CREW Boston

Catalytic Development: Real Estate and the Kendall Square Effect

CREW Boston’s October luncheon at Boston’s InterContinental focused on the future of Kendall Square, the most innovative square mile in the world, with its dense cluster of life science, technology and education sectors thriving off of each other. Our panel included Bob Coughlin, president and CEO of MassBio; Tom Andrews, executive vice president of Alexandria Real Estate Equities; Bill Kane, senior vice president of BioMed Realty; Michael Owu, director at MIT Investment Management Co.; and Michael Cantalupa, senior vice president of Boston Properties.  Tina Cassidy, executive vice president and chief content officer at InkHouse served as moderator.
 
The panelists said Kendall Square is poised for continued growth and development. Even though developers added 9 million square feet of commercial lab space to Cambridge since 2007, 4 million of which has been built since 2013, demand continues to outstrip supply.
 
A majority of Cambridge’s workforce is in biotech research and development. Biopharma jobs in Cambridge grew by 4.2 percent in 2015 for a total growth of 37 percent over the last ten years. With every indicator of the Massachusetts biotechnology industry showing signs of continued growth there are challenges and opportunities ahead, including that:
 
  • There needs to be greater access.  In order to retain a culture of innovation that startups bring to a place like Kendall Square, having affordable lab and office space -- as well as housing -- is essential and increasingly rare. Prices for lab space are now hitting record highs of $70 per square foot. Meanwhile, having a transit system that can make commuting less of a challenge is equally important, and something that the panel agreed needs to be a focus of state and local government.
 
  • Urban fabric is becoming more lively: Farmers markets, live music, a skating rink, great restaurants, cool bars -- Kendall Square is becoming more of a scene. For example, Michael Owu, Director MIT Investment Management Co., shared the institution’s plans to redevelop six parking lots into a thriving retail, housing and public open space. Of course, all of this is good for tenants whose employees value an environment that allow them to think creatively and collectively. They want spaces that balances hard work and fun. While this trend is not new in office space, it finally happening in Kendall Square.
 
  • Architecture and design are being used as innovation tools: Whether it’s finding new ways to reduce energy costs, creating new outdoor spaces that allow for collaboration, incorporating amenities that allow tenants to maintain a healthy lifestyle, or adapting older buildings for new uses, there’s a new emphasis on design in Kendall Square.
 
What makes Kendall Square so powerful is its concentration of  prestigious companies like Genzyme, Facebook and Google with startups and world class universities such as MIT and Harvard. How we maintain this mix while allowing it to grow is the question. 

Thank you to InkHouse for our luncheon recap.




















 

