Surging Job Opportunities in Bay Area’s Thriving Life Science

Avison Young has reported that there has been a decline in venture capital funding for life sciences in the Bay Area, resulting in a rise in vacancies in the sector. In the fourth quarter of 2023, VC funding barely surpassed $500 million, compared to the boom in funding seen from 2020 to mid-2022, when quarterly funding regularly exceeded $2 billion. Avison Young suggests that the decrease in funding is due to the waning allure of biopharmaceutical investments and the increasing focus on the AI industry. As a result, more life science companies are choosing to sublease their spaces, leading to a steady increase in vacancies since 2022. With over seven million square feet of life science space currently under construction, the market is likely to face a vacancy issue in the coming years.