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. Despite the macroeconomic headwinds that many biotechnology companies are facing, the market still managed to post more than 450,000 SF of positive absorption in the first quarter of the year. 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. Tenants will benefit from extensive renovations to the buildings amenities including state-of-the-art fitness center, updated and expanded high-end caf, as well as improvements to outdoor gathering areas and landscaping that are currently underway with anticipated completion in the coming months. The other is, theyre in an acquisition mode, looking to acquire great science. 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. 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 group's rapidly growing Boston Life Science Practice. ensure on-time and under-budget delivery of the most Landlords still have pricing power and rents may continue to expand. Mr. Gallagher is a veteran commercial real estate broker specializing in tenant representation with a specific focus on life science companies in the Greater Boston markets. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. So back to my barbell comment earlier, it has been core or development. 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. This has raised tremendous amounts of capital that is driving demand for lab and life science space. Some real estate inventories skew toward research and development space, while others are more cGMP oriented, or a mixture of both. Once Alexandria Real Estate Equities 500,000- square-foot 201 Brookline building finishes later this year, bio companies such as Tango Therapeutics and Verve Therapeutics will occupy space alongside the life science-focused venture capital firm Third Rock Ventures. 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. Colliers International estimates that life-sciences projects under development or in planning will expand the sector in greater Boston to more than 60 million SF by the end of this decade.. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. About Knowledge Leader, They raised a total of $21.2 billion at IPO, for a. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. I am passionate about my mission to to champion a Colliers Boston that is grounded in integrity, teamwork, open communication, diversity and inclusion, and a client first approach. Myknowledge of market conditions and influences in the life sciences supports my ability to be creative in structuring the financial details of both lease and purchase transactions. After carefully listening to your vision, we customize each process to deliver the best results that match your checklist of goals. She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. Associate Vice President and Life Science and Health Technology Principal. Colliers Quick Hits | Life Science Opportunities Are Spreading by Aaron Jodka | 21 April 2022 Investors poured record venture capital (VC) funding into the life science industry in 2021. Seaport also continues to be hot. 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 Across the top markets, 1.8 million square feetwereabsorbed. 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. IPOs also set new highs. An unexpected error has occurred. Colliers International, Boston is pleased to announce the recent hire of industry leader Evan Gallagher as Cambridge Advisor and Director of its Life Sciences team.With more than a decade of commercial real estate brokerage experience and a strong expertise in the Greater Boston life science markets, Gallagher has worked with MIT Lincoln Labs, Vedanta Biosciences, WAVE Life Sciences, Kala . Which submarkets are hot spots of tenant activity, and how might that have changed over the past few years? David specializes in tenant representation for office, lab, industrial, retail, education and specialty facilities. With tens of millions of square feet in announced or underway projects, Boston easily has the largest potential pipeline of life science space in the nation. Email: colliers@goldin.com. 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. 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. Prior to joining Colliers in 2008, he worked in similar capacities at competitors CBRE and C&W. Privacy Policy Note you are now viewing the Colliers United States website. Joe is a Healthcare Fellow and serves on Colliers National Healthcare Services and Life Sciences Steering Committees. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. 313 Pleasant St. in Watertown A Boston-based residential and hospitality developer is dipping its toes in the life sciences fray. 11/13/2020 - King Street Properties begins construction on Cambridge lab partnering with Healthpeak Properties on the $170 million project. Empty space is rare. our team has the market knowledge and connections to 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. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. It seems we cant find what youre looking for. Read the interview. Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. MS: With demand shrinking a bit in recent months, were probably looking at a slowdown of new development and conversion plays. I haveexperience with Advanced Therapeutic Medicinal Products, Parenteral Fill Finish, Solid Oral Dosage, Biologics, and Medical Device manufacturing facilities, as well as a solid background in Laboratory Research and Development/Pilot scale facilities andcontrolled environments. EG: Big Pharma has been extremely active over the last 120 days. 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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. There hasnt been a ton in between in terms of true value-add opportunities. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. Broder acquired the Pleasant Street Science Park in. The Urban Brokerage Team focuses on tenant advisory and landlord representation assignments within Boston's dynamic downtown and peripheral urban markets. Hear from Matthew Hewitt, Executive Director at Charles Rivers Labs on Philadelphia's cell and gene therapy life sciences, and the Multiply Labs consortium. As compared to some other major metropolitan areas, geographically speaking, Boston and the surrounding suburban outposts make up a relatively small, densely populated, developed footprint with some of the most far-reaching suburban towns being less than 35 miles from CBD Boston. The campus also provides ample opportunity to develop up to 180,000 SF of new life science product. With space availability below 2%, the space crunch has yet to abate. View our Colliers Boston blog, Colliers In Focus, and subscribe to begin receiving e-mail updates as new blogs get posted. Prior to stepping into the Market Leader position, I devoted the prior 15 years of my professional career to providing landlords and tenants with thoughtful and honest advice about Bostons 128 South and 495 South markets. Jake Klein Caitlin joined Colliers in 2021, serving as an Advisor on the Boston Life Science Practice Team. MS: We just closed a deal in Cambridge called Blackstone Science Square. Read the latest edition of the Commercial Observer online! Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. He is an executivevice president and shareholder in the firm. 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. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. Our reputation for delivering results spans more than 135 years. "Residential had that . Phone: 646.660.8644 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. EG: Kendall Square had zero vacancy over the last three years, so we were spending more time in secondary markets. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Holmes Sells 165 Flagship Drive in North Andover for $4,650,000. 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. Holmes Named Leasing Agent for 58,500-SF Flex Manufacturing/Warehouse in Haverhill. 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. Advances in technology and science put drug discovery on a level never before seen. Here are key takeaways on the : Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. Boston, for one, had $5.7 billion in investment in existing office, lab, and industrial/flex buildings last year. With recessionary pressures still in the macroeconomy, the Greater Boston industrial market softened slightly, but industrial fundamentals remain healthy. Houston, for example, has the largest share of its inventory underway, at 1.8 million square feet, or 21% of the existing market. Hire a team that has a proven track record of success. From research and development lab product to cGMP manufacturing spaces, tenant and investor demand has soared, mostly in the nations largest and most well-established life science hubs. 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. 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 has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Scribd is the world's largest social reading and publishing site. Matt Sherry: What were seeing on our side is similar. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. But ultimately, the outlook for future absorption is positive. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. She is an Emmanuel College graduate with a concentration in biology. Broder Acquires $46.5M Life Science Campus Arranged by Colliers Those who end up getting strong data will have no issues raising new rounds of financing. A strong advisor and negotiator on behalf of his clients both locally and nationally, Mr. Gallagher works with a balanced level of both patience and persistence. Commercial Observer: Please give us a brief overview of where Boston life sciences stand today. 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. IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. Groundbreaking. 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. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). Kim is an excellent fit for our ever-evolving Boston Life Science Practice and were thrilled to welcome her., The Life Science sector in Boston is one of the fastest growing sectors in the market with the largest pipeline of potential space in the country, said Barry. Barry will call on her deep 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 ultra-competitive Boston market. 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. A 14-year professional in the Life Science industry, Michael Anderstrom represents clients the sale or leasing of lab, cleanroom manufacturing, and flex space. 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. Looking for space, while others are more cGMP oriented, or a of... State Street, Boston, for one, had $ 5.7 billion in investment in existing,... A team of committed professionals, which Colliers has been core or development mode, looking to acquire great.. On Colliers National Healthcare services and investment management company 2 %, the crunch!, according to the report spots of tenant activity, and industrial/flex buildings year! 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