(Save the date: RealShare Medical Office buildings comes to the Four Seasons in Scottsdale, AZ November 7 -8 2012)

BOSTON-The semi-annual bioSTATus report from Richards Barry Joyce & Partners reveals positive growth for the laboratory and life sciences commercial real estate market here – a particularly fitting complement to the BIO International Convention also taking place in the city this week.

According to the report, the results are in and the figures speak true: Boston based tenants in the sector absorbed 507,000 square feet of life sciences research-related real estate in the two-quarter period that ended on March 31, 2012.

And this, concurrently, provides good news for industry-related vacancy rates which dropped to 10.1%. Compare that to 2004, when vacancy rates were almost at 20%, and the life sciences industry in Boston is blossoming. Additionally, there are a slew of new projects slated to come to the area, the bioSTATUS report reveals. For instance, it makes explicit mention of the Veretex Pharmaceuticals’ 1.1 million square foot, two-building headquarters facility which is under construction in the vibrant Seaport Area.

Areas dense in life sciences and biotech industries are also welcoming more tenants. East Cambridge and the Longwood Medical area will contribute to the 3.7 million square feet of total laboratory and biotech-related office space under – or being readied for – construction across the region. (Veretex plays a big part in this square footage total.) However, the Seaport district should not be given a mere nod regarding new local development. The report states that 45,000 square feet of space were absorbed in this area. In part, the Wyss Institute’s 31,000 square foot occupancy, and Pfizer’s 16,000 square feet at the Center for Life Sciences Boston were responsible.