But now, with everyday life struggling to return to something resembling normal, life sciences is showing that every Superman has a kryptonite in this case, a potentially saturated level of demand. And growth is spreading beyond the most established markets. Early-to-mid-stage companies are scaling up and seeking bigger real estate footprints. Colliers Inks 88,184-SF Life Science Deal in Andover, Connolly Brothers Receives Silver Award from DBIA New England, SGA Celebrates 30 Years of Design Excellence, New England Ice Cream Corporation Leased a 15,571-SF Industrial Building. So back to my barbell comment earlier, it has been core or development. Broder acquired the Pleasant Street Science Park in. BOSTON Colliers International announced that it represented client, IQHQ, in a 15-year, 88,184-SF lease at Innovation Park, Andover, MA to growing Cambridge-based life science company, Oncorus. Privacy Policy One is the founders and the backers, people with incredible track records. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. IPOs also set new highs. Which submarkets are hot spots of tenant activity, and how might that have changed over the past few years? About 9.4 million square feet of life science space is under construction in Greater Boston, with another 52.3 million proposed, according to research from brokerage Colliers International. Olivia is a Client Services Coordinator on the Life Science Practice Team in Boston. Boston and San Francisco, the top two markets in the country, are, unsurprisingly, leading the U.S. in construction today, with 5.1 million square feet and 2.1 million square feet underway, respectively. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. Both projects were built to LEED Platinum standards and have won numerous design awards. Boston, for one, had $5.7 billion in investment in existing office, lab, and industrial/flex buildings last year. Boston and the San Francisco Bay Area led the country in absorption, inventory, and VC funding, of which nearly 60% made its way to those two markets, per PitchBook. Investors poured record venture capital (VC) funding into the life science industry in 2021. They have great backers, like Arch Ventures, which is one of the most active groups out there currently. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. David specializes in tenant representation for office, lab, industrial, retail, education and specialty facilities. The other is, theyre in an acquisition mode, looking to acquire great science. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. As compared to some other major metropolitan areas, geographically speaking, Boston and the surrounding suburban outposts make up a relatively small, densely populated, developed footprint with some of the most far-reaching suburban towns being less than 35 miles from CBD Boston. Joes background in architecture, real estate development and financial analysis provides clients with an experienced professional and strategic leader who integrates complex factors to create successful results for clients. Colliers announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. For many of the same reasons that IQHQ was originally attracted to Innovation Park from an acquisition standpoint first-class life science infrastructure, high quality finishes, accessibility and proximity to Greater Boston biotech clusters Oncorus also viewed the building as a premier location and facility for a clinical manufacturing outpost to their Cambridge HQ. Thats pretty drastic. Hire a team that has a proven track record of success. My primaryfocus is the Class Asubmarkets: UTC, Downtown CBD, Carmel Valley, Sorrento Mesa, Sorrento Valley, Del Mar, Torrey Pines, Solana Beach, Carlsbad, Kearny Mesa, andMission Valley. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. Evan, what types of companies are active in the Boston leasing market for life sciences? Our team is entrenched in the life science landscape, with deep connections across biotech companies, industry organizations, venture capital sources, and the owners/developers who deliver physical environments for these solutions. Seaport also continues to be hot. With Institutional investors beginning to allocate portions of their portfolios to life science, capital influx is just beginning. Learn more! The top 12 markets have a combined 13.8 million square feet underway. They have invested significant capital into what was already first-class space with the goal of making it a life science destination for multiple GMP users all under one roof.. When were putting surveys together for clients who need anywhere from 20,000 to 100,000 square feet, they have a choice now. IPOs also set new highs. In her most recent position with Venture Forward Partners, she consulted with companies on laboratory design and operations, relocation services and more. our team has the market knowledge and connections to He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. Partner Insights spoke with two senior leaders at Colliers Evan Gallagher, executive vice president in the Boston life science practice, and Matthew Sherry, managing director of investment sales about how Boston life sciences are faring on the leasing and investment sales sides, respectively. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. Colliers Life Sciences Review - Boston - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Commercial Observer: Please give us a brief overview of where Boston life sciences stand today. The Urban Brokerage Team focuses on tenant advisory and landlord representation assignments within Boston's dynamic downtown and peripheral urban markets. Oncorus, whose R&D headquarters will remain in Cambridge, will occupy Innovation Park at 4 Corporate Drive as an additional location for high-quality GMP clinical manufacturing space. Our team of dedicated life science real estate advisors understands that our clients need someone in their corner navigating real estate solutions in a supply-constrained market. IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. Please try again. What have you been seeing over the past few years in Boston life sciences? EG: We do a fair amount of tenant representation. . With a deep understanding of markets throughout the country, he provides a unique perspective on market dynamics across asset types and investment strategies, providing