The overall availability rate for life sciences space nationwide reached 30% in the third quarter, according to a new report from JLL, and it is expected to continue climbing as the industry works its way through a supply glut over the next six to 12 months.
The report predicts rents will continue dropping and that it could be years before local markets work through their supply backlogs.
“There’s no way through the math that’s attractive for life science owners right now,” JLL Executive Managing Director Chad Urie said.
Source: Nearly A Third Of U.S. Lab Space Is Available For Lease As Supply Drowns Demand