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Strong momentum in lab space demand is changing direction for new development

Projects in the development pipeline that initially targeted office tenants are increasingly adapting to include those with lab space needs as the office market starts to cool down after a high positive growth period during the past three years.

Since 2015, more than 2.0 million square feet were absorbed by development projects including ground-up and renovated space. More than 70 percent of this amount was absorbed in South San Francisco, a world-class life science cluster.

The current vacancy rate for SF Mid-Peninsula lab space stands at 0.6 percent with monthly asking rents ranging between $3.75 in South County and $5.00 in North County on a triple net basis.

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