Denver/Boulder Life Sciences Figures Q4 2025

‒      Leasing activity rebounded in Q4 2025, recording 147,000 sq. ft. across four transactions. This marked the best quarterly performance since early 2022, with the market having seen its largest new lease since then.

‒      After being limited in the first three quarters of 2025, leasing activity for the year was down a moderate 13.6% compared to 2024.

‒      No net absorption was recorded in the final quarter of 2025, as newly leased space requires further build-out prior to occupancy. The overall market’s direct vacancy increased 110 basis points to 12.5%. Direct vacancy in the Boulder submarket rose 230 basis points to 17.9%.

‒      Life sciences VC funding surged to $512 million in 2025, a more than 150% increase from 2024’s level and the highest annual total post-pandemic.

‒      The life sciences development pipeline fell to 241,000 sq. ft. following the recent delivery of 54,000 sq. ft. of additional lab conversion space at Boulder 38 by Breakthrough. New construction is expected to remain considerably slow in 2026 following a period of extensive activity over the past several years.