What do you get when you combine 300 acres approved for 3 million square feet of office, lab and industrial buildings as well as a location called, “Innovation Way?” Sounds like the next hot location for life sciences and technology companies. Our brokers are hard at work finding the right medical and technology-oriented companies to fill this huge park and to get Fall River on the map as a center for innovation and technological development.
NAI Hunneman Executive Vice President, Michael DiGiano told Boston Globe commercial real estate reporter Casey Ross in Tuesday’s paper, “This is one of the few available sites in Massachusetts where someone could build 1 million square feet. And the land prices in Fall River are going to be 20 to 40 percent less than in the Boston metropolitan area.”
Located an hour from one of the most densely populated areas of biotech companies and colleges, Kendall Square, Fall River is also near several colleges and universities. However, with the lower land prices, approval for 3 million square feet of development and officials allowing 30-day permitting for companies that agree to move there, there is a lot of promise for Fall River to take off as a life science and technology hub. In fact, Ross reports that the Massachusetts Accelerator for Biomanufacturing at the park is already making waves in the biomanufacturing industry – it is one of the world’s only facilities designed to incubate companies engaged in early-stage drug development. In addition, Fall River is a great place for tech and traditional users like big E-tailers because the location allows them to build big and fast.
Fall River is without a doubt an area to keep an eye on for life sciences and biotechnology companies looking for new space. For more information on this Fall River park located at Innovation Way off Route 24, check out The Boston Globe article here.