The life sciences market has come back down to earth after being one of the hottest real estate sectors during the pandemic. A boom in construction activity has led to a stark supply-demand imbalance, dragging the sector down. After hitting record levels of construction activity in the second quarter of 2024, CBRE reports that three of the biggest life sciences markets, Boston, San Diego, and San Francisco, are dealing with oversupply issues.Construction deliveries across all three markets peaked between the fourth quarter of 2023 and the second quarter of 2024, driving vacancy rates to a record high and creating negative net absorption over the last 12 months. CBRE predicts that all three markets will take several years to absorb the oversupply. Of the 13 U.S. life sciences markets that CBRE analyzed, there was a negative net absorption of nearly two million square feet...
RSK: I am not sure we have that many hospitals in Greater Madison Area that can be converted, but other parts of the state especially NW Wisconsin have closed several hospitals. Concept just might work if there are enough skilled workers in the area.
Ken Notes: Eau Claire has a couple...
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- - Volume: 25 - WEEK: 1 Date: 1/1/2025 8:34:33 PM -