After a record year of Life Science construction in 2024, early 2025 brings a much needed stall in new project deliveries. In 2024, 22.8 million square feet of Life Science properties were delivered across the nation, representing roughly 6% of inventory. In 1Q25, only 1.6M square feet were completed, notching the annual run rate down to 19M square feet. This slowdown in completions has allowed many markets to see occupancy levels stabilize or improve during the quarter. The respite is likely temporary though, as the under-construction pipeline is still substantial. Over 50M square feet are still under way. Some developers may be delaying progress on projects that have not leased space yet, but at some point, most of these projects will complete. Join us for our quarterly webcast to find out what markets were most affected and the outlook moving forward!
Register for the RevistaLab Spring 2025 Market Update
