BOSTON – SEPTEMBER 4, 2025 – Cushman & Wakefield, a global real estate services firm, released its Boston BioBeat Mid-Year 2025 report, which reveals a notable rebound in demand across Greater Boston’s life sciences market. Despite record-high vacancy levels, leasing activity surged in the first half of 2025, underscoring the sector’s resilience in the face of continued economic and market headwinds.
At mid-year, leasing volume had already reached 95.6% of 2024’s year-end total, encompassing deals of all sizes. This volume was bolstered by the market’s first new lease of more than 500,000 square feet in more than three years – BioGen’s 585,000-square-foot headquarters commitment at 75 Broadway in Cambridge. With BioGen and another lease deal, Cambridge led transaction volume in the first quarter, however the Route 128 Belt captured over 40% of leasing activity in the Q2, showcasing the breadth of demand beyond the core submarkets.
“While supply and demand remain imbalanced in Boston’s life science market, there were notable green shoots that emerged during the first half of 2025,” said Riley McMullan, Senior Research Manager at Cushman & Wakefield. “Leasing velocity is accelerating, with larger tenants committing to long-term space in both Cambridge and suburban clusters. This renewed activity highlights the region’s enduring position as the nation’s premier hub for life sciences innovation.”
The report also notes that while overall market vacancy rose to 33.9%, pricing remained stable, with average asking rents ticking up modestly in the second quarter. East Cambridge continued to command the highest rates, maintaining a nearly 16% premium over the market average.
Cushman & Wakefield’s findings suggest that with a shrinking construction pipeline and robust tenant concessions, the Boston life sciences market is positioned for improved equilibrium in the coming years.