Market Highlights

• Overall vacancy increased to 26.6%, up 750 basis points (bps) year over year. Direct vacancy rose 130 bps from the previous quarter to 20.8%, while sublease vacancy held steady.
• Sublease blocks between 20,000 and 50,000 square feet (sf) make up 39.3% of available sublease space, with most concentrated in Class A buildings.
• Amid funding cuts, life sciences investment continues to cool, with NIH allocations down to $3.0 billion in fiscal year 2025 from $3.5 billion 2024 fiscal year, while venture capital faces one of its lowest years on record.

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