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In the last three months of the year, average rents in the Innovation District surged to $52.92 per square foot, according to the real estate services firm Cassidy Turley. That puts it within 1 percent of the rents in the Back Bay, showcasing a seismic shift in the city’s commercial real estate market that would have been hard to fathom just a few years ago.
The Innovation District’s rise as a home for business is a symbol of Boston’s commercial real estate recovery and as well as a direct reflection of the companies who are driving it. Mixed into its base of financial services companies and law firms is a rising tide of technology and other creative companies that are more interested in occupying restored warehouses than the rareified heights of modern office towers.
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