JLL: Boston Retains Ranking as Leader in U.S. Life Science Real Estate

Boston has retained its ranking as the leader among U.S. life sciences ecosystems and one of the top recipients of venture capital (VC) investment in the U.S., according to JLL’s recently released 2020 U.S. Life Sciences Outlook.

The report tracks top markets as well as the growth of nascent markets with growing levels of interest by life science companies and investors alike. JLL reports that investor interest in life sciences has never been higher, both on the funding and real estate front. New requirements for suburban GMP space led the charge for an increase in overall tenant demand for the second quarter.

“For the first time, suburban lab demand is double that of Kendall Square,” said Don Domoretsky, head of JLL’s life science practice in Boston. “This increase in demand is being fueled by strong development activity in the suburbs, companies re-evaluating their space needs, and a growing need for GMP manufacturing space in close proximity to Cambridge and Boston. In fact, demand for manufacturing space in Greater Boston is the highest it’s been in over five years, representing over 30% of the active life science demand in the marketplace currently. Much of this demand is tied to the success of local cell and gene therapeutics companies ramping up clinical production.”

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