G
inkgo Bioworks is now offering its excess lab space in the Seaport to biotech companies looking for a place to set up shop. CEO Jason Kelly invited potential tenants to reach out, touting his company's available space as "the friendliest biotech landlord" in Boston. This move is part of Ginkgo's efforts to restructure and cut costs after its stock price plummeted from $618 in 2021 to below $10 today.

    The company has nearly half of its 320,000-square-foot Seaport headquarters either subleased or on the market, with 129,000 square feet available for rent. This is a result of Ginkgo's failed bet on a custom-built office and lab space in the Seaport, which was meant to be its new headquarters but has been largely unused since its construction.

    The biotech industry's struggles are reflected in the region's lab vacancy rate, which reached 23.3% in the fourth quarter, up 20.3% from two years ago. Ginkgo is not alone in searching for tenants; many other companies have excess space due to a slowdown in demand following a peak in life-sciences funding.

    Ginkgo has already subleased some of its space and exited sites in Cambridge, New York, France, the Netherlands, and California. The company estimates that excess space is costing it at least $65 million annually, but expects to mitigate some of this expense through sublease income.