Market Highlights

• Overall vacancy rates have risen 440 basis points to 17.9%. Direct vacancy has climbed sharply as sublease spaces expire and return to the direct market and fewer tenants are putting excess space on the market.
• The construction pipeline has shrunk to 4.5 million square feet (msf) as developers hold off on new projects amid limited preleasing and ongoing tepid demand.
• Venture capital funding in 2024 grew 63.0% compared to the prior year, with AngitiaBiopharmaceuticals leading the final quarter by raising $120.0 million.

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