By now we’re all familiar with the Boston life sciences story. With Cambridge’s Kendall Square touted by some as “the most innovative square mile on the planet,” and the increased attraction to the Seaport District’s mounting lab development pipeline, Boston’s urban core has solidified itself as a top life sciences market.
The interesting part to this story, though, is the growing number of companies moving beyond Boston and Cambridge and opting instead for the suburbs. No longer just a lower-cost alternative, the suburbs are becoming an attractive option largely in part to landlords’ strategic investments in the suburban office product. From state-of-the-art amenities to new Class A developments, tenants now recognize the added value the suburbs provide.
Greater Boston’s core suburban lab market, which contains rentable space in Bedford, Lexington, Waltham and Watertown, has continued to see significant rent growth as it extends its streak to seven straight quarters of increased rent growth. With rentable lab stock in Boston’s suburbs more than double that of the Seaport District, coupled with the rebirth of the suburban office park, the allure of the suburbs to tenants doesn’t appear to be diminishing any time soon.
To compare other life sciences hubs, check out the complete findings of our 2018 Life Sciences Outlook.