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Strong leasing activity in core suburban lab market pushes rents up 22.0 percent in the last two years

  • ​The core suburban lab market, encompassing Lexington, Waltham, Watertown and Bedford, has seen positive net absorption for the past 3 years, and over 85,000 square feet already for 2017.

  • As the Cambridge lab market tightens, the suburbs have seen a direct benefit. The five most recent and largest deals have all been relocations from Cambridge, most notably: C4 Therapeutics to 45,000 square feet at 490 Arsenal Street in Watertown, Wave Life Sciences to 91,000 square feet at 115 Hartwell Avenue in Lexington, and Rana Therapeutics to 57,000 square feet at 29 Hartwell Avenue in Lexington. 

  • The strong leasing activity has spurred a rise in rents in the core suburban lab market, with Class A rents in particular seeing significant growth from about $42.00 to $52.00 per square foot NNN in the last 12 months. 

Source: JLL Research, *rents and availabilities as of July 2017​

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