Market Highlights

• Overall vacancy increased to 25.5%, up 860 basis points (bps) year over year. Direct vacancy rose 150 bps from the previous quarter to 19.7%, while sublease vacancy held steady.
• With 4.4 million square feet (msf) under construction, down from 8.3 msfa year ago, the construction pipeline is decelerating as newly delivered projects struggle to secure tenants.
• Despite announcements of potential future cuts, NIH funding has remained relatively stable at $1.5 billion year to date, compared to the 2024 total of $3.5 billion.

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