Market Highlights

• Vacancy increased 50 basis points (bps) over the past year to 28.7%, driven by 3.2 million square feet (msf) of new inventory outpacing sluggish demand.
• Subleases under 15,000 square feet (sf) experienced a surge in demand in Q4 2024. Reflecting renewed transaction momentum as emerging companies expand their footprints.
• 2024 saw fewer deals but larger investments, with deals over $25.0 million comprising 84.3% of total value, up from 78.1% in 2023, driven by growth in pharmaceuticals and biotech, especially in drug discovery.

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