Biotech Real Estate Slump Has MIT’s Hometown Seeking Backups

Kendall Square, a major biopharmaceutical hub that borders the Massachusetts Institute of Technology’s campus, bills itself as the most innovative square mile on the planet. These days, there’s plenty of room for innovation in the Cambridge, Massachusetts neighborhood.

Millions of square feet of available laboratory and office space, in fact.

Twin miseries have slammed Kendall over the past few years. The pandemic emptied out traditional offices, especially those belonging to the tech companies that take up much of Kendall’s office space. Then beginning in 2022, investors pulled back on the biotech sector following a Covid-fueled spending spree, choking off ...