Cushman & Wakefield sees U.S. life sciences real estate market rebalancing as development slows

Cushman & Wakefield flagged a gradual rebalancing in U.S. life sciences real estate as new development slows, despite elevated vacancy.

• Q2 2026 asking rents averaged $64.17 psf, down 2.2% QOQ and 5.3% YOY; still 37% above traditional office.
• Vacancy rose to 24.3% in Q2 2026 from 23.4% at end-2025; sublease vacancy eased to 3.4%.
• The pipeline fell below 6 msf under construction, or 2% of inventory, versus 35 msf in 2023; 4.4 msf delivers through 2027, 69% preleased.
• R&D sales volume reached $9.3 billion over four quarters through Q2 2026, up 4% YOY; life sciences VC funding topped $17.7 billion in H1 2026.