Colliers: Life Sciences Boom Continues in Boston 

Life sciences commercial real estate in Boston is becoming more favorable for tenants, according to Colliers’ 24Q1 Greater Boston Life Sciences Report.

The first quarter saw over 500,000 square feet of negative net absorption, a record low. About 440,000 square feet of direct space and 120,000 square feet of sublease space came to market, pushing total available space above nine million square feet, nearly 18% of the metro’s inventory. With only 20% preleased of the millions of square feet likely to deliver in 2024, vacancies are expected to rise.  

Despite lower peak demand, Boston’s life sciences ecosystem supports long-term growth, ranking highest for investments and leasing opportunities due to industry drivers, large inventory, and tenant demand. The area leads in venture capital funding, NIH grants, biomed degree completions, and recent net absorption. Suburban net absorption is outpacing gains in Cambridge and Boston, and tenants are still seeking over three million square feet of space.