Layoffs And The Supply Glut Push Bay Area Life Sciences Vacancy Rate Above 20%

More than one-fifth of the Bay Area’s life sciences facilities are vacant, according to new data from CBRE.
In the five submarkets that comprise the region’s once-booming life sciences sector, Oakland, the I-680 Corridor, Silicon Valley, the San Francisco Peninsula and the city of San Francisco, vacancy increased to 20.4% in Q1, according to CBRE Research.
The regionwide vacancy rate stood at 8.3% in the first quarter of 2023.But at the region’s occupancy peak in 2017, Bay Area life sciences properties were only 5% vacant, according to CBRE. The San Francisco Peninsula, the area’s biggest life sciences submarket, took the hardest hit in Q1. With a…
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