Denver/Boulder Life Sciences Figures Q1 2026

‒      Leasing activity sustained momentum in Q1 2026, recording 85,000 sq. ft. across three transactions. A notable increase compared to the 19,000 sq. ft. seen in Q1 2025, though short of Q4 2025’s surge of 147,000 sq. ft.

‒      Rolling four-quarter leasing volume totaled 282,000 sq. ft. in Q1 2026, a significant increase of 104,000 sq. ft. or 58.6% from the 178,000 sq. ft. recorded in Q1 2025.

‒      No net absorption was recorded in Q1 2026, as recently leased space requires additional build-out prior to occupancy. The overall market’s direct vacancy rate increased modestly by 20 basis points (bps) to 12.7%, while direct vacancy in the Boulder submarket rose 50 bps to 18.4%.

‒      Life sciences VC funding totaled $205 million in Q1 2026, pushing the rolling four-quarter total to $511 million and marking the highest sustained funding pace in the post-pandemic era.

‒      The life sciences development pipeline decreased to 221,000 sq. ft. following a phased partial delivery at Element Research Center in Boulder’s Gunbarrel micromarket. New construction activity is expected to remain limited in 2026, with both remaining projects underway anticipated to deliver in Q2 2026.