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Life Science Real Estate Leaders, BRA Director, and LifeTech Boston Meet to Discuss Industry Real Estate Trends

Nov 22, 2013

On November 20, 2013 the BRA's LifeTech Boston Initiative hosted a discussion with members of the life sciences real estate community, BRA Director Peter Meade, and BRA Director of Business Development Randi Lathrop. Boston is already a well-established leader in life science research and innovation, and the event was intended to generate ideas for how the BRA and the City of Boston might better support life science tenant needs as the industry grows. Approximately 40 representatives of the life sciences real estate community were in attendence.

The event opened with an overview of Boston's current life science real estate trends. Some highlights of the presentation included:

  • 55% of Boston's life sciences community is made up of small companies and start-ups, though Boston also hosts industry giants such as Merck, Pfizer Genzyme and Vertex. 
  • LifeTech, a BRA Business Development Initiative, has been very active in attracting life science businesses to the City.
  • Boston has more than doubled the number of life sciences companies since 2004, which accounted for more than 4,000 jobs.
  • In the past year alone, Boston has added over 15 life science companies to the City, creating over 100 jobs.
  • LifeTech has also promoted Boston’s Innovation District by attracting more than 25 life science-related companies to the area in three years (since 2010). This represents a more than 120% increase from prior life science representation (not counting high-tech).
  • Boston is seeing a growing demand for lab space, but has limited supply. The City hosts 3.6 million square feet of lab space compared to 8.6 million square feet in Cambridge and 6.3 million square feet in nearby suburbs.
  • LifeTech identified these lab real estate supply gaps and worked with the building manager at 27 Drydock Ave. in the Boston Marine Industrial Park to create 39,000 SF of shared laboratory space in Boston for early stage life sciences companies. Within one year the lab space was filled with 15 new tenants.
 
Following the presentation, event attendees engaged in an active discussion regarding how Boston might help meet the space demands for the growing life science sector of the economy.

Businesses, brokers, and others who are interested in continuing this discussion should contact Martina Toponarski, Life Sciences and High Tech Sector Manager, by email or by telephone at (617) 918-4457.

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