
Two Biotechs Lease Half of Big Watertown Development
A speculative life science development completed in June landed its first two leases committing to more than half of the 225,000-square-foot building outside Watertown Square.
A speculative life science development completed in June landed its first two leases committing to more than half of the 225,000-square-foot building outside Watertown Square.
Lab leasing in Greater Boston declined to the lowest level since the pandemic as life science companies shied away from real estate commitments in a frugal funding climate.
As more life science conversions and new developments were completed without tenants, Greater Boston’s lab vacancy rate rose to 13.7 percent in the first quarter.
Dana-Farber Cancer Institute will expand its lab and research space in Boston’s Longwood Medical Area and the Fenway while its office space shrinks under a permanent remote and hybrid workforce model.
Greater Boston’s largest lab landlord said vacancies in its local portfolio topped 7 percent in the fourth quarter, but a revival in life science industry expansion plans points to growth in 2024.
Greater Boston’s life science cluster remains an island of stability in the commercial real estate world while other property sectors reel from COVID-19 disruption.