Fenway Lab Space

If you want to buy or lease lab space in Fenway, you’re not alone. The neighborhood is quickly emerging as one of Greater Boston’s latest life science hubs, and a variety of development projects are underway. Still, competition for lab space is fierce, and vacancy rates are low. To find what you need quickly and easily, connect with Boston City Properties. A Boston-area real estate leader, our resources and services are invaluable tools for any company that needs life science space in Fenway. For now, read on to learn more about the local lab space market and what to expect.

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Lab Space Market Conditions Still White-Hot

After the COVID-19 pandemic hit in the early spring of 2020, many Boston commercial real estate market sectors saw vacancy rates soar – especially the office space market. One bright spot has been the life science and lab space market, which has seen demand increase over the last year. It was already high, so the pandemic has actually increased competition for laboratory space across the region. Incredibly, several nine-figure development deals for life science space were made during the pandemic – and plenty more are in the pipeline.

Fenway Poised to Become Major Life Science Hub

As firms look beyond Kendall Square in Cambridge for laboratory space, many have started turning toward Fenway. The neighborhood is relatively close to the Longwood Medical Area and its many biotech and medical firms, so it makes sense for life science development to increase here. Recently, a major developer signed a $1.52 billion deal to purchase 401 Park, better known as the Landmark Center complex, and plans to turn it into a massive life science hub with hundreds of thousands of square feet of space. The Fenway Center project will place a $1 billion life science tower over the Massachusetts Turnpike, adding even more lab space to the neighborhood.

Growth Expected to Continue for Long Term

Although the Seaport District is the typical second choice for firms seeking lab space in Greater Boston – Cambridge being first – it is already evident that many other neighborhoods will gain traction in the market soon. Fenway is among the top options, as evidenced by the amount of development activity happening there. All told, Fenway had 2,339,047 square feet of lab and life science space as of the third quarter of 2020, and very little of it was available. New developments are largely pre-leased across the city, so demand is sure to continue for the long haul.

Lab Conversions in Fenway

The pandemic might have changed the way companies look at office space, with many workers expected to keep working remotely for the long term. There’s a lot of unused office space, and some of it can be converted into laboratory space. The problem is that lab space has stringent requirements, including tall ceilings for extensive ductwork systems and solid foundations to minimize vibrations, so conversion projects can be extensive and quite costly. If you want to convert office space to lab space in Fenway, Boston City Properties can help.

Locate Fenway Lab Space with Boston City Properties

A fair amount of lab space will be opening in Fenway over the next handful of years. However, much of it is already claimed or will be before these projects are delivered. At Boston City Properties, we understand the unique needs of life science firms, and we can help you locate existing lab space or space that can be converted for laboratory use in Fenway. You can start searching for what you need right on this page, or contact us for a referral to a local tenant representative who can assist you further.