March 2025 Life Sciences Update

Activity Increased in Metros Yet Remains Muted

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CONTENTS

Top 10 Metros by Sales Volume

• Most of the top 10 U.S. metros saw a rebound in sales volume in 2024. Only San Diego, New York City and Los Angeles saw volumes decline over the past year. • Boston’s deal volume reached $2.1 billion in 2024, up 51% YOY — though still just one quarter of its peak 2021 levels. • The San Francisco metro recorded $1.2 billion in sales, a 20% YOY increase, but remains below its 2021 peak.

2024 2023

$2,086

Boston Metro

$1,213

SF Metro

$528

Dallas

$428

Seattle

$424

San Diego

$317

NYC Metro

$255

LA Metro

$242

Austin

$188

DC Metro

$159

Phoenix

$0

$500

$1,000

$1,500

$2,000

$2,500

Sales Volume ($Millions)

Source: MSCI Real Capital Analytics, Cushman & Wakefield Research

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Cushman & Wakefield