The vacancy rate surged in the Bay Area's 43M SF life science market in the third quarter as the market continued to battle occupancy losses amid a flood of new supply.
The San Francisco Peninsula, the largest submarket with nearly 22M SF of life science inventory, ended the quarter with a total vacancy rate of 34%, a 470 bps increase from the previous quarter. Negative net absorption in the Peninsula totaled minus 547K SF.
The overall vacancy rate for the Bay Area rose to 27.7% in Q3 from the second quarter rate of 24.6%, while negative net absorption totaled minus 768K SF, according to CBRE's latest marketing report.
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