A growing demand for new biotech and lab space is forcing up rents in the Washington DC area as vacancies decline. Rockville, MD-based Scheer Partners expects vacancies to drop from 8 percent this year to 5 percent next year and three percent the following year. As a result, rents are projected to shoot up from $27 to $36 per square foot. Developers say more speculative lab space is likely to come on the market soon.
"Before, there was a lag period between mature companies and companies still rising," Pete Briskman, a vice president of The Staubach Co., told the Washington Business Journal. "We're seeing that lag being filled now by mid-stage companies."
- read the report on the Washington Business Journal