{"id":2675,"date":"2024-03-22T13:31:15","date_gmt":"2024-03-22T13:31:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=2675"},"modified":"2025-11-12T12:34:33","modified_gmt":"2025-11-12T12:34:33","slug":"life-sciences-building-report-construction-inventory","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/life-sciences-building-report-construction-inventory\/","title":{"rendered":"San Francisco &#038; San Diego to Deliver 2024\u2019s Largest Life Sciences Developments, Boston Leads Construction Pipeline"},"content":{"rendered":"<p><strong>Key Statistics:<\/strong><\/p>\n<ul>\n<li><strong>865,000 square feet:<\/strong> Size of the largest property set for a 2024 delivery \u2014 phase two of Oyster Point in San Francisco<\/li>\n<li><strong>10.9 million square feet:<\/strong> Current size of Boston\u2019s life sciences pipeline, the largest amount under construction nationally<\/li>\n<li><strong>38.3%:<\/strong> Expected increase of life sciences space in Boston upon completion of projects currently under construction<\/li>\n<li><strong>104.8%: <\/strong>Growth in life sciences stock in San Francisco between 2014 and 2023, making it the fastest-growing market nationally by percentage<\/li>\n<\/ul>\n<p>The U.S. life sciences real estate sector presents a dynamic picture in 2024. Completions are expected to reach record highs this year on the back of the construction surge the industry experienced during and after the pandemic. And, even as new projects are slowing down, allowing markets to adjust, and promising a drop in deliveries in the coming years, 2024 is still shaping up to be a strong year for life sciences construction.<\/p>\n<p>Amidst this evolving landscape, groundbreaking scientific advancements \u2014 like AI-powered drug discovery; cell and gene therapies; and effective new drugs for obesity treatment \u2014 add to the growing demand for cutting-edge life sciences lab space.<\/p>\n<p>So, using information provided by Yardi Research Data, this report delves into the U.S. life sciences real estate sector by providing insights into current trends, historical context, and future prospects within the top markets.<\/p>\n<p>Our analysis unfolds in three key sections:<\/p>\n<ul>\n<li><strong>Largest Life Sciences Projects<\/strong>: We begin with a focus on the most significant life sciences projects expected for completion in 2024, followed by a review of notable completions from 2023.<\/li>\n<li><strong>Under-Construction Pipeline<\/strong>: We analyze active construction pipelines as of 2024, offering insights into upcoming developments for this year and beyond.<\/li>\n<li><strong>Decade of Growth<\/strong>: We delve into the past decade to chart the markets with the largest growth, thereby revealing the sector\u2019s trajectory and evolution.<\/li>\n<\/ul>\n<h2>San Francisco &amp; San Diego Home to Largest Life Sciences Projects Set for 2024 Delivery<\/h2>\n<p>The West Coast heads the list of the top life sciences developments for 2024, boasting the two largest projects slated for completion in San Francisco and San Diego. These waterfront developments \u2014 part of a growing trend toward human-centric \u201cmega campuses\u201d \u2014 feature dedicated spaces for collaboration and recreation, both indoors and outdoors. However, when looking at the national landscape, Boston emerges as the leader by contributing half of the top 20 entries for 2024. San Diego follows with three projects, while San Francisco and Philadelphia each contribute two.<\/p>\n<div class=\"infogram-embed\" data-id=\"7896ca77-49e7-479e-a125-99159806c3cf\" data-type=\"interactive\" data-title=\"LS_Top 2024\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>Leading the pack is <strong>Phase Two of Oyster Point in South San Francisco<\/strong>. Envisioned as a life sciences hub, this 865,000-square-foot development is part of a larger five-phase, $3 billion project by Kilroy. The new three buildings, dubbed \u201cGravitate,\u201d are set to offer a 60\/40 split of lab and office space to cater to the diverse needs of life sciences companies. Beyond its functionality, Oyster Point prioritizes a stimulating work environment featuring an outdoor amphitheater and recreational areas.<\/p>\n<p>Holding the second spot is <strong>RaDD Block 2B<\/strong>, a 745,000-square-foot life sciences tower by IQHQ. This project marks a significant departure from San Diego\u2019s established clusters, which are typically located in areas like Torrey Pines and UTC. Instead, RaDD ventures into the downtown district, aiming to establish a new foothold for the industry within this central hub. This bold move by IQHQ suggests a potential shift in San Diego\u2019s life sciences landscape, which could pave the way for further downtown development. In the same vein, the other two San Diego projects in this year\u2019s top 20 deliveries are located downtown.