Revista research has been hard at work putting together the most comprehensive database of Life Science properties available. Currently, open inventory stands at just over 359 million SF with another 81 million SF in progress across the U.S. When these projects open, total inventory will be pushed to over 440 million SF. Much of the inventory and construction is centered in key cluster areas, but many other cities are beginning to emerge as new areas of Life Science research and activity.
Rapidly advancing technology in combination with the pandemic rush to build a vaccine for Covid-19 has led to incredible growth in the Life Science sector in recent years. The unprecedented levels of venture capital funding into early-stage biotech companies in 2020 and 2021 drove intense demand for space and in turn, a significant increase in new construction activity. While the under-construction pipeline is peaking now, new project starts have pulled back substantially in 2023. In 2022, over 50 million SF broke ground and so far in 2023 we’ve reached less than half that number. This is good news as markets work to absorb the new inventory and move to a more level supply and demand dynamic. Want to learn more? Join us for one of our upcoming events!
Source and Copyright: Revista. Data believed to be accurate but not guaranteed and is subject to future revision. Use of this data is permitted subject to terms and conditions detailed on revistalab.com/terms-of-use and with proper credit to Revista or Revistalab.com.
