Market Highlights

• Overall vacancy increased 61.6% year over year to 28.6%, driven in part by the delivery of more than 3 million square feet (msf) of new life sciences space added to the market.
• Following the completion of Alexandria Real Estate’s 10300 Campus Point Drive, which is fully occupied by Bristol Myers Squibb, there is currently no life sciences development under construction as developers await approval of future projects.
• Venture capital funding declined to $2.3 billion for the year, reflecting a 44.8% decrease from 2024’s annual total, while deal volume remained stable.

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