<\/p>\n<p>Switching coasts, the third-largest project on the top life sciences deliveries list for this year is <strong>101 College St. in New Haven, Conn<\/strong>. This 600,000-square-foot building, earmarked for completion in Q1, is large enough to secure Bridgeport-New Haven a spot among the top 10 markets in terms of life sciences space under construction. In this case, the building will act as a centerpiece for New Haven\u2019s broader \u201cDowntown Crossing\u201d revitalization project, which spans the city\u2019s Route 34 and bridges downtown with Yale New Haven Hospital. Notably, Yale University has signed on as an anchor tenant at 101 College St.<\/p>\n<p>Staying in New England, Boston\u2019s Seaport district continues its legacy of delivering innovative life science assets with <strong>10 World Trade<\/strong>. This 17-story development, expected to be completed later in the year, challenges conventional design with floors increasing in size as they ascend. Plus, the building\u2019s technological advancements are equally impressive, earning it double platinum status in both WiredScore and SmartScore \u2014 a first for the East Coast.<\/p>\n<p>In recent years, Cambridge, Mass., and the Seaport district have been Boston\u2019s primary spots for new life sciences development but, this year, Somerville, Mass., is rapidly emerging as a key player. Specifically, several significant projects are underway, including <strong>Assembly Innovation Park \u2013 Phase I<\/strong> by BioMed Realty and <strong>74M<\/strong> (74 Middlesex Ave.) by Greystar, which rank as the sixth- and eighth-largest life sciences developments on the 2024 list, respectively.<\/p>\n<h2>Manhattan, Philadelphia, &amp; Houston Join Boston as Top Spots for Life Sciences Completions in 2023<\/h2>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-xedff-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-xedff-1n7m0yu\">\n<div class=\"flex flex-col text-sm pb-9\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-49\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] group final-completion\">\n<div class=\"relative flex w-full flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"b4118a08-79a9-4653-a1c4-51782ad78af2\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<p>Lat year, Manhattan, Philadelphia, and Houston joined Boston as top spots for life sciences completions. Boston\u2019s Seaport District, famed for its iconic glass towers, saw the completion of the largest life sciences project of the year, the 610,000-square-foot <strong>400 Summer St<\/strong>.<\/p>\n<p>Next, <strong>Manhattan\u2019s West End Labs<\/strong>, a repurposed former Chrysler facility, showcased the potential of adaptive reuse in space-constrained markets. Then, <strong>Philadelphia\u2019s One uCity Square<\/strong> project secured the third spot. Meanwhile, <strong>Houston\u2019s Horizon Tower at TMC Helix Park<\/strong> marked the first of three projects from the city among the top 20 completions of 2023.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Explore the table below for details on the remaining projects.<\/p>\n<div class=\"infogram-embed\" data-id=\"d6824491-455f-456e-ad24-53b037898c99\" data-type=\"interactive\" data-title=\"LS_Top 2023\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2>Boston, San Francisco &amp; San Diego Still Lead Life Sciences Construction<\/h2>\n<p>Boston, San Francisco and San Diego maintain their reputation as centerpieces of the U.S. life sciences industry with a combined 21 million square feet of life sciences space currently under construction. Yet, at the same time, the life sciences market is showing signs of decentralization from these traditional hubs with up-and-coming clusters like Philadelphia; White Plains, N.Y.; Raleigh-Durham, N.C.; and the Winston-Salem-Greensboro, N.C., areas attracting attention.<\/p>\n<p><iframe id=\"datawrapper-chart-WI7K7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Top 10 Markets with Most Life Sciences Space Under Construction\" src=\"https:\/\/datawrapper.dwcdn.net\/WI7K7\/6\/\" height=\"499\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Stacked Bars\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();<\/script><\/p>\n<p>First, <strong>Boston<\/strong> stands out as the life sciences market boasting the most active pipeline in the nation. Currently, 10.9 million square feet are under construction, with a projection of more than 7.5 million square feet completed by year's end. This surge represents a substantial 38.3% increase in Boston's life sciences market and makes up a third of ongoing construction across the top 10 markets. Notably, Boston\u2019s position as the largest U.S. life sciences market continues to attract major players in the field, exemplified by Novo Nordisk's recent full-building lease in Waltham. Moreover, with life sciences accounting for a 9.8% share of Boston's commercial real estate market, it serves as a cornerstone of the city's success, securing its<a href=\"https:\/\/www.commercialcafe.com\/blog\/office-pipeline-report\/\" target=\"_blank\" rel=\"noopener\"> leading position in national office market development.