Life sciences development is expected to hit a new record in 2024, a year after the biotech sector, by some measures, experienced its sharpest downturn this century.
This year, 21.3M SF of life sciences-dedicated real estate is set to be delivered in the 13 largest markets in the country, according to new data from CBRE 2024. That figure is up from 13.9M SF in 2023 and 5.6M SF in 2022.
Of the new space coming onto the market this year, 79% of it will deliver in the Boston, San Francisco and San Diego markets, which have already seen dramatic slowdowns in demand and high vacancy rates due to the amount…
Source: Record Amount Of Life Sciences Space To Be Delivered This Year Amid Industry Slowdown