Market Highlights

• Overall vacancy increased 320 basis points year over year to 7.9%, up from 4.7% in Q3 2025. Despite the increase, Philadelphia continues to maintain one of the lowest vacancy rates among the nation’s leading life sciences markets.
• Pennsylvania launched the $125.0 million Innovate PA 2.0 program to support life sciences startups, which may help drive company growth and future demand for lab space in Philadelphia.
• Philadelphia is experiencing a record year for venture capital funding, with $2.2 billion raised through Q3, including nearly $800 million by Earendil Labs in Q1. Funding has already more than doubled the $1.0 billion raised in all of 2025.

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