BLDUP
Update
06/27/21
Mapped: Greater Boston's Life Science Clusters
Boston’s tightening lab and life science market is driving investment to new pockets of under-utilized land throughout the region. Previously overlooked parcels - from Charlestown to Watertown - are now searing hotspots for new clusters of life science development.
“I don’t see this demand for lab space cooling off at all anytime soon,” says Colleen O’Connor, Vice President of leasing for BioMed Realty. “Boston has a mix of the proper ingredients for demand in life science space.”
The driving force behind Greater Boston’s insatiable appetite for lab space is a mix of an educated, trained workforce base as well as access to funding. “The way the cycle works is you see fundraising and seed capital come into the life science sector,” O’Connor said. “The funding is what drives the need for lab space. Cambridge, with its local talent pool, seasoned entrepreneurs, biotech founders, and senior talent, has always been a life science hub. When those users get funding, they’re using it to fuel critical research to hit the next milestone.”
The persistent demand for new lab space and seemingly endless groundbreakings are a result of the time it takes to deliver new product. “There’s a lag between these biopharma companies securing space and actually getting it,” said O’Connor.
That lag has resulted in new life science hotspots sprouting up around Greater Boston where zoning permits it. “Suffolk Downs offers enormous potential for the region's life sciences sector,” said Thomas O’Brien, founding partner and managing director of The HYM Investment Group. “Not only is the site located directly adjacent to two Blue Line stops, but our campus allows us to build the types of life science and biotech lab space that just aren't possible in the rest of Boston or Cambridge. We're grateful for the partnership of Mayor Arrigo, the City of Revere, and the residents and elected officials who have supported this redevelopment project, and we look forward to creating significant jobs and economic opportunity for the region."
BioMed is also jumping ahead of the demand across the region. “We’ve acquired 601 Congress - 490,000 square-feet of lab office space conversion currently looking for a tenant delivering Q4, 2022, in the heart of the Seaport,” O’Connor said. “There are 4 million square feet in that submarket with some fifty-plus projects moving along and on schedule. There’s also our University Park asset in Cambridgeport, and we’re looking to expand across the Cambridge submarket.”
Predicting where the next bright spot in development will largely depend on building “clustering.”
“In terms of assets, there are two major factors in conversion space – location is most important, and clusters are also very important.” Peter Conway, Director of Research for Lincoln Property Company told BLDUP in May. “You can have some successful one-off developments for large pharmas that already know what space they need, but clusters of labs are what these companies are seeking out - the proximity of being near innovation."
Regionally, the epicenter of the life science industry has been Cambridge, with Kendall Square being the preferred location for a large majority of life science firms, and as these new pockets of development emerge Kendall Square does still seem to be at the center of activity. Cambridge Crossing for example which when complete will feature 2.1M square feet of life science space may be creating its own mini neighborhood but it is still positioned just 1 mile from the Kendall Square hub. Other notable clusters now emerging include Boston’s Seaport down through South Boston along with the Fenway neighborhood as well as the Arsenal Street corridor in Watertown.
Seaport:
Office, Restaurant, and Lab; Under Official Review; 470,000 SF
Retail, Office, and Lab; Under Construction; 625,000 SF
Parking, Retail, Office, Restaurant, and Lab; Project Approved; 422,000 SF
Industrial, Parking, Office, and Lab; Under Construction; 390,000 SF
Industrial, Lab; Development in Planning; 1,000,000 SF
South Boston:
Lab, Office; Under Construction; 266,000 SF
Industrial, Lab; Under Review; 2,500,000 SF
Cambridge Crossing:
Housing, Retail, Office, and Restaurant; Under Construction; 4,500,000 SF
Cambridge Crossing Parcels G And H
Office and Lab; Under Construction; 915,000 SF
Parking, Retail, Office, and Lab; Under Construction; 483,000 SF
Charlestown:
Housing, Parking, Retail, Office, Restaurant, and Lab; Under Construction; 1,735,800 SF
Industrial and Lab; Building Permit Issued; 53,525 SF
Somerville:
Housing, Parking, Retail, Office, Restaurant, and Lab; Project Approved; 1,576,583 SF
Housing, Parking, Retail, Office, Affordable Housing, and Lab; Project Approved; 1,365,000 SF
Housing, Retail, Office, Lab, and Hotel/Lodging; Initial Site Work; 2,400,000 SF
Lab; Under Official Review; 384,331 SF
Fenway:
Retail, Office, and Lab; Under Construction; 285,000 SF
Retail, Office, Restaurant, and Lab; Under Construction; 1,206,000 SF
Housing, Other, Retail, Restaurant, and Lab; Under Official Review; 2,100,000 SF
Lab, Office; Under Official Review; 250,000 SF
Watertown:
Office and Lab; Project Approved; 88,572 SF
Office and Lab; Under Official Review; 1,208,000 SF
Office and Lab; Demolition; 213,500 SF
Office, Restaurant, and Lab; Under Official Review; 145,000 SF
Waltham:
Lab; Under Construction; 319,745 SF
Office and Lab; Under Construction; 68,000 SF
Office and Lab; Under Construction; 139,570 SF
Office and Lab; Interior Finishing; 507,000 SF
