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CBRE
Figures
  | 
San Francisco Bay Area | Q1 2022
The San Francisco Bay Area
Life Science Market
Maintains Growth 
CBRE RESEARCH
 | 
Q1 2022
5.8%
Vacancy
336K
Net Absorption
square feet
3.4M
Under Construction
square feet
$5.96
Market Rent
per square foot NNN, monthly
6.8M
Active Requirements
square feet
Arrows indicate change from previous quarter.
The Bay Area life science market continues to attract attention from a wide audience of occupiers, investors and developers. This segment of the market witnessed one of the strongest years of occupancy growth on record in 2021 and maintained with a healthy amount of growth in Q1 2022. In total, the Bay Area recorded 335,643 sq. ft. of net absorption (existing product) during Q1 2022, further compressing its vacancy 40 basis points over the previous quarter to 5.8%. As projects continue to deliver (both new ground-up development and conversions), net absorption will continue to climb as a good portion of the pipeline was preleased at the close of Q1 2022.
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