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1、ResearchScience doesnt stop,innovation advances2022 Life Sciences Research Outlook&Cluster RankingsUnited States|20222|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Investment in new innovations and advanced modalities will continue to drive the industry forward The
2、life sciences industry has not been immune to the macroeconomic challenges plaguing the global economy this year,but these short-term challenges wont be a roadblock for the incredible growth predicted over the long term.Science doesnt stop,and investment in new innovations and advanced modalities wi
3、ll continue to drive the industry forward over the long-term horizon.While wed never call any industry recession-proof,the life sciences industry is better positioned than most because of its countercyclical drivers that will sustain forward momentum.Top clusters have evolved over several decades,bu
4、t emerging markets are planting the seeds of industry infrastructure today to foster long-term opportunities for occupiers.The convergence of science and technology is happening within innovation communities across markets,with pockets of growth emerging in markets like Houston,Los Angeles and Pitts
5、burgh,among others.This years Life Sciences Cluster ranking was developed with these trends in mind and takes into consideration the factors that drive long-term resilience and opportunity.But a static list can only reveal so much,so this year weve included a second view,our Life Sciences Cluster Co
6、mposition Matrix,revealing where each market stacks up in terms of human and physical capital.These tools are meant to provide directional guidance on which markets offer opportunity but also where investment in certain aspects may move them forward.Amber Schiada,Americas Head of Work Dynamics and I
7、ndustry ResearchContents:Introduction2Key findings3Current state of the industry4Long term outlook10Cluster analysis and ranking12Cluster Composition Matrix16Outlook17Contacts183|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Key findings in this years outlook:Cluster
8、 name2022 overall rankBoston1San Francisco Bay Area2San Diego3Greater DC&Baltimore4Philadelphia5Raleigh-Durham6New Jersey7New York City8Seattle9Salt Lake City10Pittsburgh11MinneapolisSt.Paul12Chicago13Houston14Denver-Boulder15*Full ranking details can be found on page 131.Current industry fundamenta
9、ls are slowingCurrent industry fundamentals are slowing as public capital retrenches and capital conservation among start-ups becomes front of mind.But this is a short-term challenge,and the flow of capital remains well above historical trend.2022 Life sciences clusters2.Commercial real estate deman
10、d is slowing Commercial real estate demand is slowing as tenants take pause or re-lease excess space to the market.But demand remains above historical levels,and space is still scarce,with vacancy at sub-6%across the top clusters in aggregate.3.Emerging clusters may present early-mover advantagesClu
11、sters with the right talent,healthy levels of funding and investment,and the real estate infrastructure to support expansion will remain the most resilient during the short term,though emerging clusters may present early-mover advantages.4.Short-term challenges are a temporary blip Science doesnt st
12、op:short-term challenges are just a temporary blip on the long-term path of growth.Novel therapies,innovative new modalities,increased adoption of advanced technologies and our insatiable demand for health and wellness will drive the investment and growth forward for the foreseeable future.4|Life Sc
13、iences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Current state of the industryPrivate capital trendsThe funding environment for biotech companies in 2022 stands in contrast with the heady days of late 2020 and 2021.With the door to going public essentially slammed shut in 2022
14、,companies seeking private capital have been greeted with a relatively warmer welcome.The$21.5B doled out to life sciences start-ups through August 31 is nearly$2B more than was raised during that time frame in 2020.However,2022 is-38%below the capital flowing during the peak of 2021.The still-high(
15、historically speaking)flow of venture capital is a bulwark against the choppiness facing the sector.Top-flight life sciences VCs have continued to post healthy fundraises,which will provide a much-needed ballast for the sector in an uncertain environment.Atlas Venture,Third Rock Ventures,5AM Venture
16、s and Andreessen Horowitz have raised nearly$4B of life sciencesfocused funds this year alone,for example,and the spigot is still open.VCs are looking to de-risk away from nascent companies with unproven technologies that are in essence“moonshots.”They will likely gravitate toward start-ups with whi
