March 2025 Life Sciences Update

U.S. Vacant Sublease Space Has Increased

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CONTENTS

• The rise in vacant sublease space is driving both higher overall vacancy rates and softer market rents in the U.S. • Across the 12 U.S. markets, sublease vacancy increased 50 bps YOY, reaching 3.3% by the fourth quarter of 2024. • Some markets, including Boston, San Diego, New Jersey and Denver, posted a YOY drop in total vacant sublease space.

Sublease Vacancy Rate by Market

Q4 2024 Q4 2023

7%

6.4%

6%

5%

4%

3.7% 3.5%

3.4%

3.3%

3.0%

3%

2.6%

2.5%

2%

1%

0.7% 0.6%

0.2% 0.1%

0%

Source: Cushman & Wakefield Research

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Cushman & Wakefield