Suntory Pharmaceuticals is vacating 10,000 square feet at One Kendall Square in Cambridge to move elsewhere in the property, an example of growing opportunities to lease existing laboratory space.

It was seen as a panacea for commercial real estate’s lingering maladies, but lately, the Massachusetts life sciences sector has been acting more like a placebo.

Even as the Bulfinch Cos. celebrates a 115,000-square-foot pact with Antigenics at 3 Forbes Road in Lexington, real estate observers acknowledge there has not been the expected surge of life science leasing that landlords had hoped for to assuage the collapse of the office market. Not only has demand slowed during the past year, opportunities to take existing lab space appear to be on the rise, even in the core Kendall Square market in Cambridge.

“We are seeing more and more opportunities on the product side,” acknowledged Cushman & Wakefield broker Mark Winters, who attributed the increase of space to both subleasing strategies and to certain companies moving into new facilities and leaving the old quarters behind.

In one case, for example, Suntory Pharmaceuticals is vacating 10,000 square feet at One Kendall Square to move elsewhere in the property, while Microbia is departing from an estimated 15,000 square feet in the same building to move to nearby 320 Bent St. Sources also said last week that Variagenics is offering 15,000 square feet of sublease lab space at 60 Hampshire St., another Bulfinch property.

Meanwhile, a more ominous offering may be coming from Vertex Pharmaceuticals, which is preparing to move into a new Kendall Square facility being developed by Lyme Properties. According to one Cambridge broker, Vertex had initially planned to retain the space in the new building and its existing quarters, but is now preparing to offer one or the other for sublease. The source estimated it could mean as much as 300,000 square feet of space being dumped on the market.

“That’s not good,” said the source, who maintained the biggest problems could be for suburban landlords who had hoped to benefit from the expected growth in life sciences. One market which may be counting on that arena for assistance is Lexington, added the broker, who predicted the glut of space in Cambridge will allow firms to either remain or move into that community.

“Why would a Cambridge company want to relocate to Lexington or Waltham?” said the broker. “It’s a big difference to be in Cambridge, [especially] if you are a [life sciences] company.”

Insignia/ESG principal Gregory Lucas, who is representing Vertex, declined to discuss the rumors regarding his client, but did concur that life sciences activity “is slower than people perceive it to be.” Lucas blamed the capital markets and trepidation toward life sciences in recent months as a key reason, with firms looking to keep real estate costs down until funding rebounds.

‘Bearish’ Conditions

While some brokers have estimated Cambridge currently has nearly two-dozen opportunities to lease fully built-out lab facilities, Lucas said he does not believe the market is over saturated. He also reported a surge in demand of late, as did Cambridge leasing specialist Robert B. Richards, president of Richards Barry Joyce & Partners.

“I would say activity has increased significantly, enormously, substantially – any way you want to put it – from what it was in November and December,” said Richards. “There’s a huge difference on the lab activity front.”

RBJ&P is busy with showings in Cambridge at both 245 First St. and Discovery Park, the former Arthur D. Little headquarters, but Richards said there remains a high level of interest for properties in Lexington as well. His firm is working with two tenants coming out of Cambridge that are pursuing Lexington deals, Richards said, as well as a 10,000-square-foot tenant looking to move to that community from the northern suburbs.

“For Cambridge-based companies, the Route 2 corridor [where Lexington is located] is an excellent option,” said Richards. That view was supported by Winters, who said it depends largely on what stage a company is at, both in obtaining financing and its ultimate development. Younger startups would love to be in Cambridge but often cannot afford it, Winters explained, while established firms interested in employee retention have found the proximity to the suburbs and plentiful parking as solid recruitment tools.

“For some of these companies, the Cambridge address validates them in the biotech world,” said Winters, who said a defining issue for many firms is whether their employees would want to be on a subway line. Pricing is critical, added Winters, estimating a 30 percent to 40 percent discount in lab rents between Kendall Square and the suburbs.

Whatever the reason, developers are clamoring to lure biotech companies, as well as other industries, into the Lexington market. Besides Bulfinch, other top landlords in the area include the Beal Cos. and Boston Properties, which owns 33 and 100 Hayden Ave., as well as 181 Spring St. Meanwhile, a team of seasoned developers has placed the Raytheon headquarters under agreement, and is busy repositioning the complex as a multi-tenanted business park. One prime target of the effort is the life sciences sector.

Cushman & Wakefield has already been named listing agent for Boston Properties on the Hayden Avenue buildings, and Winters said he is enthused by the tenant traffic. Many of those same firms are also touring 100 CambridgePark Drive in Cambridge’s Alewife district, said Winters, which Cushman & Wakefield is also marketing. The presence of the Red Line subway in Alewife often makes the difference between which market the tenants lean towards, said Winters.

For his part, Lucas said he believes Lexington and Waltham both offer solid reasons for life sciences firms to consider, in pricing, location and amenities, but said Cambridge “will always be the market of choice for the industry.”

“There’s just no question about it; that’s where people would like to be if the economics make sense,” he said.

One project whose progress has been stunted due to Wall Street’s cautious approach is the former Casey & Hayes warehouse in Allston. After failing in a bid to develop the hulking building as a telecom use, developer Cabot, Cabot & Forbes has turned to life sciences, but CC&F President John J. Doherty said last week that potential prospects have been reluctant to lease in the building due to the overall capital concerns.

“The decision-making process in terms of getting them to commit to space is agonizing, difficult and slow,” said Doherty. “Every user we’re talking to, even the bigger requirements, are looking very carefully at their cash balances, and even if those are quite healthy, they are weighing in against what they consider very bearish capital market conditions.”

The situation is frustrating, Doherty added, because CC&F is garnering healthy interest from potential tenants, mostly second stage growth firms that are looking to expand their operations.

While some observers maintain that CC&F faces an uphill battle given the Cambridge and Lexington options, Lucas said he does believe communities around Cambridge could benefit from a rebound in life sciences demand, especially those companies which feel they do not need to be in Cambridge. And despite agreeing that the life sciences sector has been sluggish, Winters said the market remains relatively solid.

“Clearly it has softened compared to the last year or two, but I definitely would say I’m not worried about it,” he said. “I think it’s going to be fine.”