Bay Area Life Science Market Report
Market-wide vacancy rose to 29.5% this quarter, up from 28.0% last quarter. The total availability rate increased to 32.1%, up from 30.7% in the previous quarter. Sublease availability rose to 5.7%, up from 5.2% last quarter but down from 6.9% one year ago. Deal activity in the Bay Area market remained steady in the second quarter of 2025, continuing the strong momentum carried over from the close of 2024. Total gross absorption reached 913,000 SF during the quarter—a modest dip from 1.0 million SF in the previous quarter. Occupiers remained active across the region, executing a healthy mix of renewals and subleases, which together accounted for more than 70% of all deals executed. The region’s 1.7 million SF construction pipeline continued contracting during the second quarter of 2025, with 12.7% of ground-up development preleased.
Download Bay Area Life Science Market Report 2Q25