Despite a recent softening in lab demand, the future of spaces in the sector remains tied to innovation in biotechnology and gene therapy. At least, according to Daniel Maldonado, managing director of life sciences of the Americas at Unispace, in a recent exclusive Q&A on the subject. According to Maldonado, who has international experience in operations, strategic planning, business development, commercial and contractual analysis in the construction industry, to navigate the current oversupply, many landlords are diversifying their tenant base by leasing space in newly built life sciences projects to traditional office users.

GlobeSt.com: Recent reports state that the cycle of softening lab demand has moderated. Is that something you are noticing? What does the future hold for the life sciences sector and its real estate needs?

Daniel Maldonado: In Future Labs, a recent white paper from Unispace discussing trends in the design and construction of life sciences spaces, we found that the four key forces currently shaping the future of lab design are science, technology, people and the environment. With ongoing advancements in fields such as gene therapy and drug discovery, the demand for sophisticated laboratory environments is likely to continue growing. However, according to JLL’s 2024 Life Sciences Real Estate Perspective and Cluster Analysis report, as of the third quarter of 2024, the availability rate for life sciences space in the United States was 30%, signaling a significant supply glut in the market. Vacancy rates have increased substantially year-over-year in key areas, creating a challenging landscape for developers and tenants alike. If venture capital funding rebounds, it could further stimulate demand for state-of-the-art facilities designed to meet rigorous technical requirements, helping to right-size the current oversupply in the market. Additionally, current macroeconomic trends, including decreasing interest rates and the potential for regulatory reforms or deregulations, are likely to bolster investment in the life sciences sector. These forces could provide much-needed capital for development and innovation, helping to accelerate growth and demand for cutting-edge lab spaces in the coming years.