In 2024, the life sciences real estate sector is set to witness significant growth, with construction completions expected to reach record highs.
In consequence, the latest CommercialSearch report offers a comprehensive overview of the U.S. life sciences real estate sector, covering the current trends, historical context, and future prospects of the top markets.
Here are some key findings:
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The Atlanta market is home to one of the largest life sciences deliveries due in 2024 – the 368,000 square-foot Science Square Labs project, which ranked 16th in the top 20.
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Owned by Georgia Institute of Technology, the new building is scheduled for completion in Q1 2024.
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Overall, the Kilroy Oyster Point – Buildings D, E & F project in San Francisco will be the largest life sciences delivery to be completed this year, at 865,000 square feet..
The U.S. life sciences real estate sector presents a dynamic picture in 2024. Completions are expected to reach record highs this year on the back of the construction surge the industry experienced during and after the pandemic. And, even as new projects are slowing down, allowing markets to adjust, and promising a drop in deliveries in the coming years, 2024 is still shaping up to be a strong year for life sciences construction.
Amidst this evolving landscape, groundbreaking scientific advancements — like AI-powered drug discovery; cell and gene therapies; and effective new drugs for obesity treatment — add to the growing demand for cutting-edge life sciences lab space.
So, using CommerciaEdge data, this report delves into the U.S. life sciences real estate sector by providing insights into current trends, historical context, and future prospects within the top markets.
Read the full study and have a look at the complete methodology: https://www.commercialsearch.