Suburban Biotech, Lab Space Looking More Attractive
The real estate market for biotechnology research and laboratory space in the state is healthier than other markets, but Cambridge, the industry's Mecca, is becoming known for "a lack of affordable, available options for tenants," according to a market report.
The report, the summer edition of bioStatus by Boston commercial real estate firm Richards Barry Joyce & Partners, says that although laboratory vacancy in Greater Boston increased from 10.4 percent to 13.3 percent between the first and second quarters, it is still better than other property types, which have seen vacancy well into the 20 percent range.
In the suburbs, the laboratory vacancy rate stands at 14.9 percent and has increased by nearly 9 percent over the last year.
Still, RBJ said companies looking for lab space are looking toward the suburbs, which are more affordable and have more space available. Suburban areas "appear to be already emerging from recessionary pressures," RBJ said.
Tenants may also be driven toward the suburbs by a lack of space in traditional lab and biotech hubs like Cambridge. In Cambridge, there are only three Class A lab spaces of more than 5,000 square feet and less than 60 years old are available, RBJ noted.
WBJ Web Partners
Most Recent
Most Recent
0 Comments