Market Highlights

• Market stagnation continues, with overall vacancy rising 770 basis points (bps) year-over-year to a high of 19.8%. Direct vacancy rates have also increased over the past 12 months, climbing to 13.5% as sublease supply expires.
• Construction pipeline has fallen to 5.6 million square feet (msf) as new projects slow due to subdued demand and leasing challenges.
• As life sciences companies increasingly collaborate with tech and AI, companies are prioritizing adaptable, collaborative spaces that foster innovation over traditional labs, reflecting a need for flexibility in a rapidly changing landscape.

Read the full report