Figures

Denver/Boulder Life Sciences Figures Q3 2026

October 21, 2026 5 Minute Read

Denver Life Sciences

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  • Leasing activity continued to reflect a recovery in demand after reaching its second highest quarterly total in the past five years. Activity was entirely new leases, a shift from the increase in renewals over the previous 12 months. Rolling four-quarter activity totaled 405,000 sq. ft., its highest since early 2022 and a four-fold increase from a year ago.
  • Following three consecutive quarters of no net absorption, Q3 2026 saw a net gain of 77,000 sq. ft. The market’s three largest leases executed since Q4 2025 are in various stages of tenant build-out, positioning vacancy to trend downward into next year.
  • The market’s overall direct vacancy rate rose nearly 200 bps to 16.0%, the result of removed inventory formerly owned by AGB Biologics that is being auctioned and could ultimately be redeveloped.
  • Venture capital funding saw its strongest quarter in the past five years following Enveda’s $311 million later-stage funding round. Rolling four-quarter VC funding was up 97% year-over-year.
  • The current development pipeline’s final project, Novo Nordisk’s 41,000 sq. ft. converted building in East Boulder, delivered in Q3. No new speculative projects are expected to break ground in the coming quarters as the market continues to digest its recent wave of new supply.