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CBRE
Figures
  | 
Philadelphia Life Sciences | 1Q 2024
Activity cooled but funding points toward future demand growth.
CBRE RESEARCH
 | 
APRIL 2024
15.3%
Vacancy Rate
120.0 K
SF Net Absorption
1.3M
SF Construction
$51.84
NNN / Lease Rate
Arrows indicate change from previous quarter.
The Philadelphia life sciences real estate market began to thaw in early 2024 with an increase in funding and positive scientific discoveries pointing toward a rebound in activity prior to year-end. New leasing grew for the second straight quarter although it remains well off early pandemic-era levels. But this modest increase in demand, coupled with companies raising traditional and non-traditional funding, points toward a market warming up from a cold spell. The slow-down in activity over the past 12-18 months was not unique to the life sciences market. Significant increases in the cost-of-capital as well as high construction costs dampened demand for all product types in the region. But a boost in NIH funding in 2023 and other capital investment activity along with continued scientific advancements will  help cause the life sciences market to rebound in the near term. 
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