In place rents have been on the rise within the Life Science sector’s top 3 markets (Boston, San Diego and San Francisco). Data is gathered by https://www.revistalab.com/ and is based on leases commencing each year in the top 3 markets. The data shows that average base rents for leases commencing in 2022 are $65.72/SF. This is up 9.2% from $60.20 in 2021 and also represents a 34% increase from leases commencing in 2016. This increase is undoubtedly related to the supply/demand imbalance we wrote about recently.
Average in place rent escalators are currently averaging 3.1% within the top 3 markets. This has steadily increased over the past few years 2.9% last observed in 2019.
Join us October 13 and 14 in Boston at the Boston Harbor Encore Hotel as we take a deeper dive in to current in place and asking rent trends for the Life Science Sector. In addition, please check out our new data service https://www.revistalab.com/ which contains both asking and in place rent data for life science properties.