Around Town
City Manager Talks About Life Science Sector, Federal Funding, Future of Watertown Square & More in His City Update
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Watertown City Manager George Proakis covered a variety of topics in his City Update on Tuesday. (Photo by Charlie Breitrose)
Watertown’s economic prospects remain promising, despite a downturn in life sciences and uncertainty in future funds from Washington, City Manager George Proakis said during his City Update at an event hosted by the Watertown Business Coalition on Tuesday. During the event at the Hampton Inn & Suites, he also spoke about the possible reuse of the former Police Station property, how the new Cultural District could help the local economy, and the redevelopment of Watertown Square. Life Science Sector
While the lab boom of the early 2020s has waned, Proakis said that the industry still remains solid. “We have 4 million square feet of lab space now, and while vacancies are currently high, indicators are the industry is still growing, with job growth outpacing layoffs, and I think that last thing that is the key is the industry built very aggressively in the lab field of the last couple of years,” Proakis said.