Bay Area Life Science Market Report
Market-wide vacancy increased to 9.5% this quarter, up from 7.5% in the previous quarter, while availability increased to 13.0%, up from 11.8% in the previous quarter. On the sublease front, vacancy counted for 3.4% of the total inventory, up from 3.0% in the previous quarter and up from 2.3% one year ago. The region’s 8.1-million-SF construction pipeline trended upward for the seventh consecutive quarter. Of the notable ground-up construction, 8.9% is already preleased. Demand for lab space was recorded at 3.3 million SF feet this quarter, down from 5.3 million SF in the previous quarter, as larger requirements were put on pause as tenants look to preserve capital in an uncertain macroeconomic environment.
Download Bay Area Life Science Market Report 2Q23