Looking To Suburbs, Biotech Sees Little Room To Move
Despite a longstanding presence in the suburbs and a desire to increase that presence, biotechnology companies are having difficulty finding suitable laboratory space west of Route 128, according to the BioStatus Winter 2009 report from Boston commercial real estate broker Richards Barry Joyce & Partners.
As the trend of biotech companies setting up shop in the suburbs has continued, about 79 percent of positive lab space absorption has occurred in the suburbs. But no new lab space has been built, and available lab space has dwindled to almost nothing, according to RBJ.
As 261,000 square feet of lab space was leased in the third quarter, suburban lab space vacancy dropped from 16.4 percent to 10.5 percent. The quarter was the region's third consecutive quarter of positive absorption.
Waltham, Lexington, Bedford and Woburn claim 2.5 million square feet of lab space with a vacancy rate of just 6.4 percent.
The three largest Class A lab spaces currently available in the suburbs are 113,000 square feet at 20 Walkup Dr. in Westborough, 14,000 square feet at 830 Winter Crossing in Waltham and 2,000 square feet at 175 Crossing Blvd. in Framingham, according to RBJ.
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