Market Highlights

• Vacancy has climbed to 29.2%, nearly doubling from 17.4% in Q3 2024. More than one-quarter of life sciences space now sits unoccupied, representing one of the highest vacancy rates in the nation.
• Under-construction activity has slowed significantly as new projects deliver to the market. Construction now totals 1.0 million square feet (msf), down from 4.3 msf a year ago, representing a 77.7% decrease.
• As a result of cuts to NIH funding, particularly in the tools and mRNA verticals, funding investments are expected to face continued downward pressure.

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