The Boston metro’s life sciences sector experienced a significant increase in total availability rate during the second quarter, reaching 10%, according to the Q2 2023 Boston Life Sciences Report from Colliers. 

This is a notable shift from just under two years ago when availability was less than 1%, marking the first time since 2014 that double-digit availability has been seen. Vacancies have expanded across the metro, impacting Cambridge, Boston, and suburban submarkets. Some tenants have offered space for sublease or returned it to landlords, impacting net absorption. The rise in vacancies is primarily due to the influx of newly completed buildings with occupancy levels below 100%.  

With more uncommitted space still in the pipeline, vacancies are expected to rise further. Despite this trend, venture capital flows have improved, with Massachusetts-based biotech firms attracting about $3.9 billion in funding during the first half of 2023, a 23% increase compared to the previous six months.