Boston, MA – Boston’s role as a major hub for the life sciences sector has positioned the city at the forefront of the global fight against COVID-19, according to the most recent CBRE Boston Life Sciences MarketFlash.
Many of the city’s life sciences firms are partnering with leading industry experts to design, develop and test treatments, therapies and drugs to combat the health effects and transmission of the virus.
Currently, 46 Boston area life sciences organizations are involved in COVID-19-related endeavors, which includes 13 firms that are developing new types of diagnostic tests and 24 firms that are producing COVID-19 related drugs, vaccines and therapies. Five Boston firms that are working on COVID-19 related projects have received a combined $227 million in venture capital funding.
“The life sciences industry continues to experience the influx of capital and an overall positive sentiment that have contributed to positive activity in the sector,” said CBRE’s Steve Purpura, a Vice Chairman specializing in the life sciences industry. “Since early March, eleven life sciences leases totaling over 300,000 sq. ft. have been completed in the Greater Boston area, which includes three new leases totaling more than 100,000 sq. ft. since the beginning of April.”
There are currently 57 life sciences tenants in the market with requirements for approximately 1.8 million sq. ft. of space across metropolitan Boston. Of these tenants, 13 firms have committed to 431,000 sq. ft. and another 19 are actively seeking out 581,000 sq. ft. with the remaining prospective tenants putting their searches on hold.
