Seaport District Lab Space

Boston’s Seaport District is a logical place to look for lab space since it’s ground zero for new development in the area. Still, demand for life sciences space is so strong that it can be challenging to find what you need. Boston City Properties, a Boston-area commercial real estate leader, can help you find existing laboratory space in the Seaport. We can also help you identify other types of commercial space suitable for conversion into life sciences space. Read on to get up to speed on the Seaport District’s vibrant lab space market.

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Lab Space Market Conditions

Since the COVID-19 pandemic began in the spring of 2020, office space vacancies have risen sharply throughout Greater Boston. However, demand for lab space has grown as firms around the area assist in the development of a vaccine. Moderna Therapeutic, which has been working on one, has played a crucial role in spurring increased life sciences activity across the region. It’s been a definite boon to the Seaport District, prompting an even stronger surge in demand for suitable R&D space. As of the third quarter of 2020, the Seaport had 1,618,511 square feet of laboratory space, and 312,672 square feet was available. By next year, that number is sure to drop.

New Development Outstripped by Increased Demand

Before the pandemic, demand for lab space was already sky-high, and numerous development projects have been underway across the city. Incredibly, 100% of the new lab buildings slated to open in December 2020 were pre-leased. Reportedly, around 70% of new space that’s being delivered in 2021 is already spoken for too, and nearly one-third of developments delivering in 2022 are already leased. Today, the Seaport District is the second-largest laboratory cluster in the region outside of Kendall Square in Cambridge – and new development is poised to give it an even stronger foothold in the market.

Major Projects in Works in Seaport District

Many new life sciences projects were recently announced for the Seaport. One plan calls for demolishing an Au Bon Pain and replacing it with a 219,000-square-foot building devoted to laboratory and R&D space. On the eastern edge of the neighborhood, several projects are at various stages of development, including the Innovation and Design Building; 2 Harbor Street; and 88 Black Falcon Avenue. However, if current trends continue, most of this space will likely be claimed long before the construction dust settles.

Lab Space Conversions

Significant amounts of office space opened up due to the pandemic, and much of it may not be refilled any time soon. Since demand for lab-ready space is strong, the Seaport could soon see a lot of its existing office space converted into life sciences space. This can be a viable strategy for some firms, but performing a conversion is a complex undertaking. It’s important to know how to identify space that is best suited for conversion, and Boston City Properties can help you locate such properties.

Find Seaport Lab Space with Boston City Properties

With billions of dollars in funding flowing into Greater Boston every year, a massive, highly educated talent pool and increased demand from the pandemic, life sciences growth across the region is sure to continue well into the future. The Seaport has already cemented its place as one of the top life sciences hubs in the area, but that doesn’t mean that lab space is easy to come by. For best results, sign up with Boston City Properties to start searching for laboratory space right on this page. We can also refer you to a tenant representative for help identifying suitable space, so contact us today.