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Boston & New England  + Boston  + Industrial  | 
Report: San Francisco Life Science Sector Continues to Roll

CBRE: Tenant Demand for Boston Life Science Space Slows Down in Q1 

The Greater Boston life sciences lab space market returned to a normal pace in Q1 2023, according to CBRE’s recent report, with leasing activity exceeding last quarter’s totals and resulting in slightly positive absorption. However, the demand side of the market has seen a sharp slowdown from the 2022 peak due to difficult fundraising conditions and record-high construction pricing.  

Available sublease space surpassed 1.6 million square feet, reaching a new 20-year high, but the sublease availability rate remained flat at 2.8%. Despite the slowdown, the market still saw over 700,000 square feet of new R&D space delivered to the market in the first quarter, and another 2 million square feet broke ground during the quarter, pushing the Greater Boston active construction pipeline total to 16.4 million square feet, expected to be delivered by the end of 2026. 


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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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