Over the past couple years the growing demand for life science space has resulted in a boom of developments in the U.S., especially in major life science hubs like Boston and San Francisco. Revistalab tracks construction activity in all the major clusters across the country and the chart below outlines what is currently in the pipeline.
Across the U.S. there are 75 million square feet of life science properties that are under construction (In Progress), with the majority being completely new buildings. Conversions make up a sizeable chunk (11.9 million sf), followed by a smaller portion of expansions and renovations. The average price per sf is quite high at $751. This reflects the high construction costs of recent years, as well as the fact that most of this construction takes place in expensive and often urban areas. Approximately 60% of this construction is located within the top three clusters (Boston, San Francisco, San Diego).
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