Market Highlights

• Overall vacancy increased 150 basis points year over year to 18.9%, driven by higher direct vacancy, while recent leasing and space withdrawals helped offset new availability.
• Alexandria Real Estate plans to replace its 34,400-squarefoot bioscience facility at 410 West Harrison Street with 254 apartments, signaling a shift away from life sciences amid elevated lab vacancy.
• Venture capital funding has fallen sharply in 2026, with just $395.9 million raised across 53 deals through Q3, down 58.4% year over year. Funding remains on pace for its lowest annual total since at least 2022.

Read the full report