1、Page 1U.S.Life Sciences report|H1 2024U.S.LifeSciences reportLab/R&DH1 2024Page 2U.S.Life Sciences report|H1 2024After the delivery of 3.3 million square feet(msf)during H1 2024 and project pauses totaling 1.3 msf,active construction now sits at 20.3 msf.With the pipeline 40%leased and an ample avai

2、lability concentrated across recent building deliveries,the market will have some time to absorb this newer product.Construction starts totaled only 512,000 sf during H1 2024,spread across two buildings.Driven by a speculative construction projects,sublease market activity,and limited leasing veloci

3、ty in H1 2024,the total availability rose to an all-time high of 26.4%,which represents 47.5 msf.Looking ahead,leasing activity is expected to accelerate due to increased capital investment into life sciences,coupled with the prospect of more favorable economic conditions influenced by federal monet

4、ary policy.After 10 consecutive years of positive net absorption,the lab/R&D market is on track to break the streak in 2024.While some markets like Boston registered positive absorption in H1 2024 due to leased building deliveries,a decrease in occupancy due to sublease vacancies occurred in other m

5、ajor markets like the Bay Area and Raleigh/Durham,which influenced a negative occupancy performance.of lab/R&D supply is under constructionof lab/R&D space is available on a direct basisin net absorption occurred during H1 2024-836 ksf26.4%20 msfU.S.lab/R&D market trendsPage 3U.S.Life Sciences repor

6、t|H1 202414.8%14.3%4.9%28.6%70.0%31.5%0%10%20%30%40%50%60%70%80%0 msf20 msf40 msf60 msf80 msf100 msf120 msfPre-20002000s2010s2020-202320242025+Leased sfAvailable sfAvailability%Availability concentrated in newer buildings52%of the 47.5 msf of available lab space is concentrated within buildings deli