BLOCKS BUILDING THE DNA OF LAB CONSTRUCTION
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BOSTON | FEBRUARY 2020
BUILDING
BLOCKS
THE DNA OF LAB
CONSTRUCTION
TABLE OF CONTENTS THE DNA OF BOSTON’S LAB CONSTRUCTION . . . . . . . 1-2 LIFE SCIENCE DEVELOPMENT LANDSCAPE . . . . . . . . 3-4 2020 – 2021 DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . 5-9 2022 - 2023 DEVELOPMENTS . . . . . . . . . . . . . . . . . . . 10-14 2024 - BEYOND DEVELOPMENTS . . . . . . . . . . . . . . . . 15-18 5 FACTS OF LIFE SCIENCE DEVELOPMENT . . . . . . 19-20
THE DNA OF BOSTON’S NEW LABORATORY DELIVERIES IN GREATER BOSTON
LAB CONSTRUCTION
6.0
5.0
4.0
SF MILLIONS
3.0
The narrative surrounding Boston’s lab market has been characterized with outsized demand, limited supply and swelling 2.0
rental rates. Conditions have been ripe for construction activity and developers are responding with new projects to take 1.0
advantage of such tight market fundamentals. With an ever-expanding planning pipeline, this market could see several 0.0
million square feet of lab space come on line over the next 5+ years. While Cambridge remains the epicenter of life science
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+
activity, dwindling developable sites and non-existent vacancies have tenants, landlords and everyone in-between gravitating
toward alternative markets to meet their needs. As a result, new and emerging life science clusters are sprouting up in areas CAMBRIDGE BOSTON & SUBURBS
like the Seaport District, Fenway, Allston-Brighton, Somerville, South Boston, and Watertown.
NOTE: FUTURE SUPPLY INCLUDES ALL RENTABLE BUILDING AREA WITHIN MIXED-USE PROJECTS WHERE LABORATORY SPACE CAN BE DELIVERED
Source: NKF Research
NEW DEVELOPMENTS 15.8 million square feet — representing 74% of current Avenue in Mid Cambridge totaling 542,000 square feet, The overall cost to build in this market, particularly in
rentable building area. It is unlikely all of the proposed Vertex’s one million-square-foot build-to-suit in the Seaport urban areas like Boston and Cambridge, is especially high.
RESPOND TO DEMAND projects will move forward or include only life science and Alexandria Real Estate’s 521,489-square-foot 50-60 Moreover, construction costs on lab product tend to
The depth of future lab demand remains uncertain as uses, but the pipeline should be monitored closely. Binney Street in Kendall Square. Several major projects are outstrip traditional office space due to necessary base
a wave of new supply looms. As we continue to move also actively under construction. Related Beal has moved building infrastructure and specialty installations. Looking
through the late-stage growth phase of this current Developers were rather active this past cycle, with nearly forward on the 250,000-square-foot second phase of iSQ at average tenant improvement allowances (TI) over the
expansion cycle, tenants may take a “wait-and-see” 6.2 million square feet of new lab supply delivering from on Northern Avenue in the Seaport, while MIT, Bulfinch and last ten years, it’s clear that fit outs for life science users
approach when considering their real estate needs and 2010-2019 throughout the Boston metro area. The DivcoWest are adding nearly two million square feet in East have become especially costly. As of 2019, average TIs
weigh on the market’s recent rapid growth patterns. If Cambridge markets accounted for more than 60% of this and West Cambridge. Looking ahead, developers appear reached a peak of more than $139/SF on lab deals across
every project with the potential for lab space were to new space. Some of the largest developments to date to have set their sights on Boston and the Suburbs, which the metro area with select transactions in Cambridge
deliver, Greater Boston’s inventory would increase by another include a build-to-suit by Novartis at 181 Massachusetts account for 60% of forecasted lab deliveries. reaching $275/SF.
