In a sure sign that a looming recession is impacting even the most robust markets, Newmark is projecting that gusting macroeconomic headwinds soon may curtail the development of new life science office and lab space in Greater Boston, the largest North American life science hub.
Boston has been rapidly expanding its life science footprint this year, with an estimated 40M SF of proposed or permitted developments in the pipeline. According to Newmark, shifting market fundamentals may result in more than three-quarters of these projects being shelved.
"Macroeconomic headwinds continue to increase and will likely curtail growth in the local laboratory market," Newmark said, in its Q3 report on Greater Boston's life science market.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
