Market SentimentTone on the call was not positive as supply headwinds persist, capital markets are less available for Biotech firms, and poor real estate asset pricing remains an overhang.
Occupancy ChallengesSupply/demand imbalance remains a concern for the asset class, which limits the growth outlook through '26 due to occupancy headwinds, narrowing re-leasing spreads, and minimal accretion from development.
Supply And DemandNew supply continues to be an overhang, with high vacancy rates in the nation's two largest lab markets, the Bay Area and Boston.