After more than a year of stagnation, Philadelphia’s life sciences leasing market is showing signs of activity, and industry insiders are optimistic about the remainder of 2024 and into 2025. Recent Federal Reserve interest rate cuts have rekindled deals that were previously unfeasible. “It all starts and stops with funding,” said CBRE life sciences broker Anthony Pell. “When the funding stops, growth stops.”

In late summer and early fall, approximately 100,000 square feet of Class A lab transactions were completed, with more anticipated, according to JLL Managing Director Tyler Vandegrift. More life sciences leases were signed in Q3 than in the first half of the year, Pell noted.

*Article courtesy of Philadelphia Business Journal

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