Report

Philadelphia Life Sciences Figures Q3 2022

November 7, 2022

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While inflation, interest rates, and a looming recession prove challenging to certain sectors of commercial real estate, life sciences lab and cGMP leasing and development continue to provide reliable returns in the Greater Philadelphia market. 2022 will be a record year in lab leasing, with the square footage leased through Q3 exceeding the total of 2021. Although average rents dipped slightly quarter-over-quarter due to higher-priced space taken off the market, they remain strong and significantly higher than asking rents for top shelf office in the same markets.