LEXINGTON LIFE SCIENCE AVERAGE TENANT
CLUSTERS IMPROVEMENT
ALLOWANCES
EMERGING
BURGEONING 2019
SOMERVILLE
ESTABLISHED
WALTHAM
WEST
CAMBRIDGE
2014 2018
2012
WATERTOWN MID EAST
2013 2015 2017
CAMBRIDGE CAMBRIDGE
2010
ALLSTON 2011 2016
2020 – 2021 Source: NKF Research
BRIGHTON SEAPORT
FENWAY
SOUTH
END
LMA
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 2
LEXINGTON
MALDEN
V
U 2 ARLINGTON
MEDFORD
¨ ¤
£ ¨
WALTHAM
BELMONT
¦
§93
1
¦
§ 90
LIFE SCIENCE SOMERVILLE
DEVELOPMENT
LANDSCAPE CAMBRIDGE
WATERTOWN
LOGAN
BOSTON
¨
¦
§
95
¨
¦
§90
INTERNATIONAL
AIRPORT
ALLSTON
YEAR OF DELIVERY
2020 — 2021
Boston Harbor
2022 — 2023
BROOKLINE SOUTH BOSTON
2024 — Beyond
V
U 9
JAMAICA PLAIN
ROXBURY
¨
¦
§
93
Dorchester Bay
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 4
4
2 Cambridge Discovery Park Bldg 400/500, West Cambridge
8 2 DEVELOPER: The Bulfinch Companies
RENTABLE BUILDING AREA: 270,000 SF
11
19 10
ESTIMATED DELIVERY: 1Q 2020
PRE-LEASED: 88%
12 TENANTS: Fog Pharmaceuticals, Kintai Therapeutics, Simcere Innovation and Arbor
Biotechnologies
DETAILS: Speculative building within Bulfinch’s three-building laboratory and office
6 7 5 development at Cambridge Discovery Park in Alewife.
13
3 The BEAT, Boston - Dorchester
3 DEVELOPER: Nordblom Company and Alcion Ventures
RENTABLE BUILDING AREA: 693,900 SF (lab & office)
ESTIMATED DELIVERY: 2Q 2020
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Fully renovated former headquarters of The Boston Globe. Fully-amenitized,
three-story building for creative laboratory and office use located minutes from the
MBTA Red Line.
75 Hayden Ave, Lexington
2020 - 2021 4 DEVELOPER: King Street Properties
RENTABLE BUILDING AREA: 213,900 SF
DEVELOPMENTS
ESTIMATED DELIVERY: 3Q 2020
PRE-LEASED: 57%
TENANTS: Dicerna Pharmaceuticals and Frequency Therapeutics
DETAILS: Fourth building within the Hayden Research Campus that will total more
than 600,000 SF upon the building’s completion. Neighboring tenants include Takeda
Pharmaceuticals, Concert Pharmaceuticals, and Kaleido Biosciences. Premier
suburban location with convenient access to Route 2 and I-95.
222 Jacobs St - Cambridge Crossing, East Cambridge
1 DEVELOPER: DivcoWest
RENTABLE BUILDING AREA: 430,000 SF (lab & office)
ESTIMATED DELIVERY: 1Q 2020
PRE-LEASED: 100%
TENANTS: Philips and Cerevel Therapeutics
DETAILS: First building to deliver within the +2.2 MSF laboratory and office
development. Philips has leased 80% of the building and will relocate its operations
from Andover in early 2020.
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 6
iSQ Phase II, Boston - Seaport District 250 Water St - Cambridge Crossing, East Cambridge
5 DEVELOPER: Related Beal and Kavanagh Advisory Group
9 DEVELOPER: DivcoWest
RENTABLE BUILDING AREA: 250,000 SF RENTABLE BUILDING AREA: 504,000 SF (lab & office)
ESTIMATED DELIVERY: 2Q 2021 ESTIMATED DELIVERY: 4Q 2021
PRE-LEASED: 100% PRE-LEASED: 0%
TENANTS: Vertex Pharmaceuticals
TENANTS: N/A
DETAILS: Second phase of a 375,000 SF laboratory development located in the
Raymond L. Flynn Marine Park and recently leased to Vertex, which occupies DETAILS: Construction of a nine-story building on Parcel EF at Cambridge Crossing.
an additional 1.1 MSF in the Seaport. Phase I tenants include SmartLabs and The building will feature 56,000 SF floor plates and include approximately 2,600 SF
PureTech Health. of retail space, 379 underground parking spaces, and 100 bicycle storage spaces.
