More and more lab space has been scooped up for occupancy during the second quarter of this year, according to a new report released by the real estate analysis service CRBE.
Looking at activity in the dozen largest life sciences hubs across the country, the report notes that the overall vacancy rate for such lab spaces has marginally decreased from 5.3% in the spring of 2021 to 5.2% this spring.
At the same time, the average rents in those same markets saw an increase of 5.8%.
Comparing statistics from the first to the second quarter of this year, just over 29 million square feet of lab space was under construction compared to 31.3 million square feet from April to June.
The Boston/Cambridge metro area is seeing the most new-built lab space at just under 15 million square feet. Other projects are located primarily along either the East Coast or West Coast, although the Denver/Boulder area is particularly prominent in the Central West, seeing just over 616,000 square feet under construction.
The report added that the nation’s largest pharmaceutical companies were buying up most of the lab space across the country.
In a statement accompanying the report, Matt Gardner, Americas Life Sciences Leader for CRBE, noted that the “life sciences sector is buttressed by more fundamental, long-term shifts than most industries, such as advances in science and technology, expanding uses for biotechnology, and the long-term trend toward more individualized treatment.”
By Garry Boulard
