Despite a slowdown in leasing activity, U.S. life sciences construction pipeline remains elevated
- Over 50 million square feet of lab and research and development (R&D) construction is currently underway across the U.S., 62% of which is centered across three life science clusters: Boston, the Bay Area and Southern California.
- Boston and the Bay Area alone account for roughly 50% of the total lab/R&D construction taking place across the U.S.
- These supply injections are expected to place downward pressure on lab/R&D rents in markets like Boston, the Bay Area, and San Diego, where the brunt of construction is not yet leased.
December 14, 2023
