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Life Science Sector Asking Rents, Occupancy Surge Amid Sky-High Demand

Double-digit increases in inventory are coming for New York City, Chicago and Philadelphia.

By Lynn Pollack | March 25, 2022 at 07:12 AM

As growth in the life sciences sector hits historic levels, demand for lab space across major US cities has exploded.  And that in turn has driven up rents and occupancy in key markets, as the construction pipeline struggles to keep pace.

“Coupled with strong capital flows, life sciences companies have increased their footprint in most markets, driving up rents and increasing occupancies,” says a new report from Cushman & Wakefield looking back at the sector’s performance during the first quarter. “This uptick has attracted more jobs and more talent to the sector as evidenced by the growth of employment.”

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