17、ch they have established relationships,those with highly respected founders or those with candidates further along the drug pipeline than not.Markets with companies exhibiting these traits will prove more resilient than others.Private capital remains most resilient source of capital for growing biot
18、echsamid falloff from highs of 2021Source:JLL Research1.Funding and capital markets environment$21B$35B$19B$0$5$10$15$20$25$30$35$405564738292739208217226235Cumulative U.S.life sci VC raisedBillionsDay numberDaily YTD cumulative VC raised by U.S.life scien
19、ces companies,through August 3205|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Public market trendsAcquisitions aside,going public is one of the primary avenues by which founders,employees,private capital and the assorted early-stage believers in biotech
20、companies get their“exit.”The dynamic between 2022 and 2021 could not be more inverted.Only 20 U.S.-based life sciences companies have gone public in the first two-thirds of 2022,raising a full-year pace of$2.7 billion of funds at initial offer.This stands in stark contrast with 2020 and 2021,where
21、that full-year 2022 figure was matched every two months.If the trend holds through years end,2022 will represent the lowest number of biotech companies going public in at least 10 years.This has proven to be a great fundraising obstacle for companies,who across the board are adopting measures to bec
22、ome leaner and operationally more efficient in an effort to extend their cash runway.Oftentimes this means some combination of subleasing excess real estate,shaving headcount and shutting down relatively unpromising drug programs.The upshot is that if the public market reception to life sciences com
23、panies is as frigid as the first eight months of 2022 have been,both privately held companies and companies that went public early will have to recalibrate and hunker down.Expect the Big Pharma and established biotechs to be active in the partnership and acquisitions space for the foreseeable future
24、 as start-up valuations remain subdued,fresh injections of capital are increasingly unavailable in the capital markets and a small number of biotechs inch closer to running out of cash to fund day-to-day operations.Only 20 companies have gone public YTD after 124 did so in 2021Source:JLL Research$6.
25、3$7.8$4.6$2.6$3.1$7.8$8.7$18.8$15.1$2.7626406080100120140$0.0$2.0$4.0$6.0$8.0$10.0$12.0$14.0$16.0$18.0$20.02000022(Pace)Number of IPOsMoney raised at IPO(billions,USD)U.S.Life Sciences IPOsRaised at IPOs($B)#of IPOs6|Life Sciences Outlook|2022|
26、2022 Jones Lang LaSalle IP,Inc.All rights reserved.Demand fundamentalsThe funding crunch has crimped demand for life sciences space in 2022,after soaring venture capital inflows and company valuations gave companies the ammunition to expand at a rapid pace in the preceding two years.Now,as some comp
27、anies wind down operations and stretch out funding,new demand(as measured by tenants touring the market for space)is falling off from the historically high levels of demand reached a year ago.Year-over-year,tenant demand has declined by 33%across the top-five largest U.S.markets,a drop of 7.2 millio
28、n s.f.in 12 months.Boston,the top U.S.market,is not immune to this broader trend.Demand for space doubled from mid-2020 to mid-2021,and the growth in available space could not keep up.Since the end of 2021,demand has fallen from 7.1 million s.f.to 4.4 million s.f.Even in this softening environment,d
29、emand for life sciences space still sits above the pre-COVID average.The level of demand in any life sciences market is highly correlated with recent funding levels.Until there is a rebound in venture funding,and IPOs and secondary offerings pick up,demand is likely to stay well below mid-2021 level
30、s in the near future.And so long as demand remains soft,there will be a re-emergence of Class A and B products in markets with large amounts of space delivered in recent yearssomething that was not the case amid the crunch for space in the last two years and may even offer tenants some opportunities
31、 to snag high-quality space.Commercial lab real estate trends7|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Tenant demand slides as companies have less capital to spend on expansionsSource:JLL ResearchVenture capital investment is one of the strongest leading indica
32、tors of commercial lab demandSources:JLL Research,Crunchbase$0$2$4$6$8$10$12$14-500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,5002016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42019 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42
33、022 Q12022 Q2BillionsThousands(s.f.)Leasing activity vs.VC funding(Boston,SF Bay Area,San Diego)Leased SFTotal VC Raised14.3 MSF17.6 MSF19.2 MSF20.6 MSF21.5 MSFQ3 2022Q2 2022Q1 2022Q4 2021Q3 2021Aggregate life sciences demand(s.f.),Top 5 largest markets BostonBay AreaSan DiegoDC/MDRTPTOP 58|Life Sci
