Chicago’s Life Sciences Sector Hits A Wall — Again

Chicago’s life sciences market has posted vacancy numbers showing it is far weaker than its next closest major markets, with about 4 in 10 spaces sitting empty, according to new CBRE data.

Pexels/Chokniti Khongchum

The glut of available space was born out of developers rushing into the market when available properties were limited at the onset of the pandemic, combined with a tough capital market that has made it tricky for tenants to sign leases, life sciences insiders told Bisnow.

The vacancy rate for Chicago’s life sciences sector was 40.5% as of the fourth quarter of 2024, with about 2M SF of total inventory, according to CBRE’s Q4 national life sciences report. The next closest metro areas were the San Francisco Bay Area at 28.7% and Houston at 23.4%.

— Ryan Wangman

Today's Rundown

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What Else Is Happening?

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The Finish Line

An environmental nonprofit is looking for help naming what it calls a “remarkably rotund” and likely pregnant beaver eating and knocking down trees on the Southwest Side. Monikers in the mix include: Lori Heavyfoot, Southside Large Marge, Dam Ryan, Sufjan Beavens and Sigourney Beaver. Do you have a CRE-centered name for the spherical beaver? Let us know.

The Chicago Rundown is written by Chicago Reporter Ryan Wangman and edited by Central Editor Katharine Carlon. If you enjoyed today’s edition, please share and forward with anyone you think might find it interesting. We’d also love your feedback and news tips: ryan.wangman@bisnow.com.

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