Alexandria Real Estate Equities posted another bruising quarter, underscoring just how far the life sciences real estate market has fallen from its pandemic‑era peak. And while the life sciences industry itself is seeing signs of improvement , landlords aren’t seeing those indicators translating to leasing activity. Alexandria and its competitors continue to struggle amid a life sciences real estate sector simply unable to regain momentum during a prolonged supply glut. Rent for labs was down 5.3% year-over-year to $64 per SF, and vacancy crept up to 24.3%, according to Cushman & Wakefield’s Q2 life sciences report. The amount of free rent in Alexandria leases on average dropped from two months per year to 1.5 months.