Q3 Market Report Recap: Notable Shifts in Life Sciences
Available life sciences space across Greater Boston continues to climb, with industry hub Kendall Square showing a current total of 15.1% vacancy. In response, occupiers have been eagerly anticipating lower asking rents as part of landlord concession packages. However, rents have held steady around $100/SF, as landlords seek other, creative ways to appeal to clients while maintaining elevated rents.
Promising activity in Q3 may quiet the concerns of oversupply in this market: both Cambridge and the secondary markets saw several leases for more than 30,000 SF of lab/office space, and there are a number of life sciences users active in the market. Occupiers should take note: life sciences hot spots that have historically been out of reach are now more accessible given widespread availability and landlord eagerness to fill vacancies. Find expert recommendations, analysis, and predictions for the months ahead in Cresa’s Q3 2023 Life Sciences Market Report.