The Boston Globe article highlights the growing vacancy in the Greater Boston lab market, where nearly one-third of lab spaces are currently unoccupied. Despite the completion of nearly 1 million square feet of new lab buildings, such as the Eli Lilly facility and others in the Seaport District, many developments opened empty or without tenants. Overall, while some companies like AstraZeneca and Takeda are expanding, the excess supply of lab space is leading to widespread vacancies, indicating a disconnect between the supply and demand in the region's life sciences sector.
Nearly one-third of lab space in Greater Boston is vacant, with significant new developments completed or still under construction highlighting a mismatch between supply and demand.
Bright spots in the market include ongoing projects for AstraZeneca and Takeda, but significant portions of existing lab space remain empty, indicating a struggle to attract tenants.
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