The life sciences real estate market faces many challenges this year but is expected to remain durable due to a healthy and growing pipeline of approved drugs and increased corporate spending in the areas of research and development, according to CBRE.
From 2020 to 2022, the life sciences real estate sector experienced growth, followed by a cooldown in 2023. It is expected this market will continue to stabilize in 2024.
CBRE expects completion of 21.3 million square feet this year across the largest U.S. markets. This is a record in the life sciences real estate sector, up from 13.9 million square feet in 2023 and 5.6 million square feet in 2022.
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