TAKEAWAYS

• Under construction and build-to-suit projects for life science tenants have surged resulting in a sharp increase in leasing activity with most space being pre-leased. Leasing activity totaled 2.6 million square feet, a 67.2% increase from one quarter ago.
• Asking rents continue to climb to an all-time high of $3.64 per square foot per month, a 3.7% increase from one year ago. Asking rents are expected to increase as new construction and higher-end space deliver to the market.
• Overall availability decreased to 18.4% and is expected to continue to decrease in 2022 as life science and technology companies are expanding again locally.

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