Back Bay Lab Space

If you're looking for lab space in Boston's Back Bay neighborhood, Boston City Properties can help. As a Boston commercial real estate leader, we can help you identify existing lab space for sale or lease or space that can be converted for use as lab space. Whatever your requirements may be, you can count on us for timely and accurate information, resources and services that make it a snap to find just what you need.

Lab Space Market Conditions

The COVID-19 pandemic wreaked havoc on commercial real estate markets worldwide, and Boston's was no exception. Remarkably, though, it has caused a significant uptick in demand for lab space. Many major medical research labs are involved in developing a vaccine for the virus, partly explaining it. Another issue is that the work performed in labs and research facilities can't be done from home, so employers have not been forced to downsize in the wake of the pandemic.

So far, Back Bay has not been on the radar so much for people seeking lab space in Boston. That's sure to change, though, as places like Cambridge and the Seaport District run out of it. In those places, new construction has brought many millions of additional square feet of such space to the city, but vacant land is running low. As a result, office space, which is much more widely available in the wake of the pandemic, is increasingly being converted into life sciences and lab space – and the phenomenon is sure to become widespread in places like Back Bay.

Future Prospects for Life Sciences in Back Bay

It's easy to assume that many firms will be unable to afford lab space rents – especially startups and small companies. However, these types of firms can attract top workforce talent, which makes them more appealing to venture capitalists. For this reason, even small firms are often able to afford lab space rents. Back Bay rents are among the highest in the city, but that shouldn't pose a problem for tenants who need life science space.

Research grants also flow steadily into Greater Boston, delivering the funding that firms of all sizes need to acquire and develop suitable space. In 2018, the city received more than $9 billion in such grants from the NIH. Over the last decade, employment in the city's life sciences field has increased by 87.9%, and the trend appears to be continuing. Even in the wake of the pandemic, major players are snapping up huge amounts of lab space. Bristol Myers Squibbs, for example, recently leased 360,000 square feet in Cambridge. All of this shows that demand for this type of space is still sky-high – and converting office space into lab space in Back Bay makes sense.

Converting Office Space into Lab Space in Back Bay

Since there's little to no developable land left in Back Bay, new lab space will mostly come from conversions of other types of commercial space. In Back Bay, acquiring office space and converting it for life sciences use is a viable prospect. However, finding space that can realistically be converted in such a way isn't simple. Very tall ceilings, solid foundations and extra space for specialized machinery are all necessary.

The experts at Boston City Properties know Back Bay commercial real estate well, and we can help you identify properties that suit your lab space needs. Contact us today to be referred to a tenant representative who can help you find and negotiate the best Back Bay lab space, or start looking right now with our convenient search tool.