Market Highlights

• Overall vacancy rose to 26.8%, increasing 270 basis points (bps) year over year. Direct vacancy climbed 430 bps to 22.4%, while sublease vacancy declined 160 bps to 4.4% over the same period.
• In a notable shift, Alexandria Real Estate will now market 401 Park Drive in Boston as office space rather than proceed with its planned lab conversion.
• A123 Systems acquired a 115,000 square foot (sf) lab conversion at 10 Corporate Drive in Burlington from The Gutierrez Co. for nearly $20 million, a roughly 52.0% discount to the $42.0 million the seller paid for the property in 2021.

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