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Boston Biostatus Q2 2022

Matthew Giordano • 9/22/2022

Despite an overall slowdown in the market, Big Pharma is continuing to establish a large presence in Boston.

  • East Cambridge continues to be the core of the life science market in the city and region.
  • Takeda, AstraZeneca, and Vertex signed leases totaling over 1.5 million square feet (msf). Takeda and  AstraZeneca, the two largest leases signed in Greater Boston this quarter, are both located in the East Cambridge submarket.
  • Although activity slowed in Q2 2022, including limited leasing activity, massive commitments from Big Pharma continue to drive the market forward.
  • Of the 44 subleases totaling more than 1.3 msf in the Greater Boston area that Cushman & Wakefield tracks, mid-stage companies have accounted for most of the space that has come to market. More than 675,000 sf is up for sublease in Cambridge alone.

Office to lab conversions have continued. Three former Lord & Taylor locations in Braintree, Framingham, and Burlington are currently being converted to lab, each at ~120,000 sf.

985,000 sf delivered in Q2 2022, with the Seaport market receiving an influx of more than half the space. Beyond development, the Seaport is reporting impressive leasing activity at 344,000 sf - the second highest among all Greater Boston submarkets behind East Cambridge. This activity was driven by Vertex Pharmaceutical's lease of the entire building at 20-22 Drydock Avenue.

There is 13.9 msf in the development pipeline, with 49% preleased. Cambridge continues to impress, with 4.3 msf under construction, and 73% preleased. For seven consecutive quarters, Cambridge remains the top submarket for preleases.

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