11/13/2020 - King Street Properties begins construction on Cambridge lab partnering with Healthpeak Properties on the $170 million project. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). David is a leader in several practice groups, including Financial & Insurance Services, Life Science Practice Group, and the Education Services Group. 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. Groundbreaking. It was an opportunity for the buyer to get their hands on a building with a Cambridge address. Overall, the results for 2022 were mixed as the . IPOs also set new highs. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. Broder principals Eric Svenson and Dana Nielsen led the effort to acquire the Watertown campus, allowing Broder to shift its focus to the life science space. All Rights Reserved. Puedes aprender ms sobre qu cookies utilizamos o desactivarlas en los ajustes. Any recent deals you could share with us? Boston and the San Francisco Bay Area led the country in absorption, inventory, and VC funding, of which nearly 60% made its way to those two markets, per PitchBook. We have the data and insight you need to really know the Boston market and beyond. These qualities will allow the company to deliver optimal solutions to its valued clients by challenging how its employees think and work on a daily basis. Colliers | Boston brings a world of resources to New England, offering a full array of integrated real estate services and backed by the most experienced executive team in the Greater Boston area. Our clients can come to Colliers for a "one-stop-shop", and trust that the advisers we have on staff possess a keen awareness of the entire real estate market. 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. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. 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. New deliveries in 2022 will open the door for more absorption. The nations two largest life science hubs, This asset class has investors attention, but. Early-to-mid-stage companies are scaling up and seeking bigger real estate footprints. Matt Sherry: What were seeing on our side is similar. Our reputation for delivering results spans more than 135 years. Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. Privacy Policy In addition, he has completed over 200 tenant representation transactions totaling more than 2 million square feet. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. 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. He is currently assisting in multiple transactions in the majority ofSan Diego County markets as well as around the United States. 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. With space availability below 2%, the space crunch has yet to abate. That has changed. 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 announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. 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. "Residential had that . Companies that go public need to hire a significant amount of people and grow rapidly. But other markets are aiming to make their mark as well. 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. The next tier is Philadelphia, San Diego, and New Jersey; Raleigh-Durham is its own tier, and other markets fall in line thereafter. 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. In the past two years, nearly all reported Boston area office transactions are either lab/R&D space or earmarked for a future life science conversion. Receive our weekly newsletter with the latest posts and insights. They have invested significant capital into what was already first-class space with the goal of making it a life science destination for multiple GMP users all under one roof.. In my role as Executive Managing Director and Market Leader of Colliers Boston, I am responsible for the strategic direction and performance of Colliers Internationals Boston office, comprising more than 130 real estate professionals who provide clients with best-in-class service for landlord representation, tenant advisory, corporate solutions, capital markets, development and consulting, real estate management, valuation and appraisal, and marketing and research. And growth is spreading beyond the most established markets. His background in ISO 13485, cGMP, cleanrooms, and FDA Regulatory and Quality requirements has proved valuable expertise for both Medical Device and Pharma business leaders seeking a flexible and compliant real estate footprint, and Landlords requiring specialized knowledge to list and market Life Science properties to the industry. Hire a team that has a proven track record of success. WATERTOWN, MA, October 8, 2021 Colliers (NASDAQ and TSX: CIGI) announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. Our team of dedicated life science real estate advisors understands that our clients need someone in their corner navigating real estate solutions in a supply-constrained market. Barry will call on her deep experience and knowledge of the sector and the . managing director of investment sales for Colliers Boston, said at the brokerage's annual market outlook forum this week. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. Today he focuses on providing strategic solutions to local, national and global Health Care, Life Sciences and Corporate clients. Barry brings to Colliers more than 15 years of biotech-sector experience, including both scientific research as well as management and operations. EG: We do a fair amount of tenant representation. An unexpected error has occurred. Stay ahead with industry-leading research. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. MS: The last few years have seen a barbell effect. Learn more! We have been looking to thoughtfully enter the Watertown life science market for some time and, with this purchase, I believe we found the perfect fit. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. Freudenheim Partners Arranges 30,000 SF Relocation and Expansion for Cyprotex, 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, AGC MA announces 2023 BWIC Inspire Awards Winners, Arcadis DPS Group Welcomes Chris Oldham as Director of Project Management, Chapman Construction Completes LEED Renovation for Boston Universitys Student Health Services. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. Theyre taking those track records and having success in securing large financing rounds. 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.. The property will also feature shared space for local biotech startups. The other is, theyre in an acquisition mode, looking to acquire great science. Given the current scale of investment in Boston and the San Francisco Bay Area, along with their future development pipelines, they will continue to remain the most sought-after markets in the country. The campus also provides ample opportunity to develop up to 180,000 SF of new life science product. There are a variety of successful processes that our teams follow when guiding clients through transitional strategies. The largest investment sales were in the Boston market, which had multiple billion-dollar-plus transactions, in 2021. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. Open navigation menu 11/19/2020 - King Street plans $500M biomanufacturing campus in Devens. Whether you are looking to lease or invest in a rese Company News Investor Relations About ESG Receive our weekly newsletter with the latest posts and insights. 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. What has happened to rents in the region since the start of the pandemic? Esto significa que cada vez que visites esta web tendrs que activar o desactivar las cookies de nuevo. 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. Biotech-Sector experience, including both scientific research as well as management and operations the report far beyond the most markets... To local, national and global Health Care, life sciences sector has been with... Corporate clients square feet team in 2018 involved with numerous life sciences/lab transactions in Greater Boston $ 500M biomanufacturing in... Range of institutional investors, with Oxford Properties ultimately being awarded the asset commanded attention from a range! Ultimately being awarded the asset we do a fair amount of tenant representation are setting new records! 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