Vacancies are rising in metro Boston, especially in the life sciences sector, with a 17% vacancy rate, the highest in over 15 years. This includes record amounts of direct (5.7 million square feet) and sublease (2.8 million square feet) space, according to Colliers Boston 23Q4 Life Sciences report.

In 2021, only about 500,000 square feet were available, highlighting the recent shift. Despite over 8 million square feet being delivered in 2023, with 63% leased, 37% of new space is empty, and 6% is available for sublease, contributing to rising vacancies. With over 10 million square feet still underway, vacancies are expected to continue rising. However, net absorption in 2023 was healthy, with pent-up demand being absorbed.

Local firms received over $7.5 billion in venture capital last year, indicating leasing potential. Flagship Pioneering also seeks to raise $3 billion in a new VC fund.