2025年下半年美国生命科学地产市场报告

H2 2025 U.S. life sciences leasing trends | H2 2025 total U.S. lab/R&Davailability rate U.S. lab/R&D leasing activityrecovery 2025 venture capital fundinginto biotech Overall availability has started to level off, signaling thatthe market may be approaching an inflection point. Risingleasing activity, combined with a sharp slowdown in newdeliveries, is setting the stage for tightening conditions in2026 as existing inventory is gradually absorbed. 2025 delivered a much-needed resurgence in capitalflows to the biotech sector, marking the strongest yearfor venture capital investment since 2021. Fundingactivity remained highly concentrated, with Boston-and San Diego-based companies capturingapproximately 66% of total VC dollars, reinforcing theirpositions as the nation’s leading life science hubs. When measured against pre-pandemic annualaverages (2015–2019), leasing activity across all majorU.S. life science markets remained below historicalnorms in 2025, underscoring a still-cautious expansionenvironment for biotech and pharma occupiers. That said, recovery remains uneven across markets. Majorlife sciences hubs such as Boston, the Bay Area, and SanDiego continue to face elevated supply pressures, withmore than a quarter of total inventory currently availablein each. These markets will likely require additional time towork through excess supply before meaningful rentgrowth can resume, particularly as tenants remainselective and absorption continues at a measured pace. Despite this broader slowdown, Boston and the BayArea emerged as the clear leaders in activity, buoyedby several large-scale transactions that closed in thefourth quarter. Together, these two markets accountedfor approximately 70% of total lab leasing demand for2025, highlighting a continued flight-to-core trendamong tenants who are prioritizing establishedecosystems with deep talent pools, proximity toresearch institutions, and access to capital. While the bulk of capital continued to target series Aand B rounds—reflecting investor preference formore de-risked platforms—a notable rebound in seedand pre-funding activity also emerged. This uptick atthe earliest stages of the lifecycle points to acceleratingcompany formation and a rebuilding of the innovationpipeline, laying the groundwork for future demand. Leasing activity, 2025 vs.pre-COVID averages (2015–2019) Leasing activity remainedbelow pre-pandemic averagesfor all major life sciencesmarkets in 2025, with Raleigh-Durham and Boston seeingthe strongest recoverycompared to the baseline. 2025 leasing activity in key markets After a strong fourth quarter,Boston and the Bay Areacombine for over 5.7 millionsquare feet (msf) of leasing,which accounted forapproximately 70% of totalleasing activity overall. Biotech VC funding vs. IPOs Biotech companies receivedjust over $78.8 billion inventure capital funding in 2025thanks to a large uptick seenBoston and San Diego. However, public funding intothe sector through IPOsremains dormant with onlyeight IPOs taking place in 2025. Available lab/R&D supply After several years of risingsupply, a diminishingconstruction pipeline—coupled with several largeleases in the fourth quarter—helped push availability to itspeak. Availability by major lab market As of year-end 2025, all majorlife sciences markets have asurplus of lab/R&D supply withBoston, the Bay Area, and SanDiego accounting for 70% ofthe available lab supply acrossthe country. Top lab/R&D lease transactions | H2 2025 Recent leasing activity Local market2025 lifesciencestrends Boston Greater Boston recorded-2.86msfin net absorption in 2025,marking the first negative year since 2011.This reversal wasdriven by a surge in large sublease block availabilities, tenantfootprint consolidations, and, in some cases, companybankruptcies. As a result, available inventory climbed sharply,with roughly one-third of the total life sciences marketavailable for lease, underscoring the extent of the currentsupply-demand imbalance. Construction activity has declined sharply over the past twoyears, falling from a peak of approximately 13msfin 2022 tojust 3.2msfas ofyear-end2025. This pullback reflects muteddemand for life sciences space and elevated constructioncosts, which have effectively stalled new development. As aresult, no newprojects broke ground throughout the year,signaling a broader reset in the development pipeline. Leasing activity rebounded in 2025, marking the strongest yearof demand since 2022, with just over 3msfof lab/R&Dtransactions completed. A renewed influx of venture capitalinto Greater Boston-based life sciences companies—combined with several notable expansions and portfolioconsolidations—helped stabilize market conditions. As aresult, availability rates started to level off for the first time inthis cycle. Bay Area The Bay Area closed 2025 on a positive note, recordingapproximately 1.7msfof net absorption. This performancewas largely driven by the delivery of fully lea