Bay Area Lab Sublease Vacancy Falls to 3.7% as Direct Vacancy Climbs, Shifting the Glut to Landlords

Bay Area life science tenants have pulled sublease vacancy down to 3.7 percent even as direct vacancy climbed to 20.1 percent, a pattern Savills also recorded in San Diego and Seattle that leaves landlords holding most of the empty lab space and competing with free rent, shorter terms, turnkey suites and conversions.