The Boston metro’s life sciences sector saw a significant increase in total availability rate during the second quarter, reaching 10%, according to the Q2 2023 Boston Life Sciences Report from Colliers. This marks the first time since 2014 that double-digit availability has been seen, representing a notable shift from just under two years ago when it was less than 1%. Vacancies have expanded across the metro, impacting Cambridge, Boston and suburban submarkets due to tenants offering space for sublease or returning it back to landlords – thus impacting net absorption.
More uncommitted space is still in pipeline which means vacancies are likely to rise further. Despite this trend however venture capital flows have improved with Massachusetts-based biotech firms attracting about $3.9 billion in funding during first half of 2023 – an impressive 23% increase compared with previous six months.
