Market Highlights

• Vacancy increased by 560 basis points (bps) year over year to reach 23.3%, primarily due to a continued wave of newly delivered inventory.
• In response to declining demand since the pandemic-era peak, many developers have deferred or abandoned life sciences projects that were once slated for construction, as several newly built developments sit vacant without tenants.
• Despite anticipated funding cuts, NIH funding has remained stable, totaling $842.8 million year to date, compared to the 2024 total of $2.1 billion.

Read the full report