Lab space real estate market shows improvement
The life science real estate market in Massachusetts is beginning to shake off the effects of the economic downturn and starting to turn around, according to new data from Thompson Hennessey & Partners.
"In Cambridge, the hub of life science in Massachusetts, vacancy in the market has dropped from January 2010 to a current rate of 13.4 percent," said Thompson Hennessey, a Boston firm that provides commercial real estate advisory services. "As the vacancy rate decreases, rental rates have risen slightly from January 2010 to a current average of $52.60 per square foot for laboratory space."
A recent Globe story noted overall improvements in the Greater Boston office market, of which lab space is a subset.
The Greater Boston office market is picking up after months of declines, that story noted, but not enough that owners can raise rents or developers can begin construction of new projects.