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Boston Life Science Five Fast Facts Q2 2023

Riley McMullan • 7/28/2023
  1. Elevated Vacancy Persists: 
    Overall vacancy remained far above historical averages, and at 14.3% is more than 500 basis points higher than at the same point one year ago.  Cambridge remains the market’s tightest geographic cluster at 8.5% vacant, though this represents an increase of 210 basis points QOQ. 
  2. Demand Slows QOQ: 
    Following the pattern of other asset types, the lab market was quiet during Q2 as new demand totaled just over 305,000 sf – less than one third of Q1’s leasing total.  
  3. Robust Pipeline; Slow Preleasing: 
    Preleasing in under-construction inventory remained sluggish with just 35.3% of the nearly 15.0 msf currently in development committed. Of the 5.8 msf scheduled to deliver before the remainder of 2023, just 36.3% has been leased.  
  4. Traditional Clusters Remain Dominant: 
    Of the 54 users currently seeking space in the market, more than half are focused on Cambridge.    
  5. Leader in Venture Capital Investment:  
    With $3.5B invested YTD, interest in Greater Boston has outpaced all other major North American markets in 2023.   


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