There will be a record amount of construction completions in the U.S. life science market in 2024, followed by a dramatic drop in 2025, according to CBRE.
In 2024, 21.3 million sf of life science space will be completed in the 13 largest U.S. markets. That’s up from 13.9 million sf last year and 5.6 million sf in 2022.
Much of the projected slowdown is due to a softer economy and reductions in venture capital investment and initial public offerings. Most of the construction scheduled for completion this year, 79%, is in the three largest biotech hubs: Boston, the San Francisco Bay Area, and San Diego.
The potential for a high vacancy rate in those areas is greatest, while supply and demand is expected to remain more balanced in the 10 other primary markets. The average vacancy rate in the 13 markets stood at 10.6% as of the third quarter of 2023.
Related Stories
Laboratories | Jun 24, 2020
CDC set to build the most advanced high containment laboratory in the country
Flad Architects, Page Southerland Page, and WSP will plan, program, and design the HCCL.
University Buildings | Jun 3, 2020
Renovation can turn older university buildings into high-performing labs
David Miller of BSALifeStructures offers technical advice on renovation of college and university laboratories and scientific research facilities.
Giants 400 | Aug 13, 2019
2019 Science + Technology Giants Report: Operational flexibility is a must for S+T buildings
The science and technology (S+T) sector is arguably the industry’s most complex because it caters to a diverse clientele with specific priorities and imperatives, according to Building Design+Construction's 2019 Giants 300 Report.
Laboratories | May 21, 2019
Georgia Tech Research Institute adds 350,000 sf of specialized tech facilities
McCarthy Building Companies with Flad Architects acted as the design-build team.
Laboratories | Apr 23, 2019
Translational health science environments: 6 strategies for open innovation and knowledge transfer
Simply putting researchers and clinicians in the same building with hopes that serendipitous collaborations will ensue will often not yield the outcomes organizations seek.
Sustainable Design and Construction | Apr 9, 2019
One of the largest zero-carbon, net-zero buildings is rising in Spokane
Catalyst will be part of an innovation hub, with Eastern Washington University as its main tenant.
Laboratories | Apr 1, 2019
The Karolinska Institute’s new laboratory building
C.F. Møller Architects designed the building.
| Mar 21, 2019
Preserving Edison's "Corporate" R&D Lab in West Orange, N.J.
Report on Thomas Edison's West Orange, N.J., Laboratory.
Mixed-Use | Oct 25, 2018
Philadelphia’s uCity Square kicks off major expansion drive
This innovation center has several office, lab, and residential buildings in the works.
University Buildings | Jul 5, 2018
Brown University’s Engineering Research Center increases the university’s School of Engineering lab space by 30%
KieranTimberlake designed the facility and Shawmut Design and Construction was the general contractor.
