1 INSIGHT

Research from Cushman & Wakefield indicates the Bay Area remains a global leader in life sciences, supported by its deep talent pool, elite research institutions, and record-setting VC/private equity investment. Despite new construction pushing vacancy to 29.3%, long-term demand continues to fuel development, with 18+ million square feet still in planning.

Source: Cushman & Wakefield Life Sciences Update – September 2025

2 MARKET HIGHLIGHTS

• Biotechnology and pharmaceuticals drive most leasing, while medical device and health tech firms add diversity.
• Nearly 20 million square feet of new and converted lab space has delivered since 2016, cementing the Bay Area’s dual hubs in the Peninsula and East Bay.

3 KEY TAKEAWAYS

• 50+ MSF of lab space across the Peninsula and East Bay reflects ongoing tenant demand.
• While biotech leads leasing, medical device and health tech firms remain highly active.
• The Bay Area continues to attract the world’s largest pool of life sciences venture capital and private equity.