Life science investment volume is on a record pace in 2021, reaching $9 billion for the first half of 2021, according to 2021 Mid-Year Life Science Overview & Market Clusters, a new report by Newmark.

Biotechnology and health care venture capital funding is on pace for a record-high annual volume in 2021, with funding for the first half of 2021 reaching $26.7 billion.

Over 27 million square feet (2.3 million sq m) of laboratory space is currently under construction or under renovation across the 14 largest U.S. life science markets.

The most established U.S. clusters—mainly Boston, San Francisco, and San Diego—remain the epicenter of life science activity. Combined, these markets boast an estimated 16.6 million square feet (1.5 million sq m) of lab space under construction or under renovation, and another 54.5 million square feet (5 million sq m) of proposed development. 

Life science investment and leasing activity has expanded in many nontraditional life science markets such as Atlanta, Dallas, Miami, Pittsburgh, and Salt Lake City.