its easy access into Boston and Cambridge, as well as the amenity rich environment including the Burlington Mall retail area.   

The Northwest office market remains cool after a record breaking 2007, recording negative 543,073 square feet of year-to-date net absorption. Despite a steep decline in absorption this quarter, (570,175) square feet, the overall vacancy rate remained unchanged at 13.5%, implying that the Northwest office market is actually healthier than the absorption number suggests. Meanwhile, the availability rate jumped five percentage points to 21.5% due to significant sublease and future available space entering the market.

 

In preparation of its move to Littleton, IBM has put 201,036 square feet of sublease space onto the market at 81 Hartwell Avenue, 83 Hartwell Avenue and 20 Maguire Road in Lexington. An additional 426,145 square feet is now being marketed for future occupancy at 296 Concord Road in Billerica, 12 New England Executive Park in Burlington, and 100 Crosby Drive in Bedford. The latter two buildings are currently fully occupied but are on the market due to lease expirations either later this year or in 2009. The majority of the tenants in these buildings will either renew or relocate within the market. For example, all 91,896 square feet at 12 New England Executive Park came onto the market this quarter as the FAA continues to weigh whether a renewal or relocation in the Northwest or neighboring submarkets fits its real estate needs. All of this space will be statistically reabsorbed if the FAA renews or relocates in the Northwest market.

 

 

 

 

 

 

 

 

 

 

LEASE

AMAG Pharmaceuticals

100 Hayden Avenue, Lexington

55,924 SF

Relocation

 

Merrill Lynch

25 Burlington Mall Road, Burlington

20,830 SF

Renewal

 

Linkage

200 Wheeler Road, Burlington 14,946 SF

Relocation

 

SALE

5 Burlington Woods, Burlington

January, 2008

$21,300,000 ($206/SF) 105,000 SF

 

47 Manning Road, Billerica December 2007

$2,000,000 ($44/SF)

45,595 SF

 

One Network Drive, Burlington

June 2007

$212,000,000 ($263/SF) 805,774 SF