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22Q2 Boston Lab Market Report

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By Jeff Myers, Director of Research | Boston

Key Takeaways

  • Vacancies remain very low, despite macroeconomic headwinds.
  • Large deals continued to get announced in the first half of 2022 and will support future development.
  • With tens of millions of square feet either underway or proposed, the construction pipeline is the largest in the nation.

At about 3%, availabilities in the Boston metro’s life science sector are very healthy. More than 2.1 million square feet of space was absorbed in the first half of 2022 as companies continued to set up shop or expand their local footprints. Boston, Cambridge, and the Suburbs all had net increases of occupied space in the first half of the year.

However, due to both space givebacks and some new projects not yet being fully committed, availabilities have ticked up in three consecutive quarters. Macroeconomic factors such as inflation, rising interest rates and the tight labor market are impacting businesses of all types. For the life science sector, company valuations and the ability to raise funds needed for growth are also concerns that have arisen in recent months. Still, there are millions of square feet worth of tenants in the market looking for space.

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22Q2 Boston Lab Market Report

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Jeffrey Myers | Colliers | Boston

Jeffrey Myers

Research Director

Boston

+1 617 330 8148
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As Research Director, Jeff Myers leads the research operation of the Boston office of Colliers. A 20-year industry veteran, Jeff brings an extensive commercial real estate background that includes expertise in city planning, market research, landlord representation and more.

Since joining Colliers in September 2021, he has focused on synthesizing real estate, demographic, and economic variables to support brokers and provide clients with strategic and actionable insights. In addition to tracking and analyzing pertinent trends, Jeff leads the production of quarterly reports highlighting activity in the market.

Prior to joining Colliers, Jeff held the position of Deputy Director of Portfolio & Asset Management at Massport, the port authority in the Commonwealth of Massachusetts. During his time with the organization, he and his team managed 9+ million square feet of commercial real estate across 500 acres. Jeff was heavily involved in lease negotiations, leasing strategies, tenant relations and market research to aid stakeholders by providing critical information needed for their decision-making processes.

Before joining Massport, Jeff spent more than 11 years as a consultant and real estate economist at CoStar Portfolio Strategy. While there he developed extensive knowledge of the commercial real estate business as well as strong skills in client engagement and industry analysis. During his tenure with CoStar, Jeff provided strategic advice to institutional real estate investors across multiple sectors and geographies. Jeff also has municipal city planning experience in Indiana and Georgia.

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Kelly Doonan | Colliers | Boston

Kelly Doonan

Research Analyst

Boston

+1 617 330 8062
Email

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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