SAN FRANCISCO—A wave of new supply—including conversions as well as ground-up development—is outpacing demand in the Bay Area’s life science sector, pushing the vacancy rate for Q1 2024 up over 20%.

The leasing market slowdown in the Bay Area continued in the first quarter, with gross leasing activity totaling just 394,000 SF for the entire region, a tick down from the previous quarter and 41% below the 10-year quarterly average.


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Jack Rogers

GlobeSt

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