The largest investment sales were in the Boston market, which had multiple billion-dollar-plus transactions, in 2021. The asset commanded attention from a wide range of institutional investors, with Oxford Properties ultimately being awarded the asset. Companies that go public need to hire a significant amount of people and grow rapidly. Stay ahead with industry-leading research. Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. 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. Partnership provides key workforce development in Philadelphias emerging life science market. 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. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. Receive our weekly newsletter with the latest posts and insights. "Residential had that . With a staff of over 130 working out of the Colliers Boston offices, we take a strategic approach to on-going company growth and talent acquisition, making sure that our people represent and uphold our overall company culture and values. At the same time, he promotes the Colliers brand via best-in-class research reports, weekly insight posts, thought leadership, and contributions to numerous panels, media outlets, and industry events. With a growing team of six dedicated specialists, we have the depth and drive to fully understand every moving piece of the evolving and ever-growing life science real estate market, providing our clients with real-time, superior insights along the way. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. Additionally, he has represented institutional ownership in the disposition and acquisition of land, buildings, build-to-suits and large-scale lease transactions. Check out the content from some of our most recent events, including our January 10th40th Annual Trends In the Real Estate Market Seminar - Connecting the Dots with Colliers International. The next tier is Philadelphia, San Diego, and New Jersey; Raleigh-Durham is its own tier, and other markets fall in line thereafter. What has happened to rents in the region since the start of the pandemic? . 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.. MS: We just closed a deal in Cambridge called Blackstone Science Square. But ultimately, the outlook for future absorption is positive. As more product is completed, liquidity should only increase. 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. What have you been seeing over the past few years in Boston life sciences? Privacy Policy Oncorus was represented by JLLs Peter Bekerian in the transaction. 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. David is a leader in several practice groups, including Financial & Insurance Services, Life Science Practice Group, and the Education Services Group. 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. When not enjoying watching her son play soccer and swim, Barry indulges her love of travel and cooking. 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. 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. OSSD specializes in local, regional and national office and industrialtenants around the Globe. Thats empowering to them and exciting for the biotech community. increased borrowing costs, lower company valuations) or from fewer workers in the office, in 2022 many firms offered sublease space or downsized footprints in new leases. Prior to joining Colliers, Charlie spent time at competitor firms where he was responsible for oversight and transaction management as the point person for transactions globally. IPOs also set new highs. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. Copyright 2022 Colliers International 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. 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. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. 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. All Rights Reserved. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. What strategies are popular with investors entering this life science market? Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. The top 12 markets have a combined 13.8 million square feet underway. Caitlin joined Colliers in 2021, serving as an Advisor on the Boston Life Science Practice Team. management or construction management services, He also serves as the National Practice Leader of . After carefully listening to your vision, we customize each process to deliver the best results that match your checklist of goals. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. 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. 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. Receive our weekly newsletter with the latest posts and insights. Read the latest edition of the Commercial Observer online! 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. 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. Please try again. Throughout his career with Colliers International, John has represented numerous owners in the leasing of over 3 million square feet of space. Early-to-mid-stage companies are scaling up and seeking bigger real estate footprints. Colliers Life Sciences Review - Boston - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Michael offers his clients a unique industry advantage, having gained his real-world Life Science experience in his roles at 3M, DonJoy Orthopedics, and The Regulatory and Clinical Research Institute (acquired by Covance/Labcorp). As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. One is that they were quiet during the pandemic, so one theory is they are now coming out of hibernation. Major life science leases are getting done in Boston. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. 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. Whether due to reduced space needs stemming from weakened macroeconomic conditions (e.g. Empty space is rare. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. Earlier in his career, David also workedon Capitol Hill developing a specialty in economic incentives and later as a site selection consultant at Arthur Andersen LLP before earning his MBA and focusing on corporate real estate advisory and brokerage services. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. David and wife Kristy met at the University of Illinois, married in 2001, and are blessed withthree teenage sons. 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. But other markets are aiming to make their mark as well. She provides exemplary consultative services to landlord and tenant clients in the fast-growing life science and technology industries. The life science market had an IPO once every three days in 2020, for a total valuation of $90.3 billion. 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. 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. He focuses his efforts on supporting tenants within the Life Science, Technology, Legal, Educational and Financial industries. Our team is entrenched in the life science landscape, with deep connections across biotech companies, industry organizations, venture capital sources, and the owners/developers who deliver physical environments for these solutions. 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. Here are key takeaways on the : Terms of Use We did a big Eli Lilly deal there, and CRISPR and Vertex are there as well. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. Which submarkets are hot spots of tenant activity, and how might that have changed over the past few years? My primaryfocus is the Class Asubmarkets: UTC, Downtown CBD, Carmel Valley, Sorrento Mesa, Sorrento Valley, Del Mar, Torrey Pines, Solana Beach, Carlsbad, Kearny Mesa, andMission Valley. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. 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