clients with tailored data and analytics to ultimately guide decision-making solutions. Boston Has the Largest Potential Pipeline of Life Science Space in the Vertex Pharmaceuticals to occupy Related Beals planned development of 22 Drydock Avenue, Boylston Properties Launches Property Management Arm, Cresa Publishes Data-Driven Insights & Predictions for Greater Boston Real Estate Markets, R.W. Weve seen established and well-leased product in core locations, where the buyers have typically had a strong foothold in the market for years, and weve seen a lot of development and conversion plays. EG: One noteworthy deal was Tome Biosciences. A 14-year professional in the Life Science industry, Michael Anderstrom represents clients the sale or leasing of lab, cleanroom manufacturing, and flex space. Copyright 2022 Colliers International Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. I am passionate about my mission to to champion a Colliers Boston that is grounded in integrity, teamwork, open communication, diversity and inclusion, and a client first approach. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Following a 132-year period operating as Meredith & Grew, the company embraced a new chapter when Colliers International purchased an 80% interest in the company, allowing the remaining 20% to be locally owned and managed. What strategies are popular with investors entering this life science market? Our reputation for delivering results spans more than 135 years. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. Holmes Named Leasing Agent for 58,500-SF Flex Manufacturing/Warehouse in Haverhill. But there has definitely been a race to expand to satisfy any demand in the market. Theyre taking those track records and having success in securing large financing rounds. With tens of millions of square feet in announced or underway projects, Boston easily has the largest potential pipeline of life science space in the nation. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. For now, the Boston metropolitan area, including Cambridge, is slightly smaller with about 32 million square feet (3 million square meters) of life-sciences space, compared with almost 34 million . Please try again. Barry will call on her experience and knowledge of the sector and the region to help industry-leading life science companies find and develop space that meets unique business and operational requirements in the competitive Boston market. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. These honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. We are incredibly excited about leasing momentum and the establishment of a growing cluster in Bostons northern suburbs., Although the campus was previously occupied by a single user with Eisai, its layout is highly conducive and versatile for multi-tenanting. As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. Oncorus was represented by JLLs Peter Bekerian in the transaction. The overall availability rate in the metro ticked up to 2.4% in the first quarter due to tenants returning space to the market and some new space not yet being fully committed. Our U.S. as well as Global Investor Surveys showed a clear interest in the life science/lab market capital is lining up and life science looks to be a key growth driver across numerous markets well into this next real estate cycle. As more product is completed, liquidity should only increase. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Throughout his career with Colliers International, John has represented numerous owners in the leasing of over 3 million square feet of space. Were thrilled that we will be developing a state-of-the-art clinical manufacturing facility at Innovation Park in Andover, said Steve Harbin, Chief Operations Officer and Chief of Staff at Oncorus. Through my work on local, regional and national site selection assignments, I havedeveloped a firm grasp of the rigorous process required to meet the key search criteria of my clients. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. For further information, please contact: Freudenheim Partners Arranges 30,000 SF Relocation and Expansion for Cyprotex, Professional Development Institute: Effective Communication Igniting Your Competitive Edge, Commercial Property Acquisition and Sale Due Diligence: Key Issues and Best Practices, Boston Real Estate Timess Outstanding Women of 2023, CBRE Arranges Sale of 246-Unit Halstead Milford, AGC MA announces 2023 BWIC Inspire Awards Winners, Arcadis DPS Group Welcomes Chris Oldham as Director of Project Management, Chapman Construction Completes LEED Renovation for Boston Universitys Student Health Services. Alongside my partners on the Southwest Brokerage team, I helped clients make highly informed decisions in an increasingly dynamic investment and leasing market. Empty space is rare. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. Joining Cole in representing IQHQ were Executive Vice President Greg Klemmer and Assistant Vice President Tim Allen. Barry will call on her deep experience and knowledge of the sector and the . Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. All Rights Reserved. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. Thats not to say there havent been some headwinds: Boston-based companies such as Kaleido Biosciences and Yumanity Therapeutics laid off workers in recent months, and availabilities in some submarkets ticked up in the first quarter due to sublease space returning to the market. Note you are now viewing the Colliers United States website. I haveexperience with Advanced Therapeutic Medicinal Products, Parenteral Fill Finish, Solid Oral Dosage, Biologics, and Medical Device manufacturing facilities, as well as a solid background in Laboratory Research and Development/Pilot scale facilities andcontrolled environments. These factors are driving tremendous growth in both established life science hubs and numerous other markets. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. Whether you are looking to lease, purchase, build or rationalize capacity youll have a team with detailed local market knowledge, industry expertise and national connectivity to expedite even the most sophisticated projects. 46.5 million sale of a lab campus marketed as Pleasant Street science Park Watertown. 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