Biotech revolution accelerates demand for lab space
Boston, the San Francisco Bay Area and San Diego remain the premier markets for life sciences real estate, with demand across all major markets growing by 34 percent since mid-2020, according to CBRE.
The more than 15.6 million square feet of speculative construction under way as of first quarter 2021 is still not enough to meet current tenant requirements for lab space. The prospect of oversupply from conversions of other property types to lab/R&D space has not materialized through early 2021. And rents continue to grow quickly, particularly in ascendant markets such as Philadelphia and Washington, D.C.–Baltimore.
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