Issue link: https://nebusinessmedia.uberflip.com/i/1496515
Central MA Life Sciences Report 5 Sartorius acquired in 2020. So, the company agreed to lease more than 50,000 square feet of space in the office building at 200 Donald Lynch and invest $20-$40 million in converting it to lab space. Converting underused office buildings or old mill buildings into adaptive reuse is one way property owners and developers are luring more life sciences companies and investment into Central Massachusetts. But not all spaces are suited for lab space or biomanufacturing due to low ceilings, lack of loading docks, or inadequate infrastructure. Sometimes a developer is better off building new, even amidst high construction costs in order to meet tenant needs. Developers and brokers are using multiple strategies to bring life sciences companies out past Route 128 in Massachusetts. They cite less expensive real estate, a strong talent pool, shorter commutes, and increasing amenities like culture, sports, and food as reasons to set up shop in Central Massachusetts. Philip DeSimone, executive vice president at Worcester real estate brokerage Kelleher & Sadowsky Associates said the life sciences market was extremely strong through 2020 and 2021 due to lots of venture capital investment, low interest rates, and the fact the pandemic was profitable for some biotech companies in Boston and Brian Johnson (left) and Philip DeSimone from Kelleher & Sadowsky look over the conversion of 200 Donald Lynch Boulevard in Marlborough. Top clusters for life sciences research talent In its June report, global real estate brokerage CBRE ranked the Worcester metro area as one of the top U.S. regions for life sciences research talent. RANK METRO AREA 1 Boston/Cambridge 2 Washington, D.C./Baltimore 3 San Francisco Bay Area 4 New York/New Jersey 5 San Diego 6 Raleigh-Durham 7 Los Angeles/Orange County 8 Philadelphia 9 Seattle 10 Chicago 11 Denver/Boulder 12 Minneapolis 13 Houston 14 Atlanta 15 Worcester 16 Dallas/Fort Worth 17 Sacramento 18 Austin 19 Salt Lake City 20 New Haven 21 Portland, Oregon 22 Miami 23 Nashville 24 Albany 25 Pittsburgh Source: CBRE Continued on page 6