Lab space gains greater market share across Greater Boston property supply
Cambridge and Greater Boston have always been known to being home to most of the worlds top life science companies.
January 23, 2019
- Cambridge and Greater Boston have always been known to being home to most of the worlds top life science companies. But over the last five years, demand for lab space has skyrocketed around the metro area which has spurred new ground-up construction and old office-to-lab conversion. As a result, lab space as a percentage of total office & lab supply has climbed and will continue to climb in the future.
- Since 2010 and through 2020, Cambridge will have added over 4 million square feet of lab bringing the total inventory to over 11 million square feet.
- Lexington has the greatest percentage of lab with over 48 percent of total supply being lab.
- The Seaport has seen the largest increase in percentage share of lab, in 2010 only 3 percent of inventory was lab, by 2020 over 16 percent of inventory will be lab.
Source: JLL Research