Bay Area Life Science Market Report
Market-wide vacancy rose to 28.0% this quarter, up from 27.9% last quarter. The total availability rate increased to 30.7%, up slightly from 30.1% in the previous quarter. Sublease availability declined to 5.2%, down from 6.6% last quarter and 6.5% one year ago. Gross absorption decreased quarter-over-quarter by 36.3% but rose 109.5% year-over-year. Active demand for lab space edged up to 2.3 million SF, compared to 2.2 million SF in the prior quarter, though still below the 2.8 million SF recorded one year ago. The region’s 2.0-million-SF construction pipeline contracted during the first quarter of 2025, with 11.0% of ground-up development preleased.
Download Bay Area Life Science Market Report 1Q25