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Bay Area Ranks Second for Life Science Clusters
The Bay Area life science market continues to be robust, despite the ongoing effects of the pandemic. In fact, it is ranked number two in the country for life science clusters, according to a recent Newmark report.
Moreover, tenant demand has grown significantly and is being driven by strong funding activity coming from big pharma partnerships, IPOs and venture capital. As a result, numerous office and R&D landlords are in the process of determining whether or not existing vacancies are well suited for life science conversions.
Total commercial laboratory space grew by 13.6% in the last year to 30 million square feet and another 3.3 million square feet is currently under construction, with 2.8 million square feet expected to be delivered by late 2021, says the Newmark report.
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