Rents are rising in Kendall Square

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Don Domoretsky, the co-lead of our Life Science practice group in Boston, says Kendall Square rents are quickly rising. Lab space is up more than 10 percent from a year ago.

“The supply is really marginal,” he said as part of WBUR-FM’s recent two-part series on the life science and technology markets.

Case in point is 150 Second Street in Cambridge, where Skanska is developing a new 120,000-square-foot lab/research and development building on spec. The design for 150 Second Street, a 3-story LEED Certified Gold project designed by Elkus Manfredi, is conceived with environmental and energy efficiency front of mind.

Kendall Square is a ground zero for life science organizations, making it one of the most competitive and resilient markets in the nation. The rising demand for space here, however, is forcing some companies to move outside the innovation cluster of Kendall Square to the Innovation District of Boston’s Seaport District, suburban clusters along Route 128, and the Longwood Medical Area.

NAIOP’s 10th Anniversary Bus Tour on May 2 will roll through the markets that are home to the world’s leading pharmas.

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