Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

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.

Boston & New England  + Industrial  |  February 16, 2024
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 Faced Challenging Headwinds in ’23 

Boston CRE market faced challenges in 2023 due to rising interest rates, IPO market malaise, supply increases, and investor trepidation, according to Hunneman’s 2023 Year-End Boston Life Science Report.  

Over 70 companies in the Commonwealth had layoffs. Submarkets like Cambridge, Boston, Somerville, and suburbs saw expanded vacancies. Cambridge has about 1.5 million SF of sublease space. Somerville faces oversupply with double the construction compared to existing inventory, raising concerns about short-term fundamentals. 

Despite these challenges, significant leases were signed, such as Alexion Pharmaceuticals in Cambridge and Novo Nordisk in Waltham. Although 2024 presents similar obstacles, optimism remains for the life science industry and its real estate. The U.S. Department of Health and Human Services launched ARPANET-H, with Massachusetts hosting the “Investor Catalyst Hub” to assist companies. Incubators and startups continue to grow, supporting new discoveries and solutions. 

Connect

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.
Order Reprints
  • ◦Development