Boston, MA Strong demand for laboratory space among Greater Boston’s biotechnology companies has pushed the availability rate to 9.3%, an all-time low for the region, according to Transwestern | RBJ’s “bioSTATus – Mid-year 2015” report, which covers Greater Boston’s biotechnology real estate market.
During the first two quarters of 2015, biotech tenants posted 829,000 s/f of positive “take-up,” a more timely measurement than absorption that tracks availability changes when leases are signed, intentions to vacate are announced or users break ground on new projects. By comparison, only 20,000 s/f was taken off the market during the same period in 2014.
Highlights from the report include: • Overall vacancy for laboratory space across Greater Boston dropped to 7%. • In Cambridge, 774,000 s/f of positive take-up dropped vacancy to 6.7%. • East Cambridge was particularly active during the second quarter, with a significant 482,000 s/f of positive take-up, the most in a single quarter. • While Boston’s lab market seems a bit slower by comparison, with 13,000 s/f of positive take-up this year, it bears noting that 86% of the city’s lab buildings are fully leased. • The suburban markets also saw significant activity, in both sales and leases, with availability dropping to 14.5%.
“By all indicators the region’s laboratory market has been very strong during 2015,” said Transwestern’s Northeast research director Chase Bourdelaise. “While that’s to be expected to a degree, given the region’s prominence in this industry, some of the figures are still remarkable. We don’t see many indications of a slowdown, based on the construction pipeline.”
Download the full “bioSTATus – Mid-year 2015” report at: http://twurls.com/biostatus-midyear-2015.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in agency leasing, management, tenant advisory, capital markets, research and sustainability services, their fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. They leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate.