Market Highlights

• Overall vacancy increased to 28.4%, rising 750 basis points (bps) year over year. Direct vacancy climbed 780 bps from the prior year to 23.2%, while sublease vacancy edged down by 40 bps year over year to 5.2%.
• As new developments continue to deliver to the market, BioMed Realty plans to complete its 16-story, 600,000-squarefoot (sf) office and laboratory building at 585 Kendall in 2026, which will be fully occupied by Takeda Pharmaceutical.
• Venture capital funding in Boston–Cambridge remained relatively stable but exceeded both 2023 and 2024 levels, totaling $10.1 billion raised and representing a 9.9% increase from last year’s total.

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