238 Main St, East Cambridge 350 & 450 Water St - Cambridge Crossing, East Cambridge
6 DEVELOPER: MIT Investment Management Co. 10 DEVELOPER: DivcoWest
RENTABLE BUILDING AREA: 308,800 SF RENTABLE BUILDING AREA: 915,000 SF
ESTIMATED DELIVERY: 3Q 2021 ESTIMATED DELIVERY: 4Q 2021
PRE-LEASED: 100% PRE-LEASED: 100%
TENANTS: Beam Therapeutics, LabCentral and Bayer TENANTS: Sanofi
DETAILS: Part of the MIT Kendall Square Initiative. New construction of a 12-story DETAILS: Build-to-suit for Sanofi. 350 Water Street (Parcel G) is a 12-story building
tower that will connect to an existing, renovated building on the first six floors. comprised of 500,000 SF of laboratory space, while 450 Water Street (Parcel H) is a
Adjacent to 314 Main Street, a 355,000 SF office building also underway. nine-story building comprised of 415,000 SF of office space. Both buildings will have
ground floor retail and a total of 850 parking spaces.
The 105 by Breakthrough, Boston - Seaport District 101 South St - Boynton Yards Phase I, Somerville
7 DEVELOPER: Breakthrough Properties (Bellco Capital and Tishman Speyer JV)
11 DEVELOPER: DLJ Real Estate Capital Partners and Leggat McCall Properties
RENTABLE BUILDING AREA: 248,000 SF RENTABLE BUILDING AREA: 275,100 SF (lab & office)
ESTIMATED DELIVERY: 4Q 2021 ESTIMATED DELIVERY: 4Q 2021
PRE-LEASED: 0% PRE-LEASED: 0%
TENANTS: N/A TENANTS: N/A
DETAILS: Speculative redevelopment of the former RCN building where South
DETAILS: Part of a two-phase mixed-use development that will span more than
Boston meets the Seaport District. First life science development for Breakthrough
1.0 MSF. A nine-story speculative laboratory and office building is currently
Properties in Boston.
underway, with delivery coinciding with the planned completion of the MBTA Green
Line extension to Union Square.
300 Third Ave, Waltham
8 DEVELOPER: Lincoln Property Company
RENTABLE BUILDING AREA: 139,600 SF
ESTIMATED DELIVERY: 4Q 2021
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: The redevelopment of a two-story office building into a new four-story
laboratory and office building overlooking Route 128 in Waltham. The project will
feature 35,000 SF floor plates and 443 parking spaces.
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 8
481 Arsenal St, Watertown
9
12 DEVELOPER: Boylston Properties 15 10 12
RENTABLE BUILDING AREA: 155,000 SF
7 6
ESTIMATED DELIVERY: 4Q 2021
PRE-LEASED: 0% 14
TENANTS: N/A 11 8
DETAILS: Building G within the redevelopment and expansion of Arsenal Yards. Initially
slated for residential use, the developer is now targeting life science tenants after not 34
receiving desired height approvals and the successful lease up of 480 Arsenal Street. 1 2 13
5
1 Harbor St, Boston – Seaport District
13 DEVELOPER: Millennium Partners and Cargo Ventures
RENTABLE BUILDING AREA: 130,000 SF
ESTIMATED DELIVERY: 4Q 2021
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Former warehouse that will be redeveloped into a two-story laboratory and
R&D building. Situated at the intersection of Harbor Street and Northern Avenue, the
project is adjacent to the joint developers’ scaled back innovation campus at 329
Northern Avenue, which is still slated to include 381,000 SF.
2022 - 2023
DEVELOPMENTS
201 Brookline Ave, Boston - Fenway
1 DEVELOPER: Samuels & Associates
RENTABLE BUILDING AREA: 500,000 SF
ESTIMATED DELIVERY: 2022
PRE-LEASED: 18%
TENANTS: Tango Therapeutics and Third Rock Ventures
DETAILS: Construction of a 14-story laboratory and office building located at the
southwest corner of Brookline Avenue and Fullerton Street. Part of the approved
expansion of the existing 401 Park Dr in the Fenway neighborhood.
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 10
10 Stack St - Hood Park, Charlestown
6 DEVELOPER: Catamount Management
RENTABLE BUILDING AREA: 350,000 SF
99 A St, Boston - Seaport District
2 DEVELOPER: Alexandria Real Estate Equities and Anchor Line Partners
ESTIMATED DELIVERY: 2022
PRE-LEASED: 0%
RENTABLE BUILDING AREA: 210,000 SF
TENANTS: N/A
ESTIMATED DELIVERY: 2022
DETAILS: First planned building within the approved redevelopment at Hood Park
PRE-LEASED: 0% which encompasses 20 acres and 1.8 MSF of mixed-use space. 10 Stack Street will
TENANTS: N/A include 149 below-ground parking spaces and outdoor terraces at the second and
DETAILS: Located across the street from Breakthrough Properties’ laboratory building top floors.
at 105 W First Street, this six-story building is in the final permitting stage with
construction set to begin in early 2021. The property is roughly a five-minute walk
from the MBTA Red Line Broadway Station in South Boston.
