RevistaLab data shows falling occupancies, fewer transactions in Q1 2023
By Murray W. Wolf and John B. Mugford
Quarterly transactions volume was $1.6 billion in both Q4 2022 and Q1 2023, the lowest quarterly results since at least Q4 2020, according to RevistaLabs data. (HREI photo)
Life sciences real estate (LSRE) construction completions are outpacing space absorption, which is driving down occupancy rates. Meanwhile, the pace of sales transactions has slowed considerably during the past two quarters.
That’s not news to anyone familiar with the LSRE sector, given the recent abundance of market-specific and anecdotal evidence. But what is news is that we now have access to more comprehensive industry data on a national scale, thanks to the RevistaLab data service that was launched in September.
Arnold, Md.-based Revista shared some of its first national LSRE data during the firm’s May 23 webcast titled “The Outlook for the Economy, Capital Markets and Commercial Real Estate with Dr. Sam Chandan.”
We will get to Dr. Chandan’s views on current economic conditions later in this article. But let’s start with the national LSRE fundamentals, as shared by Mike Hargrave, a Revista founder and principal.
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