Market Highlights

• Overall vacancy rose to 26.4%, an increase of 610 basis points year over year, driven in part by the addition of 2.5 million square feet of new life sciences space.
• Following failed drug trials and layoffs, Lyra Therapeutics terminated leases for its Watertown and Waltham facilities, resulting in approximately $4 million in lease termination costs and forfeited deposits.
• CBSET plans to develop a 110,000-square-foot life sciences facility in Waltham at the former Sanofi Genzyme site, with completion expected in Q4 2026. The project will support the company's expansion and relocation from Lexington.

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