Lab Space Mushrooms in Cambridge
There's now about as much lab space in Cambridge as there is office space, according to new JLL research. (Lab rats and bacteria need cubicles too.)
With 1.7M SF of lab space under development in this city-- home to intellectual power houses MIT and Harvard--construction completion will bring the total amount of lab and office space to approximately 10M SF of each. In total, 2.5M SF of office/lab space in nine complexes is in the pipeline; 1M SF will be owner occupied by companies like Novartis (construction site above). Lab rents have fully recovered from the recession, with the average asking rent $55.48/SF, while trophy space commands rents in the mid-$60s/SF. The combined lab/office vacancy rate is 8.5%.
You know Boston's universities played a big role in attracting ife sciences, but there's more: mapping the human genome spurred the creation of new life science companies. Those generating revenues and profits are providing an incentive for investors, notes JLLs EVP John Osten, a Cambridge leasing broker. Meanwhile since 07, theres been the development of more multifamily buildings, restaurants, and entertainment in East Cambridge. (Now it just needs schools to train scientists how to kick back and relax.) Before, therewasn'tenough residential to support retail after 5pm, John says.