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MA Medical Device Sector Using 10M SF

BOSTON-A new NAI Hunneman index reveals space occupancy by the industry is up almost 5% since 2005.

By Joe Clements | Updated on May 18, 2007

BOSTON-The well being of the Massachusetts economy is increasingly being tied to the healthcare field, and one particular area doing its part to boost conditions is medical devices, according to a new index created by NAI Hunneman Commercial Co. that shows more than 10 million sf of real estate is being used by purveyors of such products for the first time. The occupancy spans office, laboratory and manufacturing real estate, providing the latter aspect a resilient element in contrast to declining demand from other drivers.

“It’s a good sector for the state,” NAI Hunneman president F. Michael DiGiano tells GlobeSt.com in releasing the inaugural NAI Hunneman Medical Device Real Estate Index compiled by his locally based real estate services firm during the past year. The 10 million sf is occupied by the top 200 medical devices firms as rated by the Massachusetts Medical Device Manufacturers Association.

The amount of space absorbed has risen 4.9% since the first quarter of 2005 when the total was 9.55 million sf. Boston Scientific leads the pack at 1.1 million sf, mostly in its Natick campus on Route 9, followed by 747,000 sf in Andover leased to Phillips Medical Systems. Other six-figure space consumers ranked in the top 10 include Cytyc, Instrumentation Laboratory, PerkinElmer and Tyco Healthcare. The per-employee average occupancy is 283 sf.

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