Massachusetts’ Role in the Biotech Market: Follow Up

biotech labLast summer, Zintro spoke with experts about the steps being taken to increase the number of biotech companies in Massachusetts. In June, a state agency approved $2.2 million in grants to fund startups that reach early-stage milestones. At the time, biopharma executive Michael L. Salgaller, Ph.D. explained, “such state-sponsored economic development activities have a mixed record of success in producing successful entrepreneurial activity in the biotech sector.”

A local developer is now confident that there will be a demand for lab space outside of the city–in the suburbs. King Street Properties broke ground on the first new lab space in Boston’s suburbs to be built on “spec”– before finding tenants. The $45.5 million project will cover 91,000 square feet on Hartwell Ave. in Lexington. The goal is to create the same type of situation as that found in Kendall Square–where there are hundreds of life sciences companies of all sizes in one place– at half the cost. The Boston Globe reports lab space in East Cambridge to be about $58 per square foot compared to $27 in the northwest suburbs.

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