Life Sciences Market Downturn, Selective Expansion & Adaptive Reuse

Cushman & Wakefield reported the first national life-sciences vacancy decline in four years, nearly 500,000 square feet of positive absorption and 11% quarterly leasing growth, suggesting a tentative turn; rents were still down 5.6% year over year. Construction fell 40% and 73% of activity was build-to-suit, while coastal distress and weak rents persist. Watch whether recovery broadens beyond select markets; institution-led projects continue, and lab renovations require careful technical coordination.