The Life Science real estate sector is closing out 2024 with a total of 21.2M square feet of project completions, pushing sector inventory over 400M square feet. This represents an annual growth rate of 5.4% and covers inventory across all markets and clusters in the U.S. Many of the larger, more established clusters had a much higher growth rate. In 2024, Boston’s life science inventory grew 10.7%, and San Diego 11.7%. Next year, there is still more to come as the current under construction pipeline stands at 55.4M square feet. Some of this inventory may divert to other real estate sectors, at least temporarily, while the industry continues to work to absorb the new supply. The outlook is positive though – total venture capital funding into Biotech for 2024 has already surpassed totals for 2023 and 2022* and we are not yet finished with the year. Stay tuned for more in January as we continue review and release data for 2024!
*venture capital funding as reported from Crunchbase, www.crunchbase.com
