As you may have already seen in JLL’s latest Technology Office Outlook, Greater Boston is among the top tech markets in the country, ranking 3rd in tech leasing, 5th in VC funding, and 5th in overall market resiliency. But the bulk of the conversation surrounding tech in this region has been focused on Cambridge and Boston. In fact, East Cambridge and the Financial District are two of the most concentrated and expensive high-tech CBD submarkets in the country.
But what about the suburbs? With vacancy rates in areas like Kendall Square and the Seaport approaching zero, “these companies have to go somewhere,” says JLL SVP Chris Decembrele, who cites Burlington, Waltham and Lexington as some of the region’s growing suburban tech submarkets.
And while a larger shift to the suburbs hasn’t occurred quite yet, Decembrele sees no reason why it won’t in the near future. “Historically, tech companies have been reluctant to go to the suburbs in Boston, but we’ve seen it happen in other major markets. Silicon Valley is a suburb of San Francisco and Playa Vista is a suburb of Los Angeles and those are some of the hottest tech submarkets in the country. If companies are doing it elsewhere, why wouldn’t they be willing to do it here?”
Download the complete Technology Office Outlook and hear more from Chris in the below video: