With the demand for office space somewhat sluggish at the moment, many office owners are considering repositioning their office buildings as life science lab spaces, especially in key biomedical research markets, including Boston-Cambridge, the San Francisco Bay Area and San Diego.
According to Boston-based Robert Richards, who leads the Cambridge / Urban team at real estate services firm Cushman & Wakefield, office-to-lab conversions are a hot trend in the Boston-Cambridge market right now. “The demand for biomedical lab space is insatiable right now and will remain in high demand for the next 24-36 months on the Boston-Cambridge subway,” he says, noting that when the 2-3 million square feet of new laboratory space under construction is delivered in 2023 and 2024 this sector is expected to soften a bit.
In fact, with such a high demand for lab space right now and a 5.0% vacancy rate for a decade, Boston’s subway life sciences sector is expanding beyond traditional borders. , with lab conversions now common in the Watertown, Somerville, Lexington and Waltham submarkets as developers and office owners see high value and long-term stability…
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