Major Kendall Square Expansion in the Works to Accomodate Life Sciences and Tech Firms

With zero short-term availability at its 2.9 million-square-foot Cambridge portfolio, Boston Properties is well aware of the lack of available real estate supply in Kendall Square.

But Kendall Square continues to “dramatically outperform the rest of the urban Boston market with rents above $70 a square foot,” said Doug Linde, president of Boston Properties (NYSE: BXP), on the company’s second-quarter earnings call.

To combat the issue of available supply, Boston Properties is working with the city of Cambridge to change the zoning on several city-owned parcels in Kendall Square to allow construction of another 600,000 square feet of office space and 400,000 square feet of multifamily property.

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