Life Sciences Market Downturn, Selective Expansion & Adaptive Reuse

Life-sciences distress is deepening in overbuilt coastal markets: IQHQ surrendered a vacant San Francisco biotech building, Taconic sold an unoccupied lab for $73.1 million, and an unbuilt $300 million Hell's Kitchen project returned to its lender. Cleveland Clinic's 300,000-square-foot research opening and Siemens Healthineers' $43.6 million Tennessee PET-detector expansion support selective, clinically driven manufacturing and research demand, while generic laboratory markets remain weak.