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21Q2 Boston Lab Market Report

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Vacancies are plummeting. They finished Q2 at just 3.4%, the lowest on record. Strong VC funding only points to more demand to come. Conversion and ground-up projects are showing success throughout the market. Around three million square feet of office-to-lab conversion space is either underway or could be in the future in Boston. Cambridge is all but full, with future development strongly pre-leased. Peripheral markets such as Somerville and Watertown are surging in the suburbs. Meanwhile, GMP is gaining traction along the 495 belt. 

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21Q2 Boston Lab Market Report

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Aaron Jodka

National Director of Capital Markets Research

Boston

As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. He synthesizes and interprets a variety of data and information to stay ahead of trends that put our clients in an optimal position to make informed decisions. Additionally, he ensures that Colliers professionals are providing superior service and deliverables to existing and potential clients. At the same time, he promotes the Colliers brand via best-in-class research reports, weekly insight posts, thought leadership, and contributions to numerous panels, media outlets, and industry events.

Aaron collaborates with every team at the firm and wears many hats: in-house economist, advisor, consultant, thought leader, strategic business analyst, presenter, and, of course, researcher. He connects with various industry experts within the Colliers organization to provide a customized solution for each client.

With a deep understanding of markets throughout the country, he provides a unique perspective on market dynamics across asset types and investment strategies, providing clients with tailored data and analytics to ultimately guide decision-making solutions.

As the Managing Director, Research & Client Services, Aaron oversees all aspects of Client Service offerings in Boston, including Research, Marketing, Graphics, Financial Analysis, Lease Administration, and Client Service Coordination. He ensures that our brokers are providing superior service and deliverables to existing and potential clients. At the same time, he assists brokers with pitch preparation and delivery, while continuing to push the Colliers brand via best-in-class research reports, thought leadership, and offers market insight as a monthly guest on Bloomberg Radio’s Baystate Business, and is a frequent resource for Bisnow, Banker & Tradesman, The Boston Globe, Boston Business Journal, The Real Reporter, and other publications.

Aaron's team manages the information and intelligence in our proprietary database, which, dating from the late 1980s, includes detailed property statistics on nearly 220 million SF of office space as well as on lab properties in the Greater Boston area. We also track more than 150 million SF of industrial properties in our market.

Before joining Colliers, he spent 11 years with Property & Portfolio Research (PPR), now CoStar Portfolio Strategy. There, he advised institutional clients on their commercial real estate investment strategies across property sectors and also spoke at industry events, quarterly CoStar webinars, and in front of client audiences. Aaron also led and directed a team of economists who monitored property markets across the United States. Near the end of his tenure, he helped establish a new business unit at CoStar, leading in the hiring, training, and coaching of a team of 50 market analysts. 

Outside of the office, Aaron can be found cheering on his children at their extracurricular activities. He also enjoys hiking, travel, relaxing at home or at the lake, or plugging away at one home project or another. Last but not least, he's an avid fan of Boston sports teams.

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Kelly Doonan

Research Analyst

Boston

I joined Colliers' Boston office as a Research Analyst in 2021. In this position, I contribute to the creation of the firm's quarterly Market Viewpoints, as well as the distribution of Week in Review, Colliers' weekly newsletter. I also collaborate across various brokerage and advisory teams on client work and presentations, including labor analytics and market trend analyses.

I assist in managing and upkeeping Colliers' Boston proprietary research database, which contains data on over 360 million square feet of commercial space in approximately 4,000 buildings in the Greater Boston area and the insights it delivers. I work with the rest of the research team to provide reliable data that proves critical when making well-informed market decisions.

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