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As Boston hosts this year’s BIO International Convention, a new research publication shows that the region’s biotechnology-related real estate market continues to be one of the strongest in the nation, with overall vacancy rates for laboratory space dropping to 10.1 percent from 13.1 percent.
According to Richards Barry Joyce Partners’ bioSTATus – Summer 2012, Greater Boston is home to 16.4 million square feet of laboratory space. During the two-quarter reporting period ended March 31, 2012, tenants absorbed 507,000 square feet of life sciences research-related real estate.
The previous ten quarters averaged only 24,000 square feet absorbed.
An additional 1.4 million square feet of laboratory space is currently under construction, with the number jumping to 3.1 million square feet when biotech-related office space is included. These new development projects – along with those slated for imminent construction – will make the existing life sciences clusters, such as East Cambridge and Boston’s Longwood Medical Area, even more dense.
The projects will also continue the industry’s expansion in Boston’s Seaport District, where Vertex Pharmaceuticals’ 1.1 million square foot headquarters is under construction.
“Since the last time Boston hosted the BIO conference in 2007, there have been significant positive changes to the market,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce Partners. “The region’s laboratory inventory grew by 21 percent, VC funding for local biotechs has expanded and headcount for life sciences research increased 56 percent – all this despite the economic turmoil that occurred during the intervening years.”
bioSTATus provides the region with information on the real estate side of the life sciences market. The report is released twice a year by Richards Barry Joyce Partners. To secure a copy of RBJP’s bioSTATus – Summer 2012, send an email to research@rbjrealestate.com.
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