Life Sciences U.S. Fit-Out Cost Guide 2025

LIFE SCIENCES FIT OUT COST GUIDE 2025

LIFE SCIENCES FUNDAMENTALS

Between 2021 and 2022, a wave of life sciences focused venture capital (VC) flowed into the market, resulting in an explosion of new construction projects. This growth led to a 37% increase in life sciences inventory, rising from 163 million square feet (msf) at the end of 2020 to just over 222 msf as of the third quarter of 2024. Inventory is set to expand further, with an additional 16.8 msf of space currently under construction. The San Francisco Bay Area remains the largest global life sciences market, with nearly 49 msf of existing inventory across the San Francisco and San Jose metropolitan areas. Meanwhile, Boston’s life sciences market has posted the most significant growth, adding over 18 msf of space since the end of 2020.

READ MORE: LIFE SCIENCES UPDATE AND MARKET-BY MARKET ANALYSIS

LAB SPACE: CURRENT INVENTORY AND UNDER CONSTRUCTION

Current Inventory

Under Construction

U/C as % of Inventory

60

50%

50

16.8 msf of lab space under construction

40%

40

30%

30

MSF

20%

20

10%

10

0%

0

Source: Cushman & Wakefield Research

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