仲量联行（JLL）：2026美国实验室地产报告：市场周期迎来拐点（英文版）（11页）.pdf

1、An inflection point in the market cycleUnited StatesJune 2026U.S.LabProperty ReportR Jones Lang LaSalle IP,Inc.All rights reserved.2026 Jones Lang LaSalle IP,Inc.All rights reserved.Where does lab real estate go from here?U.S.Lab Property Report2| Jones Lang LaSalle IP,Inc.All rights reserved.The la

2、b real estate sector is now four years into a market downturn with few precedents in commercial real estate history.East Cambridge,the epicenter of the U.S.life sciences market,sits at 32%vacant after holding below 1%from 2019 through 2022.Collective vacancy across Metro Boston,San Diego and the Bay

3、 Area has reached the same 32%mark.Demand for space,meanwhile,remains below pre-pandemic levels,before the run-up that defined the early 2020s.The good news:Nearly every indicator suggests the market has bottomed out and has begun to recover.Oversupply is easing as demand returns and leases get sign

4、ed.Newly delivered buildings are seeing an influx of tenancy.Equity markets are receptive to biotech,and capital is flowing back into life sciences companies in a meaningful way.This shift in sentiment took hold in summer 2025 and has carried into Q1 2026.Industry optimism is beginning to translate

5、into real estate momentummodestly but unmistakably.That optimism,however,cannot obscure the oversupply that persists in nearly every major market.The road to recovery has only just begun,and the path back to a normalized market will be a long one.Supply dislocation will continue,as over 6.2 m.s.f.of

6、 lab space has already transitioned out of inventory and into other asset classes,with more repositioning ahead.Rents face several years of downward pressure,with the national supply-to-demand ratio sitting near 6:1.Landlords will need to compete aggressively for every deal for the foreseeable futur