As of H1 2021, the Philadelphia Life Sciences inventory consisted of 9.3 million sq. ft. of lab space with an additional 1.8 million sq. ft. under construction, renovation, or conversion.
Asking rents averaged $39.81 per sq. ft. The highest rents were in University City ($54.27 per sq. ft.) and King of Prussia/Valley Forge ($45.00 per sq. ft.).
Leasing activity approached 400,000 sq. ft. in H1 2021. In all of 2020, 800 thousand sq. ft. was leased.
Life sciences VC funding crested in 2019, totaling nearly a billion dollars in the Philadelphia Metro area. While it dipped in 2020 due to the pandemic, 2021 is now on pace for a record-setting year of over $1.4 billion.