The 44M SF life science market in the Bay Area ended 2024 with a huge surge in leasing activity led by large deals in the San Francisco Peninsula, which accounted for nearly 86% of the total volume of 1.9M SF across the nine-county region.
The surge in life science leasing, which more than doubled the Bay Area’s Q3 2024 total of 704K SF, represented an 89% increase over the 10-year, quarterly average for the region.
Life science occupancy in the Bay Are also rebounded sharply in the fourth quarter, with positive net absorption totaling nearly 351K SF, up from minus 768K SF in Q3. The Peninsula led the occupancy surge, with positive net absorption totaling 360K SF in Q4, swinging up from minus 547K SF the previous quarter, CBRE reported.
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