<\/a><\/p>\n<p>The runner-up in life sciences development, <strong>San Francisco<\/strong>, solidified its position as the second-largest life sciences market. Currently, this market has 5.7 million square feet of life sciences space under construction, with roughly 4.6 million square feet slated for completion this year, offering hope amid challenges faced by traditional office spaces. In particular, South San Francisco, renowned as a hub for lab development, remains busy with activity, featuring a number of completed and ongoing waterfront projects offering top-tier amenities. Notably, Kilroy\u2019s Oyster Point Phase 2 emerges as the nation\u2019s largest anticipated life sciences delivery this year.<\/p>\n<p>Rounding out the top three, <strong>San Diego<\/strong> boasts nearly a total of 4.3 million square feet of ongoing life sciences construction, reflecting a substantial 36.9% increase in its existing life sciences inventory. Although its construction growth is slightly slower than the top two, it nevertheless holds the highest share of life sciences space (10.5%) out of all office space among these leading markets.<\/p>\n<p>Next \u2014 and leading the \u201cemerging markets\u201d pack \u2014 is <strong>Philadelphia<\/strong> with more than 1.6 million square feet under construction presently. Despite that label, the city has a rich history in cell and gene research, spearheaded by groundbreaking work at the University of Pennsylvania. Accordingly, the City of Brotherly Love strategically leverages its talent pool in the cell and gene therapy sector to expand its biomanufacturing capabilities, aligning with rising demand. In particular, projects like 3201 Cuthbert St. will offer manufacturing suites alongside advanced R&amp;D.<\/p>\n<p>Up next, the <strong>White Plains, N.Y.<\/strong>, life sciences market punched well above its weight by securing fifth place in the ranking. Currently, it has 1.1 million square feet of life sciences space under construction, almost all of which \u2013 approximately 0.9 million square feet \u2013 is actually set to be completed beyond this year. Notably, the under-construction pipeline in White Plains surpasses that of New York City\u2019s boroughs, making it the sole entry from the state in the top 10. With a solid foundation in life sciences, anchored by its universities and medical centers, Westchester County fosters a diverse ecosystem supported by incubator programs, startups, and industry leaders such as Regeneron.<\/p>\n<p>Not to be outdone, <strong>Raleigh-Durham\u2019s<\/strong> life sciences sector in North Carolina continues its steady growth trajectory with more than 1 million square feet of new space currently under development. This expansion adds to the existing 6.2 million square feet, cementing the region\u2019s position as a major player in the national landscape. A key contributor to this growth is the thriving research environment anchored by world-class universities. However, its additional strengths include a pro-business climate with competitive tax rates; streamlined regulations; and, crucially, attractive energy costs.<\/p>\n<p>Remaining in North Carolina, the<strong> Triad market<\/strong> (Greensboro \u2013 Winston-Salem), rounds out the life sciences markets with at least 1 million square feet of space currently under development. However, this metro\u2019s square footage is driven by a single project \u2014 the second phase of the Innovation Quarter in Winston-Salem. Residing on either side of the city\u2019s Research Parkway, this new development builds upon the first phase that was completed more than 10 years ago.<\/p>\n<h2>San Francisco Experiences Largest 10-Year Market Growth Rate In Last Decade (2014-2023)<\/h2>\n<p>A retrospective of the last 10 years across the U.S. markets with the most life sciences space added is undoubtedly shaped by the boom in the sector around 2021. That said, some top growth markets \u2014 like San Diego (2016-2017) and Seattle (2018-2019) \u2014 experienced their strongest year-over-year expansion outside of this post-pandemic period.<\/p>\n<div class=\"infogram-embed\" data-id=\"3380f29b-9997-46c8-af95-423e4b2fbb07\" data-type=\"interactive\" data-title=\"LS_10Y\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>Entering 2014 in the pole position in terms of the largest life sciences market, <strong>Boston <\/strong>has gone from strength to strength, adding more than 11.4 million square feet of stock to its inventory. In raw numbers, this was quite comfortably the largest addition among the top markets between 2014 and 2023.<\/p>\n<p>Meanwhile,<strong> San Francisco<\/strong> \u2014 the runner-up in terms of total square footage added \u2014 boasts the most impressive growth rate among the top U.S. life sciences markets. During the last decade, its market size has more than doubled with a 104.8% increase, translating to 7.2 million square feet of added space.\u00a0Notably, this expansion propelled San Francisco ahead in the U.S. life sciences market size rankings: Starting behind its West Coast counterparts in 2014, the city surpassed the Bay Area in 2018 and San Diego in 2021.