30 Prospect St - USQ Phase I, Somerville
7 DEVELOPER: US2
15 Necco St (GE site) & 10 Necco St (Garage), Boston - Seaport District
3 DEVELOPER: Alexandria Real Estate Equities and National Development
RENTABLE BUILDING AREA: 178,000 SF
ESTIMATED DELIVERY: 2022
RENTABLE BUILDING AREA: 316,000 SF & 160,000 SF
PRE-LEASED: 0%
ESTIMATED DELIVERY: 2022
TENANTS: N/A
PRE-LEASED: 0%
DETAILS: Part of the first phase of the planned 2.4 MSF mixed-use development in
TENANTS: N/A
Somerville that will span 15.7 acres and feature lab, office, residential, and retail
DETAILS: After abandoning plans to develop a new headquarters building at 15 Necco space. Approximately 60% of the development will be commercial use, with 40% for
Street, General Electric sold the site to Alexandria and National Development in residential use and 3.5 acres of open space.
mid-2019. Plans for a 316,000 SF building are currently under review. 10 Necco Street
is a six-story parking structure that was acquired by the same group last year and is
expected to undergo renovation that will include four additional floors of lab-ready use.
325 Binney St, East Cambridge
350 Summer St, Boston - Seaport District 8
4 DEVELOPER: WS Development
DEVELOPER: Alexandria Real Estate Equities
RENTABLE BUILDING AREA: 228,000 SF
RENTABLE BUILDING AREA: 384,000 SF
ESTIMATED DELIVERY: 2022
ESTIMATED DELIVERY: 2022
PRE-LEASED: 0%
PRE-LEASED: 0%
TENANTS: N/A
TENANTS: N/A
DETAILS: A 3.6-acre site located adjacent to Alexandria’s One Kendall Square
DETAILS: Also known as Seaport Square Block N, this parcel recently underwent a complex. The building may be expandable in the future.
notice of project change from residential to laboratory and office use. Located next
to the future home of Foundation Medicine, which commissioned a 581,000 SF
build-to-suit office building on Block P in mid-2019.
Exchange South End Phase I, Boston - South End 225 Wyman St, Waltham
5 DEVELOPER: The Abbey Group
9 DEVELOPER: Hobbs Brook Management
RENTABLE BUILDING AREA: 690,000 SF (lab & office) RENTABLE BUILDING AREA: 507,600 SF
ESTIMATED DELIVERY: 2022 ESTIMATED DELIVERY: 2022
PRE-LEASED: 0% PRE-LEASED: 0%
TENANTS: N/A
TENANTS: N/A
DETAILS: The largest laboratory and office building currently underway along
DETAILS: Initial phase of the Boston Flower Exchange redevelopment, which will span a Route 128. The building is situated among the suburbs’ largest cluster of life
total of 1.6 MSF across 5.6 acres. The first phase will see the development of two buildings science properties in Waltham.
spanning 240,000 SF and 450,000 SF of laboratory and office use. Once completed, the
project will also include 42,500 SF of retail space and 1,145 parking spaces.
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 12 © NEWMARK KNIGHT FRANK | RESEARCH | 2020 12
101 CambridgePark Dr, West Cambridge 441 Morgan Ave - Cambridge Crossing, East Cambridge
10 DEVELOPER: Healthpeak Properties 14 DEVELOPER: DivcoWest
RENTABLE BUILDING AREA: 165,000 SF RENTABLE BUILDING AREA: 360,000 SF
ESTIMATED DELIVERY: 2022 ESTIMATED DELIVERY: 2023
PRE-LEASED: 0% PRE-LEASED: 0%
TENANTS: N/A TENANTS: N/A
DETAILS: Proposed building situated next to the recently completed laboratory
building at 35 CambridgePark Drive in Alewife. The building is steps from the MBTA DETAILS: Also known as Parcel U, this is the final large-scale laboratory and office
Alewife Redline station. building planned at Cambridge Crossing. Construction and leasing efforts are currently
focused on the development’s other three laboratory and office buildings underway.
