From Pete Bekarian
Managing Director, Cambridge
When it comes to life science clusters, there is none stronger or more in-demand than Cambridge. But for companies who have yet to plant their roots in the life science capital, it’s becoming increasingly more difficult—space is sparse and costs are high. And now, new data shows that companies who are lucky enough to have a presence in Cambridge already don’t plan to give it up any time soon. As the chart below shows, lease renewal volume is up 64 percent year-over-year, with over 500,000 SF renewed in 2016.
So what does this mean for companies who are looking to locate in Cambridge?
Well for starters, it means finding space in Kendall Square, the most sought after submarket of Cambridge, remains both difficult and expensive. But West Cambridge is increasingly becoming an attractive location for life science companies. In fact, since 2014, the number of life science companies has grown, with nearly 10 new companies locating in Alewife over the last several years including Celgene, Dicerna Pharmaceuticals, Wave Therapeutics, Unum Therapeutics, and Ra Pharmaceuticals. It shouldn’t come as a huge surprise given West Cambridge’s lower price point as well as the numerous improvements and additions to the residential, retail and hotel inventory.
When it comes to lab space in West Cambridge, 75 Moulton is a perfect example of a property unique to this submarket. Offering 37,500 square feet of new first-class lab, this development is scheduled to deliver in Spring 2017 and is the ideal opportunity for a fast-growing life science company looking for a foot-hold in Cambridge. With easy access to Route 2 and the Red Line via the Alewife Station, the property boasts a robust, lab-ready, base-building infrastructure in a newly renovated modern exterior, ample parking and benefs from all of the nearby amenities and superior talent pool Cambridge has to offer.
Feel free to contact me for more information about available lab space at 75 Moulton Street or throughout Cambridge.