<\/p>\n<p>Up next, <strong>San Diego<\/strong> added 2.8 million square feet of space for the third-highest total in the same period. However, hot on its heels was <strong>Seattle<\/strong> with 2.2 million square feet of additional space. In fact, Seattle\u2019s life sciences market has grown by 97.6% compared to its size 10 years ago, making it the second-fastest-growing market in terms of percentage among the top 10 markets.<\/p>\n<p>Rounding out the top performers, the past decade witnessed consistent year-over-year expansion in the <strong>Bay Area<\/strong> and<strong> Raleigh-Durham, N.C.<\/strong>, which added 1.9 and 1.7 million square feet of life sciences space, respectively. Otherwise, <strong>Chicago<\/strong>\u2019s trajectory began around 2019 with a sharp rise culminating in 1.2 million square feet added during the decade. Interestingly, <strong>Philadelphia<\/strong> (unlike the others) saw a recent surge in the last two years to push its total added space past the 1 million mark for the entire period. Lastly, <strong>Manhattan<\/strong>\u2019s growth was defined by two distinct leaps in market size occurring between 2017 to 2018 and 2022 to 2023.<\/p>\n<h2>Methodology<\/h2>\n<p>All property and market data is courtesy of Yardi Research Data. Individual building data and market stats were extracted on February 8, 2024, and are subject to change. For the purposes of data accuracy, only life sciences buildings or mixed-use buildings containing life sciences office space larger than 25,000 square feet were included.<\/p>\n<p>The list of largest life sciences building completions in 2024 includes properties that have already been completed as of the publication of this article. While Yardi Research Data attempts to ensure the accuracy of projected completion dates, final completion and opening dates may differ.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Statistics: 865,000 square feet: Size of the largest property set for a 2024 delivery \u2014 phase two of Oyster Point in San Francisco 10.9 million square feet: Current size of Boston\u2019s life sciences pipeline, the largest amount under construction nationally 38.3%: Expected increase of life sciences space in Boston upon completion of projects currently under construction 104.8%: Growth in life sciences stock in San Francisco between 2014 and 2023, making it the fastest-growing market nationally by percentage The U.S. life sciences real estate sector presents a dynamic picture in 2024. Completions are expected to reach record highs this year&#8230;<\/p>\n","protected":false},"author":3163,"featured_media":2685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-reports"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Life Sciences Construction Report | CommercialSearch<\/title>\n<meta name=\"description\" content=\"Life sciences remains a bright spot in commercial real estate, though the blistering pace of recent years is likely to moderate. See top markets for new space and completions in 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/blog\/life-sciences-building-report-construction-inventory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life Sciences Construction Report | CommercialSearch\" \/>\n<meta property=\"og:description\" content=\"Life sciences remains a bright spot in commercial real estate, though the blistering pace of recent years is likely to moderate. See top markets for new space and completions in 2024.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/blog\/life-sciences-building-report-construction-inventory\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialSearch\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-22T13:31:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-12T12:34:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/03\/Life-Sciences-2024.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1300\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Matthew Preston\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matthew Preston\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/life-sciences-building-report-construction-inventory\/\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/life-sciences-building-report-construction-inventory\/\",\"name\":\"Life Sciences Construction Report | CommercialSearch\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/life-sciences-building-report-construction-inventory\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/life-sciences-building-report-construction-inventory\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/03\/Life-Sciences-2024.jpg\",\"datePublished\":\"2024-03-22T13:31:15+00:00\",\"dateModified\":\"2025-11-12T12:34:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/44a8a1fa2b4207afba1c2bb0ef1e2d80\"},\"description\":\"Life sciences remains a bright spot in commercial real estate, though the blistering pace of recent years is likely to moderate. 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