Life Sciences Real Estate in Cambridge the Most Expensive in U.S.

According to the 2015 Life Sciences Outlook report by brokerage firm JLL, life sciences rental rates continue to soar in Boston, but they are especially steep in Cambridge. Boston and Cambridge have long been among the most expensive life sciences markets for renting lab space in the country. It appears that this trend is only intensifying, with life sciences rental rates up by 7.4 percent in 2015. Currently, it will cost you an average of $47.40 per square foot to rent lab space in the city.

Even when stacked up against other thriving life sciences real estate markets, Boston's is far and away the priciest. San Francisco's rose by 16.9 percent for an average of $37.30 per square foot. Los Angeles's increased by 4.9 percent for an average of $30.70 per square foot. In San Diego, lab space rental prices increased by 15.5 percent for an average of $29.90 per square foot. Rates in New York/New Jersey increased by 8.3 percent for an average of $24 per square foot, and they increased by 12.4 percent in Raleigh-Durham for an average of $19 per square foot.

The average rental price for lab space in the city is high as it is. In Cambridge proper, it's even steeper. The average lab rent in Cambridge is currently $51.60 per square foot. Despite this, companies are currently looking for more than 1.3 million square feet of space in the area. Although more than 17 million square feet of lab space is available across Boston, many firms insist on Cambridge for its established research and development infrastructure and labor pools. This demand is largely what's keeping rental prices on an upward trajectory in this market.

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