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Confirmed Attending

  • Kathleen Ahern
  • Alouette Alexander
  • Susan Amato
  • Laura Anctil
  • Amy Apfelbaum
  • Kristin Armitage
  • Lauren Armstrong
  • Rebecca Bachand
  • Katharine Bachman
  • Nancy Bailey
  • Jim Batchelor
  • Deborah Bayha
  • Aimee Bearer
  • Janet Bernardo
  • Teresa Betit
  • Amy Blomeke
  • Nancy Blueweiss
  • Brenda Boissonnault
  • Juliet Borja
  • Christine Bouffard
  • Sean Boulger
  • Gayle Bourdeau
  • Rebekah Bowie
  • Sandra Brock
  • Sarah Broughel
  • Julie Brown
  • Hillary Brown
  • Kirstin Brown
  • Kathryn Brown
  • Donna Brown
  • Harrison Calato
  • Allyson Callahan
  • Michelle Callahan
  • Debra Caminiti
  • Molly Canfield
  • Ellen Caracciolo
  • Jane Carbone
  • Pat Carlson
  • Janet Carlson
  • Deborah Carlson
  • Pamela Carnovale
  • Kate Carter
  • Elizabeth Casey
  • Tina Cassidy
  • Kara Cefalo
  • Erin Channel
  • Denise Chicoine
  • Lori Chicoyne
  • Wendy Cohen
  • Ellen Connolly
  • Russell Connors
  • Jennifer Conway
  • Leslie Cook
  • Emma Corbalan
  • Mark Cozzens
  • Jennifer Crampton
  • Jen Cronan
  • Alison Crowley
  • Diane Danielson
  • Eliza Datta
  • Robin Davis
  • Abigail Day
  • Megan Delehanty
  • Martha Dellenback
  • Jessica Dellert
  • Donna Denio
  • Melissa Desingco
  • Dina DiTommaso
  • Claire Donegan
  • Bonny Doorakian
  • Robin Dorogusker
  • Jessica Dowd
  • Amy Dragani
  • Robyn Duffy
  • Steve Edwards
  • Joyce Elden
  • Christine Elmore
  • Rachel Eng
  • Jacqueline Falla
  • Joan Falvey
  • Alicia Fannon
  • Julie Farrer
  • Deborah Favreau
  • Pam Fisher
  • Patty Flowers
  • Marie Franco
  • Shoshanah Garber
  • Greta Garniss
  • Laura Garvey
  • Nhung Giffune
  • Alison Gillies
  • Leigh Gilligan
  • Susan Gittelman
  • Lisa Glahn
  • Ian Goddard
  • Mallory Gonzalez
  • Ceil Good
  • Amanda Gotta
  • Shelly Gouin
  • Kristin Gowdy
  • Karen Gray
  • Kerin Green
  • Laura Gregoriadis
  • Michael Grill
  • Elizabeth Gruber
  • Thea Hahn
  • Monique Hall
  • Heather Hancock
  • Christina Hansberry
  • Lucilla Haskovec
  • Nicole Hathaway
  • Despina Hatzipetrou
  • Christy Haughey
  • Kim Hickey
  • Michelle Ho
  • Brian Hochleutner
  • Brian Hochleutner
  • Heather Hohenthal
  • Laura Homich
  • Tiffany Hubanks
  • Thomas Hynes
  • Judy Jacobson
  • Paul Jakubowski
  • Beth Jodice
  • Aaron Jodka
  • Karen Johnson
  • Kathleen Joyce
  • Dani Justo
  • Isabel Kaubisch
  • Cynthia Keliher
  • Jennifer Keller
  • Sue Kim
  • Kaitlin Kincaid
  • Susan Kincaid
  • Danielle Kinkel
  • Leslie Kivitz
  • Mary Knasas
  • Mary Knasas
  • Elizabeth Krol
  • Wendy Krum
  • Kelly Kurlbaum
  • Eric Labbe
  • Alicia Larsen
  • Howard Levin
  • Anne Lewis
  • Mary-Elizabeth Liggio
  • Mimi Love
  • Samantha Lukacs
  • Jeanne Lukenda
  • Linda Luo
  • Bill Madden
  • Elaine Magil
  • Stephanie Maiona
  • Emily Maitin
  • Corinne Maleski
  • Vesna Maneva
  • Laura Marchisi
  • Nancy Martini
  • Kurt Massey
  • Maureen McCaffrey
  • Tabetha McCartney
  • Julie McDonnell
  • Gretchen McGill
  • Bill McKenna
  • Alison McKinney
  • gledis memelli
  • Pam Messenger
  • Abby Middleton
  • Tomoki Miura
  • Alicia Mosesso
  • Caillin Moyen
  • Carlye Murphy
  • Cyndy Murphy
  • Kathryn Cochrane Murphy
  • Julie Nasser
  • Martha Nay
  • Shahpar Negah
  • Cara Nelson
  • Holly Nelson
  • Judith Nitsch
  • Katelyn O'Brien
  • Jane O'Brien
  • Colleen O'Connor
  • Barbara Oddo
  • Kathleen O'Donnell
  • Mike O'Hearn
  • Michelle ONeil
  • William O'Reilly
  • Karol Ostberg
  • Tom Palmer
  • Victoria Paolino
  • Emily Paparella
  • Jessica Park
  • Teresa Patten
  • Teresa Patten
  • Elizabeth Peart
  • Maria Pelaggi
  • Julie Perlman
  • Liane Phillips
  • Susan Phillips
  • Tricia Pinto
  • Claudia Piper
  • Janet Pirrello
  • Jennifer Platt
  • Vicki Polito
  • Valerie Pontiff
  • Patti Quint
  • Judith Ravech
  • Juliette Reiter
  • Michael Riley
  • Abigail Roberts
  • Amanda Roe
  • Allison Rojas
  • Diane Rubin
  • Jennifer Sacco Smith
  • Lynn Scarbo
  • Barbara Schmitt
  • Jennifer Schultz
  • Lisa Serafin
  • Pooja Sharma
  • LORA SHEA
  • Megan Shields
  • Lauren Shurtleff
  • Julia Anne Slom
  • Laurie Soave
  • Cheeta Soga
  • Kim Sousa
  • Sarah Springer
  • Erin St Jacques
  • Rebecca Stoddard
  • Christine Stone
  • AMANDA STRONG
  • Lisa Strope
  • Gail Sullivan
  • Rebecca Sullivan
  • Margo Sulmont
  • Margo Sulmont
  • Hayley Suminski
  • Lynne Sweet
  • Valerie Swett
  • Mark Tang
  • Cynthia Tanner
  • Katy Tassmer
  • Maria Tatarczuk
  • sallyann thomas
  • Katie Thomason
  • Tamie Thompson
  • Mallory Toomey
  • karen van winkle
  • Shelley Vanderweil
  • Dina Vargo
  • Christine Vincenti
  • Elizabeth von Goeler
  • Elizabeth von Goeler
  • Maggie Walsh
  • TAMAR WARBURG
  • LaNitra Webb
  • Sarah Wegman
  • Kristen White
  • Jesisca Willhoft
  • Erin Williams
  • Kim Williams
  • Corrin Wolf
  • Nadene Worth
  • Emily Yu