34、ences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Supply fundamentalsThe supply landscape has shifted in the past 12 months.In mid-2021 the record growth in demand was reaching its peak,with the growth in new lab spaces unable to keep up.This dynamic created a great deal of pres
35、sure in many lab markets.Vacancies fell in top markets and rents grew year-over-year by an average of 19%across Boston,Philadelphia,Bay Area,Raleigh-Durham,San Diego,Seattle and Metro DC.In those markets a collective 9.6 million s.f.of new product has delivered in the past year,closely tracking with
36、 the 9.1 million s.f.of absorption in that time frame.From July 1,2021,to July 1,2022,the development pipeline has grown in these markets by 73%,up from 20.8 million s.f.to 36.2 million s.f.Total vacancy remains low as new supply has been steadily absorbed by growing firmsSource:JLL Research.Top mar
37、kets include Boston,San Diego,SF Bay Area,Greater DC,RTP,Seattle and Philadelphia.-2%0%2%4%6%8%10%12%-750,000-250,000250,000750,0001,250,0001,750,0002,250,0002,750,0003,250,0002000212022Total vacancy(%)Total absorption and completions(s.f.)Total AbsorptionTotal Vacant(%)9|Life
38、Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.While many clusters have seen great successes in preleasing,direct available space has also jumped from over 10 million s.f.to nearly 25 million s.f.,almost all of which was attributable to the enlargement of the pipeline.This
39、 growth will moderate in the next year,as the cost of financing has jumped considerably and many spec developments will likely wait out this period of a mismatch of demand and supply.Since the spring of 2022,subleases have started to increase,albeit moderately.In Boston,for instance,roughly three-qu
40、arters of subleases added year-to-date are attributable to companies defensively taking too much space in the rush for limited space last year.For the first time,many early-stage tenants in the market have move-in-ready space that requires little capex,a key consideration as many boards and investor
41、s are preaching cash preservation in a tight funding environment.The upshot is these spaces are highly sought-after short-term solutions in the market and have seen a good deal of leasing activity at good rents.Source:JLL ResearchVenture capital investment is one of the strongest leading indicators
42、of commercial lab demand0500,0001,000,0001,500,0002,000,0002,500,0003,000,0003,500,0002021 Q32021 Q42022 Q12022 Q2Completions s.f.Total Absorption05,000,00010,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,000Total Available s.f.UnderDevelopment s.f.2021 Q32021 Q42022 Q12022 Q2Build
43、ing deliveries and absorption,top 7 marketsDevelopment pipeline and avail.space,top 7 markets10|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Long-term outlook Most of this report has focused on what has changed in the past 12 months,which in most cases represented a
44、 downshift from one year ago.Year-to-date this has been one of the more trying years in recent memory for a sector that has had incredible growth in both the technology itself and investor interest in developing it.The short-term path for the sector will certainly look much like it has this year:bel
45、t-tightening,a difficult funding environment and increasing personnel and research costs.Despite all of that,the long-term potential of the sector remains materially unchanged since 2021.Innovation is happening at a more rapid pace than ever before.The fruits of research into cell and gene therapy a
46、re just now being harvested.Revenue growth has taken off in the past five years as the sector becomes larger,an atypical growth track.Three of the largest annual revenue jumps in biotech R&D in the past 20 years have occurred in the past five years as the sector accelerates into a new age of innovat
47、ion.The ultimate fount of consumer demandtherapies that equip us to live longer,healthier livesis poised for tremendous growth in the coming decades.Over half of all healthcare spending in the U.S.is driven by those aged 55 and older,who today make up 29%of the population.This aging cohort is projec
48、ted to leap from 96 million today to around 110 million in 2030.Novel therapies and technologies within the realms of personalized and regenerative medicine will continue to scale,revolutionizing the industry.R&D spending has sped up,growing 10%over the past five years.Big Pharmas balance sheets hav
49、e never been healthier,to the point where they have(based on EYs research)the most firepower theyve ever had to acquire companies and form partnerships.In sum,long-term end-user growth,new research modalities,a huge unaddressed market opportunity and a promising drug pipeline will help the industry
50、regain its footing after the uncertainty of 2022 passes.Since 2017,revenue growth has surged;more growth projected based on emerging technologiesSource:IBIS World2.0.0%5.0%10.0%15.0%20.0%$0$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,00020052006200720082009200016
