JLL says US lab availability falls 2 million sq ft since mid-2025, signaling market bottoming out

Jones Lang LaSalle Incorporated

Jones Lang LaSalle Incorporated

JLL

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  • JLL flagged a turning point in U.S. life sciences real estate as lab availability fell about 2 million square feet since mid-2025.
  • Oversupply remains the core constraint, with a roughly 6:1 supply-to-demand ratio, keeping rents under pressure through decade-end.
  • Tenant flight to quality accelerated, with post-2020 buildings cutting availability by 2.6 million square feet in nine months.
  • Pre-2000 lab inventory added 700,000 square feet back to the market, underscoring rising obsolescence risk for older assets.
  • Top markets led the recovery, with Boston, Bay Area, San Diego, Raleigh-Durham demand up 44% year-over-year to nearly 8 million square feet in Q1 2026.


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