Laboratory space continues to outperform other property types in the Greater Boston area, while Cambridge is becoming increasingly typified by a lack of affordable, available options for tenants, according to a new report.

The report, bioSTATus, is published twice a year by Boston-based Richards Barry Joyce & Partners (RBJ&P). The report finds that although laboratory vacancy increased from 10.4 percent to 13.3 percent at the close of the two-quarter reporting period (March 31, 2010), it is still lower than vacancy for other property types, such as office and industrial buildings.

Absorption was mixed in the major geographies, with positive absorption in Boston, negative absorption in the suburbs and flat in Cambridge.

The Cambridge laboratory market remains particularly space-constrained. Throughout Cambridge there are only two locations offering large (100,000 square feet or more) blocks of space in the city. Additionally, there are only three choices in Cambridge for postwar Class A Laboratory options larger than 5,000 square feet.

"Despite a slight increase in vacancy, demand for lab space in Greater Boston remains stable and well-positioned for an uptick in demand, potentially in the balance of 2010," said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners. "This supports the findings that, for the first time, Massachusetts-based biotech companies raised more venture capital than their Silicon Valley counterparts."

 

Greater Boston’s Biotechnology Real Estate In Demand

by Banker & Tradesman time to read: 1 min
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