Nexus Phase I, Boston - Allston 101 Smith Pl - The Quad, West Cambridge
11 DEVELOPER: King Street Properties
15 DEVELOPER: The Davis Companies
RENTABLE BUILDING AREA: 340,000 SF RENTABLE BUILDING AREA: 100,000 SF
ESTIMATED DELIVERY: 2022 ESTIMATED DELIVERY: 2023
PRE-LEASED: 0% PRE-LEASED: 0%
TENANTS: N/A TENANTS: N/A
DETAILS: First of two laboratory buildings to be constructed on several parcels along DETAILS: Part of “The Quad” life science redevelopment underway in Alewife, which
Western Avenue. At 340,000 SF, this building is the larger of the two and will rise includes four new and redeveloped laboratory buildings. Two buildings have already
seven stories. The building will include a small ground floor retail component along undergone renovation at 75 Moulton Street and 10 Wilson Road, with new construction
with 146 below-grade parking spaces. set to commence next at 101 Smith Place. 40 Smith Place will follow with roughly
250,000 SF of new construction.
XMBLY, Somerville
12 DEVELOPER: BioMed Realty
RENTABLE BUILDING AREA: 976,000 SF (lab & office)
ESTIMATED DELIVERY: 2023
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Laboratory and office component of an approved 1.5 MSF mixed-use
development next to Assembly Row. Includes an existing 162,000 SF office
building and three planned laboratory, office and R&D buildings between 10 and
19 stories in height.
329 Northern Ave, Boston - Seaport District
13 DEVELOPER: Millennium Partners and Cargo Ventures
RENTABLE BUILDING AREA: 381,000 SF
ESTIMATED DELIVERY: 2023
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Planned construction of a 10-story, 381,000 SF laboratory and office
building at Raymond Flynn Marine Industrial Park. The development team had earlier
last year proposed an innovation campus totaling 900,000 SF, but opted to scale
back the project in favor of a shorter construction timeline.
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 14
Nexus Phase II, Boston - Allston
2
8 DEVELOPER: King Street Properties
RENTABLE BUILDING AREA: 240,000 SF
ESTIMATED DELIVERY: 2024
9
2 1 64 PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Second of two laboratory buildings to be constructed on several parcels
5 3 along Western Avenue. At 240,000 SF, this building is the smaller of the two and will
7 rise six stories at 305 Western Avenue. A six-story residential building with 40 units
is also planned for the development and will provide 557 parking spaces for both
residents and tenants.
244-284 A St (P&G site), Boston - Seaport District
3 DEVELOPER: Related Beal
RENTABLE BUILDING AREA: 400,000 SF
ESTIMATED DELIVERY: 2024
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Laboratory component of a proposed 1.1 MSF mixed-use development along
the Fort Point Channel. Formerly a surface parking lot owned by Procter & Gamble,
the 6.5-acre site recently acquired by Related Beal will also include a 334,000 SF
office building and a 366,000 SF residential building.
2024 - BEYOND 4
585 Third St, East Cambridge
DEVELOPER: BioMed Realty
DEVELOPMENTS
RENTABLE BUILDING AREA: TBD
ESTIMATED DELIVERY: 2024
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Proposed development of a .82-acre site located in the heart of Kendall
Square. The project is proposed to include a mixed-use building including laboratory,
office, residential, and performing arts space.
Enterprise Research Campus, Boston - Allston
1 DEVELOPER: Breakthrough Properties
RENTABLE BUILDING AREA: 400,000 SF (lab & office)
ESTIMATED DELIVERY: 2024
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Laboratory and office component of a 900,000 SF mixed-use development
across 14.1 acres in Allston Landing. The development includes 400,000 SF of
laboratory office space, 250,000 SF of hotel/conference center space, 250,000 SF
of residential space, two public spaces, and 800 to 900 parking spaces.
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 16Fenway Center Phase II, Boston - Fenway CambridgeSide Galleria Redevelopment, East Cambridge
5 DEVELOPER: Meredith Management and TH Real Estate
9 DEVELOPER: New England Development
RENTABLE BUILDING AREA: 720,000 SF RENTABLE BUILDING AREA: 1.0 MSF (est.)
ESTIMATED DELIVERY: 2024 ESTIMATED DELIVERY: 2024+
PRE-LEASED: 0% PRE-LEASED: 0%
TENANTS: N/A TENANTS: N/A
DETAILS: The second phase of Fenway Center will be constructed above the Mass Pike DETAILS: Full-scale redevelopment of the CambridgeSide Galleria mall that will
and Landsdowne Commuter Rail station and is expected to commence construction introduce office, laboratory, and residential uses. The project is approved for
by the end of 2020 on a speculative basis. The project includes two laboratory and 575,000 SF of net new floor area, including 400,000 SF for commercial use.
office buildings that will rise 10 and 20 stories each.
