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Boston & New England  + Boston  + Industrial  |  July 12, 2023
Life science real estate vacancies and leasing in the Bay Area are beginning to normalize to pre-pandemic levels, according to research from Transwestern
Emily Fu
By: Emily Fu

CBRE: Boston Life Science Development Exceeds Pre-Pandemic Levels 

The Greater Boston life sciences lab space market experienced a return to normalcy in 2022 and the first half of 2023 after a record-setting 2021, according to CBRE’s Q2 Boston Lab Figures report.  

Leasing velocity in Q2 decreased to 520,000 square feet from the previous quarter’s 850,000 square feet as lab tenants reevaluated their space requirements amid economic uncertainty. However, developers are still planning for future growth, with over 17 million square feet of lab space under construction. The market saw negative absorption of 193,000 square feet and an increase in vacancy rate to 5.4%.  

Asking rents remained relatively flat. The notable deal of the quarter was Orbital Therapeutics’ sublease of 166,000 square feet at 100 Binney Street in Cambridge. Capital markets activity remained subdued due to economic uncertainty and tightened lending standards. 

Read More News Stories About: CBRE
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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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