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Boston & New England  + Metro Boston  + Industrial  |  July 7, 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

Boston Life Science Leasing Activity Normalizes to Pre-Pandemic Levels  

Leasing activity in Boston’s life science market has started to normalize after the pandemic, according to second-quarter 2023 life science statistics from Cushman & Wakefield. 

While leasing activity slowed in the second quarter, C&W expects it to rebound in the coming quarters as Greater Boston continues to be a thriving market for life science companies. Currently, 14.7% of the region’s 35.5 million square feet of lab inventory is available for lease, with overall vacancy at 14.3%, higher than historical averages.  

Despite the slowdown, nearly 1.2 million square feet of new lab space has been delivered in six developments since the start of 2023, with a leasing rate of 37.9%. Preleasing for under-construction inventory stands at 35.3% in Greater Boston, with Cambridge and Boston’s Central Business District performing well. 

Read More News Stories About: Cushman & Wakefield
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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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