Boston & New England CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


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

Boston Life Sciences Q2 Vacancy Reached 10% 

The Boston metro’s life sciences sector experienced a significant increase in total availability rate during the second quarter, reaching 10%, according to the Q2 2023 Boston Life Sciences Report from Colliers. 

This is a notable shift from just under two years ago when availability was less than 1%, marking the first time since 2014 that double-digit availability has been seen. Vacancies have expanded across the metro, impacting Cambridge, Boston, and suburban submarkets. Some tenants have offered space for sublease or returned it to landlords, impacting net absorption. The rise in vacancies is primarily due to the influx of newly completed buildings with occupancy levels below 100%.  

With more uncommitted space still in the pipeline, vacancies are expected to rise further. Despite this trend, venture capital flows have improved, with Massachusetts-based biotech firms attracting about $3.9 billion in funding during the first half of 2023, a 23% increase compared to the previous six months.  


Inside The Story

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.

  • ◦Development
New call-to-action
New call-to-action