Market Highlights
- Overall vacancy declined by 70 basis points year over year to 26.2% from 26.9% in Q3 2025, while available space decreased by 500,000 square feet to 1.1 million square feet.
- Despite federal funding uncertainty and proposed budget cuts, NIH funding totaled $586.6 million in 2026, a 2.8% decline from the record $603.4 million awarded in 2025, while staying above historical levels.
- Enveda, a drug discovery platform that uses mass spectrometry and machine learning to analyze plant-derived molecules, raised $311.0 million in late-stage Series E funding, marking the market’s largest life sciences deal of 2026.