The life sciences market is finally showing signs of recovery after a three-year slump, but the industry hub of Boston has a deep hole to climb out of. 
Many big lab projects that started construction speculatively during the pandemic-era life sciences boom were unable to lease up after the sector’s demand froze in 2023. Greater Boston’s 51M SF lab market had 33.3% vacancy as of last quarter, the third straight year above 30%, according to JLL.
The sector is showing some signs of life, with incubator spaces reporting growing demand from startups. But that activity has yet to translate into the type of lab leasing Boston needs to bring…​