What do restaurants and technology/biotech companies seemingly have in common? They both seem to abruptly change status. Restaurants, for obvious reasons, don't ever seem to give a lot of notice about closings, and so closures come as a surprise. Tech and biotech companies, which are clearly hot properties, merge or move on a dime. Buildings which have just finished fit-up, or undergone extensive renovations, may suddenly find themselves empty again. The rent cost doesn't amount to enough to factor in heavily to other synergies of moving.
Lately, we've seen both phenomena in our market. Long-term, established restaurants have closed, and new lab and office space has re-entered the market. The latter, particularly, could represent opportunity for investors and users to pick up square footage at a relatively low cost.
Nothing is constant except change!
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