Landlords in the nation’s top life science hubs have been coping with oversupply that sent vacancy rates skyrocketing this year, with one notable exception: in Greater Los Angeles, an expanding biotech/pharma sector has been struggling to find available lab and manufacturing space.
The three largest U.S. hubs, in Boston, the Bay Area and San Diego, have experienced availability rates this year of 32%, 35%, and 26%, respectively, according to JLL’s 2024 life science cluster analysis. Nearly 16M SF of space was available in the Bay Area’s life science inventory, which totals more than 40M SF.
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