51、20020202242025202620272028U.S.biotech R&D sector revenues(in millions USD)Revenue($million)YOY Growth RateForecast11|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.This years cluster model aims to answer the questionWhere are the strongest life s
52、ciences cluster markets,and which markets are exhibiting early signals of opportunity for continued expansion?Or asked a different way,where are the top life sciences clusters,and what makes them so;and which of todays secondary markets show promise in developing into more mature clusters over the l
53、ong term?-JLL Research“12|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Cluster rankingsMarkets across the country continue to develop into more innovative communities.Just as tech expanded out of the Bay Area over the last 10 years to become a ubiquitous industry ac
54、ross markets,the life sciences industry is starting to grow in new markets outside of the Bay Area and Boston,the latter of which remains the undisputed center of industry in the U.S.Innovation communities take decades to evolve.The world-class ecosystem that defines Bostons life sciences cluster is
55、 not easily replicated.Universities,institutions,governments and industry players across the U.S.are investing in the development of new and expanded innovation clusters,with increased focus on expanding our capacity for breakthrough scientific developments.This years cluster model aims to answer th
56、e question,Where are the strongest life sciences cluster markets,and which markets are exhibiting early signals of opportunity for continued expansion?Or asked a different way,where are the top life sciences clusters,and what makes them so;and which of todays secondary markets show promise in develo
57、ping into more mature clusters over the long term?Our cluster model is defined by the key components of a successful life sciences ecosystem:access to talent,funding that leads to commercialization and real estate infrastructure to support further growth.Not only do we use aggregate measures of the
58、above,but this year we placed a particular emphasis on incorporating growth metrics into the model to help us try to divine which markets have been growing quickly right under our noses.Taken together,our model is a blended approach that shows markets based on their sheer strength today,but also on
59、their potential tomorrow,so long as they continue down their current growth paths.Talent access is critical for growing companies and can define the resilience of a market for future growth.Not only is size of the talent pool important,but growth and momentum,educational attainment,talent concentrat
60、ion and demand for talent illustrate which markets offer companies opportunities to grow quickly or uncover new markets for potential expansion.Life sciences cluster analysis and ranking3.TalentFunding is the lifeblood of the industry and ultimately commercialization and real estate demand.Universit
61、y investments into life sciences R&D efforts and National Institutes of Health(NIH)grant allocations provide seed funding thats critical to scientific intellectual property generation.Venture capital funding is a critical indicator of downstream commercial real estate activity.FundingCommercial real
62、 estate is critical to industry growth,and markets that have the scale and growth to host company formation will be more attractive to growing firms who need to scale quickly.Measuring absolute market size,recent supply growth and pricing metrics indicates which markets have the physical infrastruct
63、ure in place to support new growth,just as much as they highlight a markets potential real estate investment opportunity.Commercial real estate13|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Source:JLL Research2022 life sciences cluster rankingsCluster name2022 over
64、all rankTalent rankFunding rankCRE rankBoston1121SF Bay Area2212San Diego3333Greater DC&Baltimore4647Philadelphia5888Raleigh-Durham64214New Jersey75514New York City812613Seattle9131010Salt Lake City107919Pittsburgh1123185MinneapolisSt.Paul1225196Houston1320239Chicago14141512Denver-Boulder15101617Com
65、posite score includes:Talent(35%weight)R&D industry employment:size and growth Industry employment concentration Company formation Occupational density and demand STEM degreesFunding(30%weight)NIH funding volume and growth Venture capital volume and growth University R&D investment Tech transfer suc
66、cessCRE(35%weight)Real estate inventory and supply growth Asking rent and rent growth14|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.The top 15 life sciences cluster markets:1.Boston+Home to the most life sciences companies,the largest industry employment,the greate
67、st existing lab footprint and foundational biomedical research-Rate of growth in varying momentum metrics lags in comparison to high-growth emerging markets 2.San Francisco Bay Area+Receives the most venture capital funding and has the best track record with translational efficiency-Like Boston,the
