Charlestown Lab Space

As a Boston-area commercial real estate leader, Boston City Properties understands the complexities of acquiring lab space in Charlestown. The life sciences sector has taken Greater Boston by storm in recent years. Ironically, the COVID-19 pandemic, which has wreaked havoc on the office space market, has caused a significant spike in demand for lab properties across the city. Charlestown had already been slowly emerging as another potential life sciences hub; as demand continues and even grows, however, the city’s oldest neighborhood could start adding many hundreds of thousands of square feet of such space soon.

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Boston’s Lab Space Market

For years, Cambridge was the epicenter of Boston’s life sciences sector. These days, lab space in Cambridge is tough to come by, and the current vacancy rate is only 1.7%. Companies spread outward from Cambridge in search of suitable space, and the Life Sci-Angle, consisting of Cambridge, Lexington and Waltham, was born. However, many of those outlying areas are no longer affordable, and land values and lab rents have risen quickly, prompting life sciences firms to look elsewhere – and Charlestown is increasingly appearing on their radars.

Lab Space in Charlestown

As of the third quarter of 2020, Charlestown had 710,475 square feet of laboratory space. Only 23,509 square feet was available, resulting in a vacancy rate of just 3.3%. Currently, the most significant development project for lab space in the neighborhood, Hood Park, is underway. Occupying 20 acres near I-93 and the Sullivan Square Orange Line stop, the site will include 350,000 square feet of office and lab space at 10 Stack Street; a significant amount of lab space is expected for 100 Hood Park Drive too. This new space will help, but the timeline for the project extends into 2027.

What’s Ahead for Boston Lab Space

If demand for laboratory space continues at its current pace in Greater Boston, more new developments are sure to come along in Charlestown. All signs point to demand continuing – and even increasing – for the foreseeable future. The market’s strength was especially evident in the wake of the COVID-19 pandemic. Since its onset, several nine-figure lab space development deals have been inked, and many new neighborhoods are joining the race. Over the next three years, another 7 million square feet of lab space will be delivered across the area; however, it’s sure to be absorbed quickly.

Indeed, most of the life sciences space currently under development in the city is spoken for. All lab buildings that were slated to open in December 2020 were 100% pre-leased. Approximately 70% of those that are being delivered in 2021 have also been leased. Even more telling is that a full one-third of space scheduled for delivery in 2022 has already been pre-leased by eager firms. Moderna Therapeutic’s development of a COVID-19 vaccine drives much of this activity, generating strong growth across many other Boston firms.

Need Lab Space in Charlestown?

With lab space at such a premium in Charlestown right now, finding what you need can be overwhelming. One option is to convert existing office space into lab space. Typically, that involves a lot of updating and expense; to do it successfully, it helps to start with suitable space. Boston City Properties can help you find existing lab space in Charlestown or space that can be converted for such use. You can use our search tool right now to begin. We also have skilled tenant representatives who can help you identify the best lab space options, so give us a call today.