Recent years have seen a dramatic increase in the number of life sciences developments accounting for more than one-quarter of all new office construction projects in the United States, according to a report by CommercialEdge. This trend is particularly pronounced in Boston, where 89% of all new office construction is dedicated to lab space. Despite its attractiveness due to cutting-edge technologies and high prices per square foot, there are concerns over potential oversupply as biotech investment has slowed down significantly this year leading to layoffs at some companies.
Boston’s lab space boom continues with 12.4 million square feet under construction but it lags behind other top cities when it comes industrial space development.
