Market Highlights

• Vacancy has surged to 25.0%, an increase of over 1,000 basis points from 14.3% at the beginning of 2024, leaving a quarter of life sciences space unoccupied.
• The construction pipeline continues to diminish, as nearly two million square feet were delivered this quarter, while recently completed projects struggle to lease and many newly developed spaces remain vacant.
• Despite stable NIH funding in recent years, anticipated cuts could force research institutions and startups to scale back or shut down, weakening the life sciences ecosystem and further dampening demand for lab space.

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