STAT Plus: The suburbs are cheaper, but they don’t have what Kendall Square has for biotechs: serendipity
You know Kendall Square’s office rents have gotten stratospheric when a CEO compares the neighborhood with Madison Avenue in New York, Rue Saint-Honoré in Paris, and Via della Spiga in Milan.
But its brand is all about bleeding-edge science — not high-end shopping. There’s no denser collection of biotech startups, big pharma companies, and venture capital firms anywhere else in the United States, and perhaps on the planet. They’re clustered on either edge of the Massachusetts Institute of Technology campus in Cambridge, Mass., and along Main Street heading into the city’s Central Square. And they’re all paying the highest rents in New England: almost $100 per square foot for lab space and $92 per square foot for offices, according to the real estate brokerage CBRE. Both numbers are records.
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