The Greater Boston life sciences market has shifted in favor of the tenant in recent years, with pricing pressures having dropped nearly 8.5% YoY as of Q4 2023. In response to uncertain macroeconomics and a more challenging funding environment, many organizations have adapted their approach to real estate to minimize financial risk in the near term.
As funding has become more difficult to secure, life science groups are prioritizing shorter occupancy strategies. This has boosted the appeal of built-out lab and office spaces that require few modifications to be fully operational. In response to this persistent demand, landlords are creating more small (10,000-15,000 SF), occupancy-ready spec suites.
This renewed focus on bottom lines and expedited production has changed the life sciences market across Greater Boston. Read more about the latest life sciences trends and expert predictions in Cresa Boston’s Annual Market Insight Reports.
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