Market fluctuations are nothing new but we've seen a big change in the speed at which these shifts occur. One of the most swift changes we've seen is in the growth and conversion of life science spaces. The growth and expansion of biotech and pharmaceutical companies, and their need for specialized and centrally-located labs and spaces, has exploded over the past few years. With the rise of remote work, commercial real estate investors and developers have been converting former office spaces into world-class labs and research facilities - working from home is obviously not an option for scientists who rely on controlled environments and high-tech equipment to conduct their research. And these conversions are happening at a very quick clip: just last year, according to Trepp.com, office conversion volume more than doubled. While some spaces are being converted into multi-family residences, office buildings tend to be better-suited for life science research, lab, and office use.
World-class lab facilities are expected but, more and more, we're seeing life science tenants just as equally value luxury amenities and collaborative, communal spaces.
We've been seeing the life science spaces themselves change as well. Yes, they still meet the highest standards of functionality, safety, and efficiency, but more and more we are seeing spaces that put a high-value not just on the work that goes on but the people conducting that work: top-tier amenities, luxury interiors, and fitness and wellness spaces are nearly as essential as the more nuts-and-bolts building specifications that lab tenants expect. JLL has some great insights on this trend. We've been visualizing these types of spaces for a while now - our case study for 745 Atlantic is a prime example of the high-level design, world-class facilities, and collaborative, communal work environments that life science tenants are hungry for.
745 Atlantic combines everything that the leading global biotech firms expect: convenient metropolitan location, modern facilities, high-end interior designs and luxury amenities. 745 Atlantic also happens to boast an expansive terrace with sweeping views of Boston's skyline.
We expect this trend will continue to grow (every week we're seeing bigger and bigger real estate deals, like this recent one from CBRE for $17.75 million) and we're excited to see how it develops even further over time. We'll be ready to help bring to life the next evolution of this industry so if you have a life sciences project that you want to take to the next level, please get in touch.
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