Boston Office Market Report
Biotech Leasing Drives High Absorption;
Office-to-Lab Conversions Accelerate
Skilled labor base draws innovative firms. Boston's status as a biotechnology hub has bolstered office leasing in the last four quarters , supporting a 12-month net absorption total approaching 8 million square feet entering April. Robust absorption will continue this year, with Moderna, Sanofi and ElevateBio, the three largest sector leases undertaken in 2022, committed to a combined 1 million square feet. The metro's highly-educated population is also driving tech-related leasing, highlighted by 100,000-plus -square-foot commitments from Google and IBM. Additionally, internet auto wholesaler CarGurus is slated to occupy a new 225,000-square-foot headquarters in Cambridge, doubling the company's current metro footprint.