Greater Boston’s life science industry continues to generate demand for office and lab space as 81 firms seek more than 2.6 million square feet in the region, according to a commercial brokerage research report.
Another 19 tenants are seeking more than 1.4 million square feet for manufacturing, primarily in the Route 128 south and Interstate 495 corridor, CBRE New England said.
The region’s life science industry is taking a leading role in COVID-19 research, with 24 local firms developing treatments and vaccines and another 13 active in testing research, according to a CBRE. Tenants seeking space are gravitating toward built-out spaces because of recent construction moratoriums and the desire to scale up operations quickly.
“While the pandemic will undoubtedly influence hiring and deal activity in the near term, the overall landscape for Boston life sciences remains as robust as ever during this moment of acute need,” Director of Research Suzanne Duca wrote.
Suburban life science space has led the market with approximately 240,000 square feet of leases signed between March 1 and June 1, and suburban requirements comprise 1.1 million square feet, or 43 percent of the region’s overall demand.
While the industry has lost an estimated 1,500 positions since February, the decline in employment compares favorably with that of the overall office-using industry’s 4.9 percent.