March 2025 Life Sciences Update

Nearly 15 MSF Set To Deliver in the U.S. by 2026, With 44% Pre-leased

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CONTENTS

Expected Construction Completions: US Markets 2025-2026

• Of the nearly 16 msf currently under

construction in the U.S., the bulk of it — 14 msf — is due for completion in 2025. This marks a significant slowdown in the life sciences construction pipeline, with less than 2 msf expected to deliver beyond 2025. • The San Francisco Bay Area is expected to add the most space in 2025, with nearly 4 msf expected to deliver. With 85% of this space currently available, a large portion will likely deliver vacant in 2025, putting further pressure on the Bay Area’s vacancy rate. • The Boston market, which has seen the highest volume of vacant new space delivered, has slowed its construction pipeline. Of the 3 msf slated for delivery this year, only 51% remains available — a figure that may drop as more tenants commit to new space.

Pre-leased

Available

100%

0.1

90%

80%

0.4

2.1

2.0

70%

60%

3.2

0.3

50%

0.5

0.2

1.7

40%

Percent Available and Pre-leased (Under Construction in MSF)

30%

0.4

1.9

1.4

20%

10%

0.5

0.04

0%

Boston

SF Bay Area San Diego Philadelphia

Seattle

New Jersey

Chicago

Denver

Source: Cushman & Wakefield Research

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Cushman & Wakefield