Finding affordable office and lab space in Kendall Square is a chronic challenge for life science companies, and the same applies to their search for meeting and conference space in the East Cambridge industry mecca.

Industry group MassBio is giving its 1,300 member companies an alternative to local hotels with this spring’s completion of MassBioHub, a meeting and conference space being built out at Alexandria Real Estate Equities’ 700 Technology Square. The 10,000-square-foot facility will include a range of informal meeting spaces and boardrooms designed to accommodate meetings from two to 200, and host up to 300 visitors including common areas.

“We knew we needed a bigger footprint,” said Kendalle O’Connell, chief operating officer of MassBio. “Kendall Square is completely saturated, and costs are so expensive.”

In contrast to hotel arrangements, MassBioHub lacks minimum charges for audio-visual equipment, food and beverages and room blocks. The organization is offering space rentals in an all-inclusive format, at costs that O’Connell estimated at 20 to 45 percent less than the lodging industry options. The minimum time block is two hours.

Designed by Boston-based Tria Architects and built by J. Calnan & Assoc., the space was designed with neutral color palettes and customizable digital signage to enable member companies to temporarily brand the space with their corporate logos.

A grand opening ceremony is scheduled for 16 and MassBio will begin renting out the facility in early May, O’Connell said. Based upon inquiries so far, O’Connell predicted that the space will be booked to capacity for almost all of the time it’s not being used for in-house MassBio events.

MassBio also will relocate its headquarters from its 12-year home at 300 Technology Square, which like 700 Technology Square is owned by Alexandria Real Estate Equities, into 10,000 square feet at 700 Technology Square in March. The move doubles its real estate footprint.