U.S. life sciences report
H1 2025
U.S. life sciences leasing recovery rate
total H1 2025 leasing activity
Halfway into 2025, leasing activity for life sciences is on track for its lowest year since 2012. While Boston and the Bay Area remain the predominant drivers of life sciences leasing, the industry has been in a state of indecision due to the rapidly changing policy shift at the federal level.
total U.S. life sciences availability rate
Over a quarter of the U.S. life sciences market is available for lease, marking a record high. Occupiers have their pick of a variety of space options and lease terms while landlords are faced with more competition than ever before.
For more information, contact:
- U.S. Life Sciences and Office Agency Lead, Market Intelligence
- Life Sciences, Office Agency
- Senior Manager, U.S. Office Lead, Market Intelligence
- Office
See how Boston, the Bay Area, San Diego, the Tri-State, Philadelphia, Raleigh-Durham, Seattle, and Washington, D.C./Baltimore are driving the life sciences sector today.
Industry leasing activity
Recovery varies by market; however, in most markets, life sciences leasing activity remains below pre-COVID averages. While Boston and San Diego have seen the largest recovery in leasing activity, both markets remain well below their highs in 2021 and 2022.
Transaction volume by key markets
Transaction volume in the Boston and Bay Area markets combined has traditionally accounted for more leased space than the rest of the U.S. Since experiencing the inverse in 2023, the Boston and Bay Area markets have been rebounding to traditional levels, with nearly a 50/50 split through the first half of 2025.
Available space
Almost 60 million square feet of life sciences space is available across the U.S.—one-fifth of which comes from a growing sublease market. This has resulted in direct asking rates starting to drop in most life sciences markets, creating an opportunity for many occupiers to capitalize on discounted sublease rents with more flexible term options.
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