The DC-Baltimore area is now the 7th largest life science market that we track. With 12.7 million square feet of inventory, and 2.3 million square feet in the pipeline, it is a strong cluster for life science research. The chart below is a snapshot of the market in the 1st quarter of 2024. DC-Baltimore is experiencing a lot of the same dynamics as the rest of the sector. Inventory has gone through a wave of rapid growth and is just now starting to settle down. The size of the market has grown about 10% from one year ago, and it will continue to climb as the projects that are currently in progress continue to deliver. However, the pipeline is now decreasing, with a 30% decrease year-over-year. Once the pipeline clears out, inventory will stabilize for the time being. Unsurprisingly, transaction volume has been suppressed, with very little activity in the past year. Occupancy has bounced back over 90%, signaling the strength of the demand for space.
If you are interested in getting more detail on DC-Baltimore, or any other life science markets, you can learn more about our data at revistalab.com.
