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June 16, 2024
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Bay Area Life Science Development Pipeline Normalizes


This report provided by real estate services firm JLL

Life sciences under development inventory in the Bay Area normalizes after a period of hypergrowth

• The development inventory of life science (laboratory with office) space in the Bay Area has steadily increased in recent years. However, 2022 saw a significant surge of 77.1% year-over-year increase.

• By the end of 2023, inventory will be projected to reach 40 msf, with 8.3 msf under development. With the rise in construction cost and supply chain problems, development is expected to normalize after its hypergrowth phase.

• Currently, Boston has 39.2 msf in inventory and a 30.1% availability rate, primarily due to its 16 msf pipeline. Although this inventory is comparable to the Bay Area’s Q4 2023 projections, Boston will surpass the Bay Area’s inventory by year-end.

• During a supply constraint period, an outstandingly high number of under development projects in the Bay Area were pre-leased. However, as large blocks of supply broke ground in 2022, pre-leased numbers went down. Currently, under construction buildings represent 42.8% of total availability. This is a high number in comparison to the Bay Area office’s 4.6%.

• The injection of space is likely to create tenant favorable conditions for life science companies in 2024 as the market absorbs 4.5 msf of new inventory.

This update prepared by JLL’s Americas Research & Strategy team.

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