Denver/Boulder Life Sciences Figures Q2 2026

-  Leasing activity continued to reflect a recovery in tenant demand, despite receding from its resurgence over the prior two quarters. Rolling four-quarter leasing activity was 284,000 sq. ft., the highest level in four years, with 60.0% of volume being from new leases.

-  No net absorption was recorded in Q2 2026, as recently leased space requires additional build-out prior to occupancy.

-  The market’s direct vacancy rose to 14.1%, the result of removed inventory that no longer has or is targeting life sciences users. The quarter’s 250-bps vacancy increase was purely structural.

 - Life sciences venture capital funding, despite seeing a lull in Q2 2026, still recorded its highest mid-year and rolling four-quarter totals since 2021.

-  The development pipeline is nearing a halt. Novo Nordisk’s 41,100 sq. ft. building in East Boulder will be completed in Q3, while the initial phase of speculative conversion at Element Research Center in Boulder’s Gunbarrel micromarket has been completed.

 - With no new starts since late 2024 and no projects nearing ground-breaking anytime soon, the development pipeline will remain stalled into next year.