Avison Young：2025年下半年美国生命科学地产市场报告（英文版）（19页）.pdf

1、Page 1U.S.life sciences report|H2 2025U.S.life sciences reportH2 2025Page 2U.S.life sciences report|H2 2025When measured against pre-pandemic annual averages(20152019),leasing activity across all major U.S.life science markets remained below historical norms in 2025,underscoring a still-cautious exp

2、ansion environment for biotech and pharma occupiers.Despite this broader slowdown,Boston and the Bay Area emerged as the clear leaders in activity,buoyed by several large-scale transactions that closed in the fourth quarter.Together,these two markets accounted for approximately 70%of total lab leasi

3、ng demand for 2025,highlighting a continued flight-to-core trend among tenants who are prioritizing established ecosystems with deep talent pools,proximity to research institutions,and access to capital.2025 delivered a much-needed resurgence in capital flows to the biotech sector,marking the strong

4、est year for venture capital investment since 2021.Funding activity remained highly concentrated,with Boston-and San Diego-based companies capturing approximately 66%of total VC dollars,reinforcing their positions as the nations leading life science hubs.While the bulk of capital continued to target

5、 series A and B rounds reflecting investor preference for more de-risked platforms a notable rebound in seed and pre-funding activity also emerged.This uptick at the earliest stages of the lifecycle points to accelerating company formation and a rebuilding of the innovation pipeline,laying the groun

6、dwork for future demand.Overall availability has started to level off,signaling that the market may be approaching an inflection point.Rising leasing activity,combined with a sharp slowdown in new deliveries,is setting the stage for tightening conditions in 2026 as existing inventory is gradually ab