Market Highlights

• Overall vacancy increased 60 basis points year over year to 28.5% in Q3 2026, up from 27.9% in Q3 2025. The increase was driven by direct vacancy, which rose to 25.8%, while sublease vacancy declined to 2.8%.
• Venture capital funding slowed considerably in 2026, with $1.4 billion raised across 113 deals through Q3, down 34.1% year over year and marking the lowest Q1 through Q3 total since 2022.
• Alexandria Real Estate delivered a 427,000-square-foot R&D hub for Bristol Myers Squibb at Campus Point, establishing the company as an anchor tenant at the 2.9- million-square-foot life sciences campus.

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