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  + Office  | 
Office-To-Lab Conversions Taking-Off in Seattle

CBRE: Boston Tops Nation in Life Sciences Space, Demand and New Construction

A new report from CBRE shows that life science lab space has emerged as a coveted sector of commercial real estate as increases in funding and employment have fueled both demand for lab space and construction of it in leading U.S. life-science markets.

Nationwide, Boston led the way in several key metrics, including demand, inventory and new construction in the 12 months ending March 2021, according to the report. Boston counts 4.75 million square feet of demand, 37.8 million square feet of existing inventory and 5.8 million square feet of construction in progress. Boston also topped the list in life science venture capital investment at $9.6 billion. In addition, the Boston market has one of the lowest vacancy rates in the country at 2.8%.

“Record-setting demand over the past 12 months is expected to continue, driving intense competition for lab space until 2022/2023 when new developments and conversions are delivered,” said Jonathan Varholak, a Vice Chairman at CBRE specializing in life-sciences and Boston-area real estate. “With limited space available in the near term in East Cambridge, leasing activity has picked up in surrounding life science clusters, including the Seaport, Watertown and the 128 West submarket. Demand has been fueled by continued venture capital funding for smaller companies emerging from incubators and from larger, mature biotech and pharma companies continuing to grow.”


Inside The Story

Read Full CBRE Report

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.