As more projects deliver and companies set up shop, the market will solidify its status as the nations leading biotechnology hub. Colliers arranged the financing on 30 Dan Road as well as the $21 million sale of the Canton, Massachusetts property. Medical device makers dominate markets such as Orange County, while plant science is a strength in St. Louis. IPOs also set new highs. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. As a result, we place incredible emphasis on our people being knowledgeable about Greater Boston as a whole, since each of its regions and even product types are increasingly interconnected. Overall, the results for 2022 were mixed as the . Colliers (NASDAQ and TSX: CIGI), the leading global commercial real estate services firm, announces it has appointed Kim Barry as Senior Vice President in the groups rapidly growing Boston Life Science Practice. Barry will call on her experience and knowledge of the sector and the region to help industry-leading life science companies find and develop space that meets unique business and operational requirements in the competitive Boston market. Our U.S. as well as Global Investor Surveys showed a clear interest in the life science/lab market capital is lining up and life science looks to be a key growth driver across numerous markets well into this next real estate cycle. Broder Acquires $46.5M Life Science Campus Arranged by Colliers The asset commanded attention from a wide range of institutional investors, with Oxford Properties ultimately being awarded the asset. Life science developers are paying two to three times as much per square foot for development sites as apartment developers in the urban core, according to research by Colliers International. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. And growth is spreading beyond the most established markets. Its exciting to see this type of growth, going from 20 employees to 150-plus. Stay ahead with industry-leading research. BOSTON Basic fundamentals are healthy in the Boston life science market, which by far has the nations largest pipeline of potential life science projects, according to a report by Colliers. Esta web utiliza cookies para que podamos ofrecerte la mejor experiencia de usuario posible. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. Here are key takeaways on the : View our Colliers Boston blog, Colliers In Focus, and subscribe to begin receiving e-mail updates as new blogs get posted. Across the top markets, 1.8 million square feetwereabsorbed. Those are real needle movers. Whether due to reduced space needs stemming from weakened macroeconomic conditions (e.g. Houston, for example, has the largest share of its inventory underway, at 1.8 million square feet, or 21% of the existing market. Both projects were built to LEED Platinum standards and have won numerous design awards. Companies coming up with groundbreaking medicines have significant optionality, whether its in the sublease market were seeing 70 subleases throughout greater Boston, as opposed to zero a year and a half ago or on a direct basis within submarkets throughout greater Boston. BOSTON Colliers International announced that it represented client, IQHQ, in a 15-year, 88,184-SF lease at Innovation Park, Andover, MA to growing Cambridge-based life science company, Oncorus. The latest Tweets from Colliers Life Science | Boston (@LifeSciColliers). These honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. Seaport also continues to be hot. Boston and San Francisco, the top two markets in the country, are, unsurprisingly, leading the U.S. in construction today, with 5.1 million square feet and 2.1 million square feet underway, respectively. R.W. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Barry moved from the bench, focusing on laboratory and facility management ,which is where her interest in the commercial real estate side of the Life Science industry blossomed. David specializes in tenant representation for office, lab, industrial, retail, education and specialty facilities. He is an executivevice president and shareholder in the firm. They have great backers, like Arch Ventures, which is one of the most active groups out there currently. What has happened to rents in the region since the start of the pandemic? Evan, what types of companies are active in the Boston leasing market for life sciences? Having played an integral role in landmark transactions across the city, Massachusetts and New England as a whole, Meredith & Grew is ultimately the foundation of the companys long-term success, built upon exceptional service, unrivaled market knowledge, business acumen and a deep dedication to the community. Whether you are looking to lease, purchase, build or rationalize capacity youll have a team with detailed local market knowledge, industry expertise and national connectivity to expedite even the most sophisticated projects. EG: Kendall Square had zero vacancy over the last three years, so we were spending more time in secondary markets. This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. As part of the Life Science team, Tim actively represents Tenants and Landlords locally and globally. We are experts at structuring lease and purchase transactions that reflect the significant capital investment required to support research and manufacturing operations while addressing the life cycle of funding for these operations. What have you been seeing over the past few years in Boston life sciences? 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. Groundbreaking. Jumbo Capital and Apollo Group have obtained $57.7 million in financing from Cambridge Savings Bank to fund a planned conversion of a Boston-area office property into a life sciences-oriented manufacturing facility. She is an Emmanuel College graduate with a concentration in biology. With a staff of over 130 working out of the Colliers Boston offices, we take a strategic approach to on-going company growth and talent acquisition, making sure that our people represent and uphold our overall company culture and values. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. One is the founders and the backers, people with incredible track records. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. Those who end up getting strong data will have no issues raising new rounds of financing. This facility will play a central role in enabling us to advance our mission to realize the full promise of viral immunotherapy for cancer patients.. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. . Holmes 2022 4th Quarter Office and Industrial Highlights, Margulies Perruzzi Completes Lab/Office Space for Strand Therapeutics, Professional Development Institute: Effective Communication Igniting Your Competitive Edge, Commercial Property Acquisition and Sale Due Diligence: Key Issues and Best Practices, Boston Real Estate Timess Outstanding Women of 2023, CBRE Arranges Sale of 246-Unit Halstead Milford, Lauren Gauthier Joins SGA As Director Of Architecture, R.W. David is a leader in several practice groups, including Financial & Insurance Services, Life Science Practice Group, and the Education Services Group. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. Top 25 U.S. Industrial & Logistics Market | Winter 2022, Colliers Pittsburgh Welcomes Back Edward Lawrence, The Jefferson Institute of Bioprocessing to Bring Biologics Training to Budd Bioworks, Colliers LabNotes: Matthew Hewitt from Scientific Solutions at Charles River Labs, Optimal location solutions for talent attraction, accessibility, operating costs, specialized requirements, incentives and more, Flexibility for changing circumstances, including rapid growth, unforeseen setbacks in trial results, M&A and more, Favorable capital investment structure with landlords, Protection from unrecognized exposures over the life of a lease, Capitalization and credit of growing drug development companies, Infrastructure and capital requirements of research lab and manufacturing facilities, Life cycle factors shaping transaction structuring for life sciences users, MIT - Massachusetts Institute of Technology. Our Colliers life sciences expert will work with you to find the right capacity and environment to maximize efficiencies and minimize costs. . Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. The top 12 markets have a combined 13.8 million square feet underway. IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. Twitter Putting Majority of NYC Offices Up for Sublease. MS: We just closed a deal in Cambridge called Blackstone Science Square. Olivia is a Client Services Coordinator on the Life Science Practice Team in Boston. For further information, please contact: Oncorus, whose R&D headquarters will remain in Cambridge, will occupy Innovation Park at 4 Corporate Drive as an additional location for high-quality GMP clinical manufacturing space. Thats not to say there havent been some headwinds: Boston-based companies such as Kaleido Biosciences and Yumanity Therapeutics laid off workers in recent months, and availabilities in some submarkets ticked up in the first quarter due to sublease space returning to the market. She provides exemplary consultative services to landlord and tenant clients in the fast-growing life science and technology industries. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. There, I was exposed to many different sides of the day-to-day operations, giving me an invaluable education in and appreciation for what drives business decisions. 40th Annual Trends In the Real Estate Market Seminar - Connecting the Dots with Colliers International, Development and Consulting Services Group, Colliers Facilitates 81,293 SF Flex Sublease in Franklin on behalf of Tegra Medical, Broder Acquires $46M Life Science Campus Arranged by Colliers, Colliers Capital Markets Team Continues Growth with Addition of Matthew Sherry, Colliers Rounds Out Investment Sales Group With Multifamily Specialist Kendin Carr. Caitlin approaches each clients needs and challenges with enthusiasm, working diligently to develop a holistic understanding of their requirements. In her most recent position with Venture Forward Partners, she consulted with companies on laboratory design and operations, relocation services and more. Our acquisition and redesign of Innovation Park supports IQHQs vision to provide premier office, lab and manufacturing facilities for companies such as Oncorus, which will support the increasing demand for medical innovation and life science space in Greater Boston, said Doug Cuff, Vice President at IQHQ. Joes background in architecture, real estate development and financial analysis provides clients with an experienced professional and strategic leader who integrates complex factors to create successful results for clients. With an experienced property management team on-hand, Broder will self-manage the existing properties while pursuing the best development path for the campus with neighborhood stakeholders. Receive our weekly newsletter with the latest posts and insights. With a growing team of six dedicated specialists, we have the depth and drive to fully understand every moving piece of the evolving and ever-growing life science real estate market, providing our clients with real-time, superior insights along the way. Copyright 2022 Colliers International Investors poured record venture capital (VC) funding into the life science industry in 2021. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. Boston, for one, had $5.7 billion in investment in existing office, lab, and industrial/flex buildings last year. The life science market had an IPO once every three days in 2020, setting a new record for IPO launches that easily surpassed the previous high-water mark of 73 in 2018. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. EG: We do a fair amount of tenant representation. 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