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Market Highlights
- Overall vacancy has remained relatively stable year over year, declining 10 basis points (bps) from 15.2% in Q1 2025. Direct vacancy fell from 13.5% to 12.6%, while sublease vacancy increased by 90 bps over the same period.
- Charles River Laboratories plans to close its cell therapy CDMO facility in Hanover, Maryland, resulting in 20 layoffs as part of a restructuring and portfolio optimization strategy.
- Maryland Governor Moore announced the FY2027 budget, which allocates $74.0 million funding research facilities, startup incubation, and lab space development at the University of Maryland to support a growing innovation ecosystem.