In a sure sign that a looming recession is impacting even the most robust markets, Newmark is projecting that gusting macroeconomic headwinds soon may curtail the development of new life science office and lab space in Greater Boston, the largest North American life science hub.
Boston has been rapidly expanding its life science footprint this year, with an estimated 40M SF of proposed or permitted developments in the pipeline. According to Newmark, shifting market fundamentals may result in more than three-quarters of these projects being shelved.
"Macroeconomic headwinds continue to increase and will likely curtail growth in the local laboratory market," Newmark said, in its Q3 report on Greater Boston's life science market.
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