The outlook is bright for the Boston Metro life science industry, according to a report by CBRE, published in Boston Bisnow. This is good news for Boston Metro commercial real estate, as growth in life sciences has been one of the major drivers of our market.
In fact, ongoing demand is evidenced in a 2017 report by JLL, which placed Cambridge lab vacancy rates around zero. Rents for lab space have increased by an average of 50% for the past three years!
The demand for lab space is felt throughout the Boston Metro. During the past two years, our suburban markets have added 526,000 square feet of lab space, while vacancy rates have dropped to 7.2%. About 5.7 million square feet of Boston Metro commercial space is dedicated to the life science industry. Pharmaceuticals, biotechnology companies and medical-device manufacturers lead the sector.
There are several reasons why the life science industry boom will continue in the Boston Metro:
- Nationwide, life science employment jumped 13.5% between 2006 and 2016.
- Biotechnology research jobs have surged 26% nationwide since 2013.
- Capital investments in life sciences are up 53% compared to 10 years ago. The Boston Metro obtains a large share of this funding.
- Life expectancy in the U.S. has increased by an average of 9 years. There is escalating demand for medical services and products for a growing population of elderly citizens.
- The Boston Metro offers highly-educated employees and world-class institutions of higher learning.
- The Boston Metro has the logistical and technological infrastructures to support today’s life science industry.
Few other cities can rival the advantages of the Boston Metro! Given our depth of resources, and the momentum behind the life science industry, our commercial real estate market is likely to benefit for years to come.
When you are ready to begin, relocate or expand your business in the Boston Metro, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying or leasing Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for expert guidance!