Life science operators in the Greater Boston area just can't catch a break and things aren't expected to get better any time soon. The market generated a total availability rate of 26.9 percent in 2024, according to a report from Colliers. Not only has that amount continued to increase with each passing quarter but it's one of the highest levels in the nation in the life sciences sector, said the CRE firm.
The Seaport and Allston/Brighton have the highest vacancy rates in the metro, at 65.3 percent and 38.4 percent, respectively. This includes Allston/Brighton's recently delivered 250 Western Avenue and 60 Guest Street buildings, which take up 272,000 square feet and 355,000 square feet, respectively. Also, in Seaport, Ginkgo Bioworks launched its new 19 Fid Kennedy asset on the market, which takes up 262,000 square feet. In total, more than 15 million square feet of space is available on the market to rent in Boston's life sciences space. Also, 2024 marked the first time that absorption hit negative territory in over a decade.
"Rising vacancies stem from negative net absorption and new, unfilled speculative space spread across numerous Suburban communities," Colliers wrote.
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