New life science market report highlights record-high CRE delivery

A record 3.1 million square feet of purpose-built laboratory product was delivered in the top three markets — Boston, San Diego and the Bay Area — during the fourth quarter 2023, according to Newmark in its 2023 Year-End National Life Science Market Overview.

These three hubs also consistently attract more than 50 percent of all VC funding annually, raising a combined $15.1 billion in funding last year.

As the population ages, a greater emphasis on healthcare will drive demand. Per capita healthcare spending in the base case scenario is projected to increas