The U.S. life sciences real estate sector is undergoing a profoundtransformation. The market is characterized by a fundamental split: oversupplyin traditional R&D space coupled with soaring, policy-driven demand forspecialized Biomanufacturing facilities. The convergence of falling demand (due to the VC Reset) and surging speculative supplyhas created this imbalance, forcing a sharp re-evaluation of assets across all major U.S.clusters.