Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Where Will Biotech Bite in Boston Next?

Robert Richards • 10/28/2019
Biotech real estate is booming in Massachusetts and shows no signs of slowing down any time soon.

bioSTATus Report Banner

Our 2019 BioSTATus trends report shares updates on demand drivers for life science space, how companies are adapting to this supply-constrained market in the short term and signals of optimism that conditions will improve.

According to the Massachusetts Biotechnology Council, employment at life science manufacturing companies has increased by 6% (to just over 10,000) in the past decade – compared to just 1% growth nationally during the same time period. While Kendall Square is the hub of Boston’s life science sector, there are notable manufacturing mini-clusters emerging throughout the region. In the outer suburbs, especially along I-495, pharmaceutical manufacturing has been driving demand for life science space. Some of the region’s largest facilities include Pfizer’s manufacturing facility in Andover and Sanofi’s new digitally enabled facility in Framingham. While biotech manufacturing facilities do not typically house large work forces, their physical requirements are driving demand for space.

As companies progress through the drug development cycle, they can quickly become space constrained. With very limited vacancy in Cambridge, there are very few opportunities for companies to expand. These tight conditions have forced biotech companies to become more creative with space planning or consider directing growth outside of Cambridge. Kymera Therapeutics recently confronted this challenge. Headquartered in Kendall Square in an incubator, they anticipated needing additional space within the next year since they were growing so rapidly. This meant expanding their footprint to 35,000 square feet – in space located outside of Cambridge – in Watertown.

This westward migration from Cambridge to Watertown is a trend that Duncan Gratton, Executive Director, has been witnessing since 2017. Duncan notes that there has been a significant uptick in biotech companies moving into Watertown, with at least five new life-science companies – including Selecta Biosciences, Platelet Biosciences, Kymera Therapeutics, Arkuda Therapeutics and SQZ Biotech – leasing space in Watertown this year, spanning more than 150,000 square feet combined.

As of the end of the third quarter, Kendall Square’s lab vacancy rate was below 1.0%. Developers and investors have been working hard develop product to meet the demand and there are a significant number of projects that are expected to be completed in the next two to three years. In total, we are forecasting 3.8M SF of lab space to be delivered in Greater Boston by 2023.

Whether they’re sticking with Kendall or not, there is a lot to be said about Boston’s biotech growth and where it might be headed next. For more data and statistics on this biotech boom, download our BioSTATus trend report from this web page.

bioSTATus Trends Report Video bioSTATus Trends Report Video

Related Insights

Industrial fast facts Q2
Article • Industrial

DALLAS - Q3 Industrial Fast Facts

Industrial construction reaches new heights as developers rush to meet soaring demand. Read our 5 Fast Facts to learn more about the key trends that impacted the market in the first quarter.
Nicolas Belusic • 8/11/2022
Tech Cities bay Area
Article • Technology

Bay Area: Tech Cities: The Global Intersection of Talent and Real Estate

The region surrounding the San Francisco Bay remains the epicenter of the technology industry.
Robert Sammons • 8/8/2022
Life Science
Article • Lab

Challenges for Life Sciences Projects Means Early Engagement of Project Managers

In this current global economy with supply chain hurdles and inflationary pressures, planning a construction project can be challenging.
Jason D'Orlando • 7/18/2022

Ready to talk?

Our professionals are ready to provide further details on this and many other topics.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS