. We were at 7 million square feet of active requirements in the marketplace about 18 months ago, and weve dropped to about 4 million square feet. Receive our weekly newsletter with the latest posts and insights. The top 12 markets have a combined 13.8 million square feet underway. As more product is completed, liquidity should only increase. Goldin Solutionsfor Colliers Skip to main content Skip to footer Note you are now viewing the Colliers United States website. He is an executivevice president and shareholder in the firm. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. The other is, theyre in an acquisition mode, looking to acquire great science. The Colliers team led by Managing Directors Frank Petz, along with Managing Director Matt Sherry, Executive Vice President Jeanne Pinado, Senior Advisor John Nasca, and Financial Analyst Brooke Howard, exclusively marketed the property and completed the sale transaction to Broder, a Boston-based developer. For now, the Boston metropolitan area, including Cambridge, is slightly smaller with about 32 million square feet (3 million square meters) of life-sciences space, compared with almost 34 million . By nature, our people are highly collaborative, constantly striving to leverage the strengths of each of our in-house service lines be it leasing, investment sales, capital markets, property management, project management and consulting or appraisal. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. Jackunderstands his client'sexact needs regarding theiroverall business strategy so that he may help them reduce costs,drive revenue, and enhance recruitment & retention through their office environment. Direct space is coming to market, and were spending a lot more time in Kendall Square. Learn more! We have the data and insight you need to really know the Boston market and beyond. We were very impressed by Broders ability to uniquely comprehend and appreciate the value of life science at this instrumental location, stated Frank Petz,Managing Director, Colliers. We have loyal, committed leadership and incredible talent at all tenure levels, making Colliers | Boston an energetic and diverse work environment for its employees. He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. They took 88,000 square feet with Alexandria on the Arsenal on the Charles Campus in Watertown. As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. Company News Investor Relations About ESG Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. We have found continued success in life science sale transactions with buyers who are able to be flexible in executing transactions without full entitlements in-place. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. 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. According to Executive Vice President Curtis Cole ofColliers Life Science Practice team, IQHQs vision for Innovation Park is truly flourishing. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. 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. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. His comprehensive approach including assisting clients to identify an efficient spaceprogram; impartially surveyall viable properties;tenaciously negotiating favorableterms; and procuringarchiects, contractors andconsultants for implementation. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. Additionally, he has represented institutional ownership in the disposition and acquisition of land, buildings, build-to-suits and large-scale lease transactions. Open navigation menu With space availability below 2%, the space crunch has yet to abate. BOSTON- Basic fundamentals are healthy in the Boston life science market, which by far has the nation's largest pipeline of potential life science projects, according to a report by Colliers. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. One is the founders and the backers, people with incredible track records. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Im pleased to join the Colliers team, which has repeatedly proven itself one of the most talented in the area.. In addition, he has completed over 200 tenant representation transactions totaling more than 2 million square feet. So, part of it is the slowdown in the IPO market. Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. Our reputation for delivering results spans more than 135 years. EG: Big Pharma has been extremely active over the last 120 days. The well-established hubs continue to draw strong interest and expansion. They have great backers, like Arch Ventures, which is one of the most active groups out there currently. Our collaboration with your internal and external vendor teams for design and engineering is critical to your and our ability to set realistic expectations for budgets, occupancy, and final validation. Broder Acquires $46.5M Life Science Campus Arranged by Colliers Recent research from Colliers found that with tens of millions of square feet in announced or underway projects, Boston has the largest potential pipeline of life science space in the nation. So, we have also seen a decrease in general volume, and transactions have been more difficult to complete. About Knowledge Leader. He serves as the Director of Life Sciences team and is well versed in all aspects of designing and constructing laboratory and GMP manufacturing facilities on behalf of his clients. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. 25,181 SF sublease available on the 23rd floor of 60 State Street, Boston, MA. Available Immediately Full Floor Opportunity | 23rd Floor Term through September 2030 Fully Furni It seems we cant find what youre looking for. Oncorus was represented by JLLs Peter Bekerian in the transaction. In a world of constant news and a sea of information, Colliers International | Boston's team of market experts develops and hones the insight, actionable analysis and market intelligence you need to navigate the constantly changing dynamics of the Greater Boston market. Eight Boston Architecture Firms Make to the List of Top 50 Market Basket Supermarket Coming to Maynard Crossing, The Top 10 Commercial Real Estate Developers of Boston in 2020, Vertex Recommends Rejection of Mini-Tender Offer From TRC Capital Investment Corporation. Its a capital markets issue where borrowing costs have changed, which is impacting underwriting and has translated into, in many instances, a pretty significant bid-ask spread between buyers and sellers. When not enjoying watching her son play soccer and swim, Barry indulges her love of travel and cooking. Investors poured record venture capital (VC) funding into the life science industry in 2021. Colliers has a strong presence in each of the major biopharmaceutical clusters and emerging life sciences markets in the United States, Canada, Europe and Asia. Phone: 646.660.8644 About 9.4 million square feet of life science space is under construction in Greater Boston, with another 52.3 million proposed, according to research from brokerage Colliers International. Theyre taking those track records and having success in securing large financing rounds. IPOs also set new highs. Matt Sherry: What were seeing on our side is similar. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. 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. sophisticated projects. John Carroll, III joined Colliers International in 1993. National Debt & Equity Platform Leader, Colliers- Boston Joe Curtatone Former Mayor, City of Somerville, City of Somerville Ginger Desmond Senior Associate, Stantec Moderator Joseph Hanley. Perhaps searching can help. People credit this to two things. With Institutional investors beginning to allocate portions of their portfolios to life science, capital influx is just beginning. Companies that go public need to hire a significant amount of people and grow rapidly. 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. He is also a founding member of the firm's Tenant Advisory Councilconsisting of the firm's Top 100 "Tenant Rep" brokers globally. Barry will call on her deep experience and knowledge of the sector and the . Stay ahead with industry-leading research. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. Here are key takeaways on the : A 14-year professional in the Life Science industry, Michael Anderstrom represents clients the sale or leasing of lab, cleanroom manufacturing, and flex space. But now, with everyday life struggling to return to something resembling normal, life sciences is showing that every Superman has a kryptonite in this case, a potentially saturated level of demand. Colliers life sciences experts are a network of real estate advisors across North America working in primary, secondary and emerging life science clusters. Seaport also continues to be hot. The next tier is Philadelphia, San Diego, and New Jersey; Raleigh-Durham is its own tier, and other markets fall in line thereafter. Through my work on local, regional and national site selection assignments, I havedeveloped a firm grasp of the rigorous process required to meet the key search criteria of my clients. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. Note you are now viewing the Colliers United States website. OSSD specializes in local, regional and national office and industrialtenants around the Globe. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. Those who end up getting strong data will have no issues raising new rounds of financing. With a net of more than two million square feet of additional occupied space in 2022, the metros life sciences sector expanded for the ninth consecutive year. This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. 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. My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. Michael is also active on the Colliers National Life Science Steering Committee, which provides leadership and strategyto Colliers real estate brokers specializing in Life Science industry representation and transactions in major Life Science clusters across the United States. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. Revolutionary. Were thrilled that we will be developing a state-of-the-art clinical manufacturing facility at Innovation Park in Andover, said Steve Harbin, Chief Operations Officer and Chief of Staff at Oncorus. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. 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. That has changed. My network of a wide variety of trusted advisors within the industry facilitates a regular flow of information about life science real estate trends, pricing, and comparable data for leasing and sales transactions. Prior to joining Colliers in 2008, he worked in similar capacities at competitors CBRE and C&W. Terms of Use Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in Framingham. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. Privacy Policy What have you been seeing over the past few years in Boston life sciences? Partnership provides key workforce development in Philadelphias emerging life science market. Partner Insights spoke with two senior leaders at Colliers Evan Gallagher, executive vice president in the Boston life science practice, and Matthew Sherry, managing director of investment sales about how Boston life sciences are faring on the leasing and investment sales sides, respectively. Holmes Sells 165 Flagship Drive in North Andover for $4,650,000. Combined meetings between brokerage members as well as representatives from other service lines increases project transparency and results in opportunity for creative collaboration by all. As more projects deliver and companies set up shop, the market will solidify its status as the nations leading biotechnology hub. Empty space is rare. Puedes aprender ms sobre qu cookies utilizamos o desactivarlas en los ajustes. 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. The only real option for new entrants over the past few years has been to convert or build new, and thats not for everybody. As the National Leader of Colliers Global Life Science Practice Group, I bring 43 years of commercial real estate experience and 22 years of experience focusing on life science real estate. 88,000 square feet underway ( NASDAQ, TSX: CIGI ) is a leading diversified professional and! Long-Term view for the life science market navigation menu with space availability below 2 %, space. The life science ecosystem remains really strong, but demand has dropped as a member of the sector the! Investors poured record venture capital ( VC ) funding into the life science remains. 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Relations About ESG Colliers has been involved with numerous life sciences/lab transactions in Greater.!, are driving tremendous capital flows to office and industrialtenants around the Globe advisory services New... Country in positive net absorption, at 1.2 million square feet primary, secondary and emerging life science.... Emerging life science clusters side is similar main content Skip to footer Note you are now viewing Colliers... Experts are a network of real estate advisors across North America working primary... Of real estate market New England interest and expansion that market, were... Of IPOs here in Massachusetts dropped significantly workforce development in Philadelphias emerging life market! The top 12 Markets have a combined 13.8 million square feet underway general volume, and were spending lot! Time in Kendall square Medical and academic institutions of the most talented in the area itself of! 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