"Biotechnology is one of Massachusetts' most important industry clusters, and it has the benefit of being one of the few industries that continues to grow even during the currently slowing economy," says Massachusetts Economic Development Director Elizabeth F. Ames.
      The Bay State continues to support the growing biotechnology industry with programs and initiatives. In 2001, Gov. Jane Swift opened the 20,000-sq.-ft. (1,858-sq.- m.). MBIdeas Innovation Center, a biomedical incubator in Worcester. Five tenants occupy the wet lab and support office space. Once completed, the space will house up to eight biomedical-related companies. The Massachusetts Biomedical Initiative, an independent corporation that supports the Bay State's biomedical industries, operates MBIdeas.
      Unlike the high-tech boom, experts predict the biotech industry is less risky and will continue to grow in the coming years. The Cambridge area may be Massachusetts' center of the biotech industry, but suburban demand for biotech space continues to grow and developers continue to construct speculative space. Woburn-based Cummings Properties LLC took a look at the need for lab space and now plans on redeveloping properties it owns in the Medford area as biotech buildings. Cummings owns 8 million sq. ft. (743,200-sq.-m.) of property in the northern suburban Boston market. Nearly 1 million sq. ft. (93,000 sq. m.) of that space is leased to biotech companies.
      "We just don't have what we need," says Robert Yacobian, leasing officer for Cummings Properties. "We've made the decision to do speculative lab buildouts in some of our flex buildings. We're identifying those buildings in our portfolio that would be appropriate for a lab fit-out."
      Massachusetts has also sponsored the Massachusetts Technology Collaborative (MTC), an economic development organization which sponsors and aides industry cluster activity throughout the state. MTC's cluster initiatives includes the Berkshire Connect and Cape Connect, both high-speed Internet access projects, and the I-495 Technology Corridor, the state's fastest growing technology corridor.