Boston’s Seaport District poised to break out as second-largest lab cluster in Massachusetts
BOSTON–As Greater Boston further cements itself as the global epicenter of life sciences research, developers are trying to keep up with demand. Not surprisingly, the region has once again topped the list of premier life sciences clusters in the U.S according to JLL’s eighth annual Life Sciences Outlook. Finding lab space, however, remains a key challenge with developers unable to build new space quickly enough and vacancy rates getting lower and lowers. Lisa Strope “Finding space for growth in these top life sciences clusters is getting more and more difficult,” said JLL Director of Life Sciences Research Lisa Strope. “Even with over 3.3 million square feet of new construction under way in Boston, there is no end in sight. Additionally, we’re continuing to see the blurring of boundaries of the traditional cluster.” The Greater Boston life sciences cluster has long been dominated by Cambridge, but with rising real estate costs and low availability, other Boston neighborhoods are continuing to dominate lab leasing and development activity. New Class A asking rents in Kendall Square have topped $100 NNN per square foot for the first time ever, while asking rents in West Cambridge are also reaching all-times high at above $70 NNN. Coupled with less … Read More
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