Life Sciences Hubs Make Gains in Leasing and Construction
Led by the Boston metro area, lab space across the 12 largest U.S. life sciences hubs made additional gains in the second quarter, including an increase in lease rates and a decrease in vacancy despite more construction activity, according to a new report from CBRE.
The average vacancy rate for U.S. life sciences space registered 5.2% in Q2, down from 5.3% a year earlier. Average asking rent rose 5.8% from Q1 to $54.77 per square foot.
Meanwhile, in-process construction increased to 31.3 million square feet in Q2, a quarterly gain of two million square feet.
“Few, if any, sectors are completely immune to economic cycles,” said Matt Gardner, CBRE’s Americas life sciences leader. “Even so, the life sciences sector is buttressed by more fundamental, long-term shifts than most industries, such as advances in science and technology, expanding uses for biotechnology and the long-term trend toward more individualized treatment.”
- ◦Lease
- ◦Development