Market Highlights

• Vacancy has surged to 28.7%, nearly doubling over the past year from 15.3% in Q2 2024. More than a quarter of life sciences space remains unoccupied, marking one of the highest vacancy rates in the market.
• Over the past year, more than 3.0 million square feet (msf) of life sciences space have entered the market, leaving only 1.0 msfstill under construction and signaling a notable deceleration in development activity.
• Venture capital (VC) investment declined by more than half compared to last year’s levels, amid concerns over funding cuts and geopolitical instability.

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