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Report: Boston Lab Market Remains Hot

Greater Boston’s lab market is still a hotbed of activity, according to a recent report by Colliers International. The firm’s Greater Boston Lab Viewpoint Q2 2019 report found that while lab space in Cambridge remains essentially full, Boston’s inventory as a whole is growing. In fact, quarterly absorption across Greater Boston has been positive for nine straight quarters, the longest hot streak on record.

Year-to-date absorption in Boston’s lab market sits at 230,000 square feet, with a current vacancy rate of 6.4%. Inventory has grown 11% in the past year, driven mainly by the conversion of 451 D Street into lab space. Additionally, Foundation Medicine has agreed to a nearly 600,000-square-foot deal in Boston’s Seaport, which will increase Boston’s lab space by 11% alone.

Overall, the life science market in Boston is at an inflection point according to the report, with Cambridge and East Cambridge nearly built out. The report notes that the Alewife market and the area around Concord Avenue could potentially serve as a relief valve to absorb new life science product.

*Pictured above is a rendering of Cambridge Crossing, a new 43-acre, mixed-use neighborhood in Cambridge. Design firm CBT is the master planner of Cambridge Crossing.

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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.

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