68、growth rates in varying metrics were slower than some high-growth markets 3.San Diego+In a league of its own.Consistently the third ranked market in size,employment and funding-San Diego industry employment and talent pool is lower than expected given its market size 4.Greater DC&Baltimore+NIH fundi
69、ng in Greater DC&Baltimore has always been strong,and venture capital has sharply accelerated in recent years-Growing venture capital interest hasnt translated to rapid growth in industry5.Philadelphia+Home to a deep and growing pool of talent coming from the regions strong universities-Despite bein
70、g a leader in cell and gene therapy,Philadelphia has not added much inventory in the past few years to accommodate that growth6.Raleigh-Durham+Delivered a fair amount of lab development over the past two years and is one of the preeminent biomanufacturing hubs in North America-Consistently lags in v
71、enture capital funding in comparison to other top markets7.New Jersey+Strong momentum in venture capital funding in one of the countrys oldest pharma hubs-Funding has yet to translate into strong company formation 8.New York City+Due to the size of metro area,cumulative venture capital funding over
72、the past few years is quite high;likewise for their large pool of biological scientists-Weak life sciences talent concentration and not much life sciences physical infrastructureCTCTMAMANH NH NCNCVAVAWAWAVTVTALALAZAZARARCACACOCOFLFLGAGAIDIDIL ILININIA IAKSKSKY KY LALAMEMEMIMIMNMNMSMSMOMOMTMTNENENVNV
73、NMNMNYNYNDNDOHOHOKOKORORPAPASCSCSDSDTNTNTXTXUTUTWVWVWIWIWYWYRINJNJMDMDDE5|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.13.Houston+Strong growth numbers in talent,as well as an impressive base of research institutions and medical centers-Limited
74、 venture capital interest in private industry and a small amount of lab inventory11.Pittsburgh+Considerable amount of momentum in core talent growth in a region home to many impressive universities-Lacks large talent pool,lab infrastructure and venture capital funding of start-ups12.MinneapolisSt.Pa
75、ul+Strong growth in core biotech talent in a highly educated market-Very little venture capital flowing in;not a great deal of life sciences companies have a location in the region14.Chicago+Talent growth impressive for a market of its size-Low levels of venture capital flow and lab inventory in wha
76、t is today a small life sciences market15.Denver-Boulder+Strong momentum in core biotech talent and company formation in the past few years-Lacking in new lab development and venture capital interest 9.Seattle+Biopharma industry growth quite fast in past few years-Life sciences talent density is lig
77、ht10.Salt Lake City+Strong momentum in R&D investment by universities in life and physical sciences fields,and considerable growth in life sciences job openings-Venture capital funding,development and other foundational metrics are still lagging 16|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle
78、 IP,Inc.All rights reserved.Another view for 2022 New life sciences Cluster Composition MatrixEvery market is in a different place on their journey,so this year we offer a second view on how to compare markets.Top 10 lists can appear one-dimensional and diminish the nuance of what drives a cluster o
79、r where it stands relative to like-kind markets.Our Life Sciences Market Composition Index is built from the same dataset as our ranking model and offers a view of where human capital and physical capital in each market stack up against the rest.This view can offer directional guidance for markets i
80、n terms of where to focus investment or where they lead above the others.Our house view can be customized Talent,funding and commercial restate infrastructure are quantifiable market indicators,but our view on what defines opportunity is not meant to be one-size-fits-all but rather one-size-fits-mos
81、t.Early-stage start-ups may value different qualities than established industry giants,resulting in different priorities when assessing new markets.Similarly,different investors likely have different strategies when building a portfolio,where some may prioritize university-anchored locations of a ce
82、rtain size while others are looking to penetrate the top markets to build scale.And local and state governments looking to develop or scale innovation communities,whether in partnership with universities or other local institutions,may place higher importance on metrics that illuminate where investm
83、ent should focus to achieve these goals.These groups have similar goals,but priorities differ.Strategies to achieve these goals may differ.This analysis is our house view but can be customized to highlight opportunities based on these different needs.AtlantaAustinBostonChicago CincinnatiClevelandCol
