Lab leasing activity hasn’t capitalized on the momentum seen at the end of 2024, with major markets posting vacancy rates well above the norm and deal counts sliding sharply. 
The leases that have been signed tend to be renewals at shorter terms than landlords might like. And when taken together with a yawning glut of supply — a common topic at Bisnow’s International Life Sciences & Biotech Conference, held earlier this month in San Diego — a picture emerges of a market that might not rebound for years.
“Even average performance isn’t good enough to dig ourselves out of the supply hole…