Greater Boston Laboratory Real Estate Market Posts Healthy 9.5 Percent Vacancy Rate
Biotechnology Companies Take 516,000 SF of Lab Space off Market in Last Six Months
BOSTON, Dec. 3, 2014 /PRNewswire/ -- Greater Boston's biotechnology companies took 516,000 square feet of laboratory space off the market during the two quarters ending September 30, 2014, driving vacancy down to 9.5 percent, according to Transwestern | RBJ's "bioSTATus – Winter 2014" report. This compares to 11.6 percent vacancy in the last reporting period, ending March 31, 2014.
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The report highlights the health of the region's biotechnology real estate market, detailing activity in Cambridge, Boston and the suburbs. The report provides statistics on market size, vacancy, and "take-up," a more timely measurement than absorption that tracks availability changes when leases are signed, intentions to vacate are announced or users break ground on new projects. The report also covers information on mergers, acquisitions and venture capital funding.
"It's not surprising to see a second strong reporting period in a row," said Chase Bourdelaise, Transwestern's Research director for the Northeast. "We've recently had another biopharmaceutical giant announce plans to relocate to Cambridge, while other big-name, large users announced plans to expand their footprints locally."
East Cambridge, widely regarded as one of the world's top biotechnology clusters, remains the region's biggest draw. The submarket experienced 380,000 square feet of positive take-up in the third quarter alone, driving availability to 4.4 percent, its lowest point in 10 years. The broader Cambridge market closed the quarter at 13.9 percent vacancy.
The Boston laboratory market, while much smaller than Cambridge's, is nonetheless the tightest. The market's 9,000 square feet of positive take-up during the last two quarters drove vacancy down to 0.2 percent, its lowest point ever. The suburbs, with vacancy at 8.5 percent, saw significant activity in Waltham, Bedford and Lexington.
Download the full "bioSTATus – Winter 2014" report here.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 38 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern and @TranswesternBOS.
Media Contact:
Dan Foley
508.272.0017
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/greater-boston-laboratory-real-estate-market-posts-healthy-95-percent-vacancy-rate-300004387.html
SOURCE Transwestern | RBJ
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