Home > Press Releases > RBJ Releases “bioSTATus — Summer 2012” Report On Greater Boston Biotech Real Estate

RBJ Releases “bioSTATus — Summer 2012” Report On Greater Boston Biotech Real Estate

Greater Boston’s Biotechnology Real Estate Market Continues Strong Showing, Vacancy Declines To 10.1 Percent

Findings Released In “bioSTATus – Summer 2012”, Semi-Annual Research Publication From Richards Barry Joyce & Partners

BOSTON – June 18, 2012 – As Boston hosts this year’s BIO International Convention, a new research publication shows that the region’s biotechnology-related real estate market continues to be one of the strongest in the nation, with overall vacancy rates for laboratory space dropping to 10.1 percent from 13.1 percent.

According to Richards Barry Joyce & Partners’ bioSTATus – Summer 2012, Greater Boston is home to 16.4 million square feet of laboratory space.  During the two-quarter reporting period ended March 31, 2012, tenants absorbed 507,000 square feet of life sciences research-related real estate.  The previous ten quarters averaged only 24,000 square feet absorbed.

An additional 1.4 million square feet of laboratory space is currently under construction, with the number jumping to 3.1 million square feet when biotech-related office space is included.  These new development projects – along with those slated for imminent construction – will make the existing life sciences clusters, such as East Cambridge and Boston’s Longwood Medical Area, even more dense.  The projects will also continue the industry’s expansion in Boston’s Seaport District, where Vertex Pharmaceuticals’ 1.1 million square foot headquarters is under construction.

“Since the last time Boston hosted the BIO conference in 2007, there have been significant positive changes to the market,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce & Partners.  “The region’s laboratory inventory grew by 21 percent, VC funding for local biotechs has expanded and headcount for life sciences research increased 56 percent – all this despite the economic turmoil that occurred during the intervening years.”

bioSTATus provides the region’s most reliable, accurate and interesting information on the real estate side of the life sciences market.  The report includes a chart with all the pertinent real estate statistics (vacancy, market size, availability, absorption), as well as in-depth analysis of the broader trends facing Greater Boston’s biotechnology market, including hiring information, VC funding and public company performance.  The report’s “bioSTATus Monitor” provides a list of important topics to watch during the coming quarters.  The report is released twice a year by Richards Barry Joyce & Partners.

To request a copy of RBJ&P’s bioSTATus – Summer 2012, please send an email to research@rbjrealestate.com.

RBJ&P’s Research Publications
Richards Barry Joyce & Partners produces an industry-leading 42 reports per year, in addition to custom research projects for clients.  bioSTATus is released twice a year and there are ten quarterly research reports:  officeSTATus is the flagship report on the office market; indSTATus highlights warehouse, manufacturing and flex property types; and individual marketSTATus reports showcase eight critical sub-markets.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.  Follow us on Twitter at @RBJ_Partners.

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