84、umbusDallas Denver-Boulder Detroit-Ann Arbor Greater DC&BaltimoreHouston IndianapolisKansas CityLos Angeles County MemphisMiamiMinneapolis-St.PaulNashvilleNew Haven-Hartford New Jersey New York City Orange CountyPhiladelphiaPhoenixPittsburghPortland,ORRaleigh-Durham SacramentoSalt Lake CitySan Diego
85、SeattleSF Bay Area 0.010.020.030.040.050.060.070.00.010.020.030.040.050.060.070.080.090.0Physical capitalHuman capitalMedianMedian17|Life Sciences Outlook|2022| 2022 Jones Lang LaSalle IP,Inc.All rights reserved.The life sciences industry was catapulted into the publics consciousness amid COVID-19,a
86、nd with it came an overheated sector with sky-high valuations,plentiful capital and new entrants into the development and investor spaces.2022 has felt like a splash of cold water,reining in the excesses of 2021 and bringing the sector back down to earth and back in line with its pre-2021 long-run t
87、rack.Amid the uncertainty,this report is meant to spotlight the key ingredients that make a successful life sciences cluster ripe for growth.While the composition may vary,some mix of high-end scientific talent,innovative research institutions,funding sources and physical infrastructure is needed fo
88、r a node to flourish.Today,and as has been the case for decades,Boston and San Francisco stand head and shoulders above all other markets.San Diego is very much in a tier of its own between the twin behemoths and the rest of the markets.The best of the rest are Greater DC,Philadelphia,Raleigh-Durham
89、,New Jersey,Seattle and New York City.In our Life Sciences Cluster Composition Matrix,all the above markets were above average in terms of both human capital and physical capital,which is a simplified model capturing the essence of what makes a life sciences market successful.While those top markets
90、 garner the lions share of leasing,funding and real estate investment,they do not have a monopoly over it.To varying degrees,most markets have ways in which they stand out and clear reasons why they do not match up with the top markets.Markets like Orange County,Denver-Boulder and Dallas have the ta
91、lent and ideas but lag in physical infrastructure and funding to support their nascent sectors,indicating markets ripe for growth if given thoughtful development.Large markets like Los Angeles County and New York City today far exceed the funding and infrastructure given their level of talent concen
92、trations and innovation,per our model.Shifting our gaze to the immediate future,the sector is likely to experience the dynamic that has played out this year thus far into the new year.We expect large biopharmasto play an outsized role in the funding and acquisitions space,as they sit atop a mountain
93、 of cash that will need to be deployed.Further belt-tightening is expected into 2023.The biotech indexes may have hit a low point in early summer and a long,slow recovery in valuations may already be under way.Outlook4.What does this all mean?About JLL Life SciencesJLLs vision is to reimagine the wo
94、rld of real estate,creating,finding,locating and operating safe and amazing spaces.JLLs Life Sciences team of 3,000+experienced professionals are a safe pair of hands to help biotechnology,pharmaceutical,medical devices organizations,investors and developers achieve their ambitions.JLL brings deep u
95、nderstanding of location analytics,project management,research advisory,financial incentives,transaction management,capital markets,real estate strategy and technology,facilities management,regulatory compliance and quality,and more.Our solutions help fuel innovation,enhance efficiency,improve finan
96、cial performance and attract and retain top talent.Our team is trained and certified to operate within office and critical,regulated environments of lab and manufacturing space.To learn more,visit JLL ResearchJLLs research team delivers intelligence,analysis and insight through market-leading report
97、s and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 400 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivalled local and
98、global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.2022 Jones Lang LaSalle IP,Inc.All rights reserved.The informatio
99、n contained in this document is proprietary to Jones Lang LaSalle and shall be used solely for the purposes of evaluating this proposal.All such documentation and information remains the property of Jones Lang LaSalle and shall be kept confidential.Reproduction of any part of this document is author
100、ized only to the extent necessary for its evaluation.It is not to be shown to any third party without the prior written authorization of Jones Lang LaSalle.All information contained herein is from sources deemed reliable;however,norepresentation or warranty is made as to the accuracy thereof.ResearchAmber Schiada,Americas Head of Work Dynamics and Industry ResearchMark BrusoSenior Manager,Boston ResearchMaddie HolmesSenior Analyst,Industry ResearchBusinessTravis McCreadyHead of Life Sciences,Americas MarketsRoger HumphreyPresident,Life Sciences Work Dynamics