An “aggressive” expansion by life science companies is underway in the Bay Area, a shopping spree for space that has shoved rents and vacancy levels higher.
Life science companies have launched a robust expansion in the Bay Area, a shopping spree for space that has shoved rents and vacancy levels higher, a new report says.
“With over 46 million square feet of lab inventory, the Bay Area continues to experience aggressive industry expansion” in the life sciences sector, Cushman & Wakefield stated in the report, released Monday.5567 Cushing Parkway in Fremont, an advanced manufacturing building totaling 164,900 square that Sana Biotechnology has leased.
Vacancy rates for life science buildings reached 10.9% in 2021, which was 60.3% higher than the 6.8% vacancy rate for such structures in 2020, according to the research Cushman & Wakefield provided to this news organization.
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