Bay Area Life Science Market Report
Market-wide vacancy increased to 20.7% this quarter, up from 18.2% in the previous quarter, while availability increased to 23.8%, up from 22.4% in the previous quarter. On the sublease front, vacancy counted for 5.1% of the total inventory, up from 4.0% in the previous quarter and up from 3.0% one year ago. Leasing activity for the quarter was up 14% versus the prior quarter but down 34% year over year. The region’s 5.6-million-SF construction pipeline continued to trend downwards in the first quarter of 2024. Of the notable ground-up construction, 6.5% is already preleased, compared with 9.4% in the previous quarter. Active demand for lab space was recorded at 2.8 million SF this quarter, up from 2.6 million SF in the previous quarter, but down from 5.3 million SF one year ago.
Download Bay Area Life Science Market Report 1Q24