Bay Area Life Science Market Report
Market-wide vacancy rose to 27.0% this quarter, up from 24.6% last quarter. Availability also increased, reaching 29.6% from 27.8%. Sublease availability, after twelve consecutive quarters of growth, declined slightly to 6.6%, down from 6.9% last quarter. Leasing activity surged, up 35.0% compared to the prior quarter and 110.0% year-over-year. The region’s 4.6-million-SF construction pipeline remained unchanged during the third quarter of 2024, with 10.4% of ground-up construction preleased. Active demand for lab space decreased to 2.7 million SF, down from 3.0 million SF in the prior quarter and slightly below the 2.8 million SF recorded one year ago.
Download Bay Area Life Science Market Report 3Q24