Q1 2023 Lab Market Overview - I-270 Corridor Suburban Maryland
Tenant demand is down
A large drop off in VC funding and post-covid cultural shifts have led to a significant decrease in tenant demand for commercial space. There are few requirements of significant size, and the previously common smaller requirements of 7,000 to 15,000 square feet are now rare.
Supply continues to increase
Supply continues to increase as landlords convert outdated office and industrial assets to laboratories. In addition, many new developments continue to push through and get started.