2023 March Life Sciences Update
Robust Construction Pipeline
In the U.S., close to 25.5 msf is due to be delivered in the next two years, comprising 79% of the total construction pipeline. Nearly half of those completions will be located in Boston, where an estimated 10 msf of new inventory is due to be completed by 2024, and only 32%—or 3.2 msf—is currently pre-leased. Boston’s life sciences labor pool is forecasted to grow nearly 20% through 2026. This is the strongest growth forecast among the 15 markets tracked pointing to strong demand for space in Boston.
Across all markets, Boston has the largest construction pipeline with 14.1 msf of new space under construction, comprising 40% of Boston’s current lab space inventory. After Boston, the largest construction pipelines are in San Francisco (6.6 msf), San Diego (4.7 msf), Raleigh-Durham (2.2 msf) and Seattle (1.4 msf). In the UK, total lab inventory is expected to grow 27%, with a total of 1.9 msf of new space currently under construction.
Lab Space: Current Inventory & Under Construction
Under Construction Space & Projected Growth in Labor Pool
Currently, 31.9 msf of lab space under construction in the US markets and 1.9 msf in the UK markets.
SF Bay Area
Seattle Cambridge (UK)
LA-Orange County Forecasted Labor Growth (2022-2026)
Current Inventory Under Construction U/C as % of Inventory
Under Construction as % of Current Inventory
Source: Cushman & Wakefield Research
Source: Lightcast, Cushman & Wakefield Research
6 / CUSHMAN & WAKEFIELD
LIFE SCIENCES UPDATE | 2023 MARCH
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