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Market Highlights
- Overall vacancy stands at 6.7%, up 240 basis points (bps) year over year from 4.3%. Despite this upward movement, Philadelphia has one of the lowest vacancy rates nationally within the life sciences sector.
- University Place Associates has scrapped plans for a 400,000- square-foot (sf) laboratory development at 4055 Market Street, opting instead to move forward with a 55+ residential tower.
- Philadelphia recorded its strongest quarter for venture capital funding, totaling $729.5 million. Third Arc Bio led one of the region’s largest funding rounds, raising $217.0 million to advance its pipeline of immune and inflammatory treatments and move additional cancer therapies into clinical trials.