Avison Young：2025年下半年美国生命科学地产市场报告（英文版）

When measured against pre-pandemic annual averages (2015–2019), leasing activity across all major U.S. life science markets remained below historical norms in 2025, underscoring a still-cautious expansion environment for biotech and pharma occupiers. Despite this broader slowdown, Boston and the Bay Area emerged as the clear leaders in activity, buoyed by several large-scale transactions that closed in the fourth quarter. Together, these two markets accounted for approximately 70% of total la