Boston-Cambridge Life Sciences Market Sees 770 BPS Spike in Vacancy

It may not be the best time to be a landlord in Boston-Cambridge’s life sciences sector. A fourth quarter and full year 2024 report from Savills analyzing the performance of the asset class and the market found that overall vacancy skyrocketed 770 basis points last year to 19.8 percent. It’s unclear if that level is an all-time high in the area — but that amount is substantially higher than any percentage that Savills listed on its chart, which dates back to 2019.

Availability went from 9.9 million square feet of space in 2023 to 13.1 million square feet at the end of 2024. Savills said that these are a result of “market stagnation.”