Market Highlights

• Vacancy rose by 600 basis points year-over-year to 24.9%, driven by the continued influx of newly delivered inventory totaling hundreds of thousands of square feet, outpacing demand growth.
• Sublease blocks between 5,000 and 10,000 square feet (sf) increased this quarter, accounting for 21.4% of all sublease space, up from 15.3% last quarter, while space under 5,000 sf declined by 40 bps.
• Although NIH funding has been stable in recent years, expected cuts may lead research institutions and startups to scale back or shut down, weakening the life sciences ecosystem and further reducing demand for lab space.

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