Greater Boston’s biotechnology real estate market is very strong, with 13.7 percent vacancy across the entire region’s 16.3 million square feet of laboratory space, according to a new report.

Certain areas of the market are extremely space constrained, with the suburban biotech cluster of Framingham-Lexington-Waltham at a zero vacancy rate, according to Richards Barry Joyce & Partners’ bioSTATus – Summer 2011, which highlights the real estate aspect of Greater Boston’s biotechnology industry.

The East Cambridge market, long considered the absolute center of Greater Boston’s biotech market, has recently seen an increase in non-biotech space users, such as software/technology companies and non-biotech users of lab space. The report also looks at the real estate impact of Vertex Pharmaceuticals’ planned move from Cambridge to Boston’s Seaport District, as well as the effect of moves by other large biotech companies, such as Biogen Idec and Sanofi SA (Genzyme).

"Greater Boston’s biotechnology real estate market is very strong, with a vacancy rate that is somewhat misleading in that it doesn’t display the limited availability in certain high-demand areas," said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners. "Looking forward, we anticipate a tremendous amount of activity with some of the region’s largest biotechnology players having announced relocations. These moves will affect not only those companies and landlords but have a domino effect by opening up availability in this space-constrained market."

Greater Boston Biotechnology Market Holding Strong

by Banker & Tradesman time to read: 1 min
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