BOSTON—The booming life sciences sector in Cambridge and Greater Boston is causing some companies to look to other neighboring markets for suitable space.
With vacancy rates in the single digits in Cambridge and only approximately 600,000 square feet of available lab space in the prime markets of Boston, Cambridge, Watertown, Medford, Somerville and Charlestown, life sciences companies are making sacrifices, according to Evan Gallagher, executive vice president and director of life sciences of brokerage firm NAI Hunneman.
"It is pretty dire out there," says Gallagher, who represents venture capital companies as well as entrepreneurs who are searching for lab space in the Boston area. "I think we are in historic times right now. We are at a 1% vacancy rate and dropping in the Cambridge market for lab space." He adds that a host of firms are competing for every available space in the prime life sciences and biotech markets here. "It's a challenge everywhere," Gallagher says.
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