Volpe Redevelopment, East Cambridge
6 DEVELOPER: MIT Investment Management Co.
RENTABLE BUILDING AREA: 1.7 MSF
ESTIMATED DELIVERY: 2024+
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Redevelopment of the Volpe Transportation Center that recently commenced
construction. MIT is first constructing a 400,000 SF office building for the USDOT and
upon completion in late 2022, will begin developing roughly 1.7 MSF of commercial
space including laboratory, office, retail and 1,400 housing units.
200 Main St, East Cambridge
7 DEVELOPER: MIT Investment Management Co.
RENTABLE BUILDING AREA: 400,000 SF
ESTIMATED DELIVERY: 2024+
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Part of MIT’s Kendall Square Initiative and located adjacent to the new
laboratory building underway at 238 Main Street that is due for completion in
mid-2021. A 13-story office and laboratory building is planned for the site, which is
now home to a MIT student dormitory.
1 Earle St - Boynton Yards Phase II, Somerville
8 DEVELOPER: DLJ Real Estate Capital Partners and Leggat McCall Properties
RENTABLE BUILDING AREA: 600,000 SF (est.)
ESTIMATED DELIVERY: 2024+
PRE-LEASED: 0%
TENANTS: N/A
DETAILS: Second phase of the Boynton Yards development that will span more than
1.0 MSF upon completion. The developer acquired an adjacent 3-acre parcel in 2019
to expand the laboratory and office component of the development’s second phase,
which initially proposed a building spanning 181,000 SF.
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 14 © NEWMARK KNIGHT FRANK | RESEARCH | 2020 185 FACTS OF LIFE
SCIENCE DEVELOPMENT FIVE
LARGEST PLANNED VOLPE CENTER
PROJECTS IN THE REDEVELOPMENT
PIPELINE: 1,700,000 SF
1
CAMBRIDGESIDE
10.3 MSF
OF LABORATORY SPACE
4 GALLERIA REDEVELOPMENT
1,000,000 SF
XMBLY, SOMERVILLE
WILL DELIVER IN THE 976,000 SF
NEXT FIVE YEARS AN
ADDITIONAL BOYNTON YARDS, SOMERVILLE
5.5 MSF COULD 875,000 SF
ENTER THE
FENWAY CENTER PHASE II
PIPELINE BY
720,000 SF
2025
2 $275 /SF TOP
AVERAGE LABORATORY EMERGING
BUILD OUT COST LIFE SCIENCE
5 CLUSTER:
3
URBAN
FIT-OUT VS.
CONSTRUCTION
SEAPORT
*E XCLUDES
LAND
COSTS
17%
$1,000
*
CURRENT
/SF INVENTORY:
LABORATORY OF EAST 1.1 MSF
GROUND UP CAMBRIDGE LAB
CONSTRUCTION INVENTORY IS 2025
COST CURRENTLY UNDER INVENTORY:
3.6 MSF
CONSTRUCTION
© NEWMARK KNIGHT FRANK | RESEARCH | 2020 20225 Franklin Street, 33rd Floor Boston, Massachusetts 02110 NGKF.COM LIZ BERTHELETTE, RESEARCH DIRECTOR elizabeth.berthelette@ngkf.com | 617.863.8377 JONATHAN SULLIVAN, RESEARCH MANAGER jonathan.sullivan@ngkf.com | 617.863.8421 MICHAEL MALINCONICO, SENIOR RESEARCH ANALYST michael.malinconico@ngkf.com | 617.863.8428 ERIK VAN ZIJL, RESEARCH ANALYST erik.vanzijl@ngkf.com | 617.863.8425 SUSANNAH CAMPBELL, SENIOR GRAPHIC DESIGNER susannah.campbell@ngkf.com | 617.863.8544 All information contained in this publication is derived from sources that are deemed to be reliable. However, Newmark Knight Frank has not verified any such information, and the same constitutes the statements and representations only of the source thereof, and not of Newmark Knight Frank. Any recipient of this publication should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication, and should consult with professionals of the recipient’s choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and implications. Any recipient of this publication may not, without the prior written approval of Newmark Knight Frank, distribute, disseminate, publish, transmit, copy, broadcast, upload, download, or in any other way reproduce this publication or any of the information it contains.
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