2026年美国生命科学地产市场展望报告

CONTENTS National OverviewMarket ComparisonsMarket Rank HierarchyFunding & TalentCRE Fundamentals Major Markets Boston12Chicago14Denver/Boulder16New Jersey18New York City20Orange County22Philadelphia/Tri-State24Raleigh/Durham26San Diego28San Francisco Bay Area30Seattle32Suburban Maryland34 HoustonMinneapolis/StPaulNew HavenPittsburghSalt Lake City Major Leases42Major Construction44Major Sales46 National Overview The challenging macroeconomic environment isweighing on tenant demandIn 2025, biotechnologycompanies were forced to contend with a variety offactors that impeded their ability to grow and leasespaceThese issues ranged from weak stock marketvaluations that forestalled IPOs for many companies to long-term historical perspective, this volume is 25%below the 2020 to 2022 average at the height of themarket, and in recent quarters earlier-stage firms havenot been landing funding rounds at the pace seen inprior years. For some companies, this has led to layoffsand other cost-saving measuresSpace absorption There are emerging indicators that conditions forthe life sciences sector are beginning to stabilizeand improvePublic company valuations are trendingupward and are now, on average, only 26% belowpeak levels, compared to the 60% deficit in April2025If this trend is sustained in 2026, it should help as net absorption in many tracked cities either heldfirm or improved from 2024 to 2025. In addition,onshoring momentum and growth of blockbusterproducts like GLP-1 could help push demand for GMPmanufacturing facilities, as firms respond to policy-related factors such as rising global tariffs, supply The unprecedented wave of construction is comingto an endMore than 50 million square feet of newlife sciences product was completed across majormarkets over the past five years, representing a 30%increase in inventoryBoston, the San Francisco BayArea, San Diego, and Philadelphia, which are arguablythe four most dominant life sciences clusters, received struggling to secure tenants could create distressedbuying opportunities for investorsEntering 2026,only about seven million square feet remains underconstruction, a significant portion of which is eitherbuild to suit or has some level of preleasing in placeMarket vacancies, tenant demand, construction costs,asset pricing, interest rates, and lending standards construction coincided with a decline in occupiedspace, total availability has reached a record highBoston is one of five tracked metros where vacancyrates now exceed 20%Elevated vacancies are placingdownward pressure on asking rents, and owners ofsome underperforming assets are marketing space Tenants have a wide range of options due to risingvacanciesAcross major markets, an additionalnine million square feet of space became availablein 2025, representing an 18% increase comparedto year-end 2024Correspondingly, the aggregatevacancy rate climbed from 204% a year earlier to This report offers an overview of the majorlife sciences clusters across the US, as wellas those now emergingTheir size and scalevary, as illustrated in the individual marketsections and in the data supplement at the endof the reportLife sciences, as an industry andas a real estate category, remains relatively Market Comparisons Market Rank Hierarchy Conditions in each of the 18 markets in this report areconducive to leasing opportunities for tenants in themarketThis is especially true for the major markets,which contain the largest inventories in the nation with other research-oriented institutions to advancetheir research and conduct clinical trialsThe size ofthe industry workforce speaks to the depth of thelocal talent pool that businesses must draw from inorder to run a successful operationThe number of The first group of factors indicates the localecosystem’s ability to support and sustain growth inthe industryThe individual criteria and weightings areas follows: 2025 venture capital funding (40% weight),FY 2025 NIH funding (5%), 2025 research-orientedlife sciences workforce (5%) and 2024 biomed degreecompletions (5%)Venture capital is the lifeblood of The second group of factors is related to the metro’slife sciences real estate market. Specifically, the size ofthe inventory (40% weight) and the amount of spaceabsorbed over the past three years (5%) are analyzed Funding & Talent Boston Tenants actively looking to expand and/or relocatewill find plentiful leasing opportunities here due to thecurrent state of the sector’s real estate fundamentalsMore than 26M SF of new product has been builtin Boston since the end of 2019Given the weakpreleasing environment of recent quarters, thesebuildings have contributed to the 16M SF of directspace and 37M SF of sublease space available for Boston has attracted one of the largest collections ofbiotechnology and pharmaceutical companies amongall global markets. It provides firms with a completelife sciences ecosystem that typically ranks at or nearthe top of the US in labor-fo