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1、U.S.Life Sciences Market2023Life Sciences Report U.S.Research Report2|ContentsContents04OverviewMajor Markets06Boston,MA08Chicago,IL10Denver/Boulder,CO12New Jersey14New York City,NY16Orange County,CA18Philadelphia,PA20Raleigh-Durham,NC22San Diego,CA24San Francisco Bay Area,CA26Seattle,WA28Suburban M
2、arylandEmerging Markets30Houston,TX31Minneapolis-St.Paul,MN32New Haven,CT33Pittsburgh,PA34Salt Lake City,UT35St.Louis,MOMarket Snapshot36Market Fundamentals38Funding&Talent40Combined Market Statistics&RankingsThe life sciences market was not immune to macroeconomic trends in 2022.The rising cost of
3、capital,slumping stock market,geopolitical tension,and decades-high inflation all weighed on the industry.General investor sentiment,across asset classes and industries,shifted to a risk-off mindset that clearly affected venture capital(VC)funding and the IPO market.After a blockbuster 2021 in which
4、 more than 100 companies went public,only 23 did so in 2022,less than the number offered in Q1 of 2021.Many of 2021s IPOs ended 2022 trading for well below their launch price.VC investors are still sitting on large sums of uninvested capital,which will keep life sciences companies going.Young biotec
5、h and pharmaceuticals companies are spending more conservatively in order to extend their runway between funding rounds.This is causing slower leasing in many markets,and vacancies increased year-over-year.While at first blush a rising vacancy rate is concerning,context is important here.Some market
6、s,such as Boston,operated with a 1%vacancy rate in 2021,which was unsustainable,discouraging business growth and stifling innovation.A more normalized vacancy rate is welcomed by occupiers,who are finding wider availability of ground-up purpose-built and conversion product,as well as second-generati
7、on space on a direct and sublease basis.The tremendous investment in the life sciences in recent years comes with a clear need for the talent so incredibly important to this industry.Other fast-growing industries can hire recent college grads en masse,but the expertise needed in life sciences takes
8、time to be acquired.More training programs at colleges and universities and international migration and recruiting are helping to fill some of these talent gaps.While graduates matter,holders of advanced degrees,particularly PhDs,are truly driving scientific breakthroughs.What hasnt changed are the
9、underlying fundamentals of the life sciences industry.As the U.S.population ages,there is an increasing need for medical care and discovery.And continued technological advancements are opening the door for customized or individualized care and treatment for patients.The life sciences industry is inh
10、erently volatile:lifesaving and life-changing discovery takes time and substantial capital investment,and is in and of itself,uncertain.Life sciences companies are seeking to create brand-new therapies.The higher cost of capital is weighing on investment sales,though life sciences is still seen as t
11、he top alternative asset class,attracting pension funds and other institutional investors whove carved out a portion of their office allocation for life sciences.This is boosting its liquidity even during an overall slowdown.Continued office-to-lab or cGMP conversions are expected as the office mark
12、et rebalances.This report provides an overview on the major life sciences clusters across the U.S.and those now emerging.Their size and scale vary,as shown in the individual market sections as well as in the data supplement section at the end of this report.Life sciences as an industry,and its space
13、s,are still defined relatively loosely.In the well-established market clusters those definitions are more clear,but in emerging markets definitions of life sciences,healthcare,medical device,and health tech are more ambiguous.This allows for industry specialization,and eventually these nuances could
14、 lead to competitive advantages in certain types of science and discovery.Overview4|Overview2023 Life Sciences|U.S.Research Report|5Boston continues to bolster its status as a primary life sciences hub.As a one-stop shop,it has one of the biggest inventories of lab and GMP product in the country,a l
15、arge life-sciences workforce,and an expanding pool of firms providing support services.The markets top-notch research-oriented medical and academic institutions receive huge NIH investments and anchor a robust network of clinical trials.The venture capital ecosystem here helps boost Massachusetts fu
16、nding levels to among the highest in the nation.Many of the worlds major life sciences organizations are either based here or have a presence.This roster is expanding as newcomers(both domestic and international)continue to set up shop.Lab and GMP tenant demand remains in the millions of square feet
17、.Developers are very active in Boston,with tens of millions of square feet underway,permitted,and announced projects across the market.However,the dampened leasing outlook and challenging financing environment will prevent some projects from moving forward in the near term.Nevertheless,in 2022 firms
18、 such as Takeda,AstraZeneca,Eli Lilly,and Vertex each announced plans to occupy hundreds of thousands of square feet here in future construction.Investment in life sciences product has recently outpaced that in traditional office,with numerous assets valued at more than$1,000 per square foot.Cambrid
19、ges Kendall Square is still the most highly valued location for tenants and investors,but new hubs are emerging.BostonMassachusettsMarket Outlook(next 12 months)Key Statistics(as of Q4 2022)$350Fit-Out Costs($PSF)*$225TI Allowance($PSF)*40.3 Market Inventory MSF8.0%Vacancy Rate%24.5Proposed MSF23.9U
20、nder Construction MSF$125.00Avg.NNN Asking Rent($PSF/Year)2.3Net Absorption 2022 SFFunding&Talent11.2VC Funding 2022 ($Billion)3.0NIH Funding 2022 ($Billion)5,079Biomed Graduates 2021VacancyNew Supply*Assume new 10-year lease,1st generation space.Source:Colliers,National Institutes of Health,PitchBo
21、ok,EMSIRentsDemand6|Major MarketsThree Largest/Impactful Leases Signed(12 months ending Q4 2022)Property NameAddressSubmarketSF LeasedTenant290 Binney Street290 Binney StreetEast Cambridge 570,000 AstraZeneca585 Kendall585 Third StreetEast Cambridge 550,000 Takeda15 Necco Street15 Necco StreetSeapor
22、t 334,000 Eli LillyThree Largest/Important Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)Fenway Center725 Beacon StreetFenway/Kenmore 1,000,000 IQHQ2025 Q1Alewife Park28 WhittemoreAlewife 750,000 IQHQ2023 Q3,2025 Q3400 Summer Street400 Summer Street
23、Seaport 625,000 WS Development2023 Q2Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)Alexandria Center at Kendall Square100 BinneyEast Cambridge432,932CBRE Investment Management$1,020Charles Park1 Rogers/1 Charles ParkEast Cambridge357,7
24、34Alexandria R.E.Equities$815451 D Street451 D StreetSeaport477,000GI Partners$693 Boston Life Sciences Market:2015-2022Established/Big PharmaNewer/Drug Development CompaniesTop 3 Companies in the Market0%1%2%3%4%5%6%7%8%9%0.01.02.03.04.05.06.02000212022Vacancy RateNet Absorpti
25、on&New Inventory(MSF)Net AbsorptionNew InventoryVacancy Rate2023 Life Sciences|U.S.Research Report|7While Chicago has been home to leading pharmaceutical and medical device companies for decades,only recently has it become a life sciences and biotech startup hub.The Chan Zuckerberg Initiative announ
26、ced plans for a new biomedical research hub.It will connect the University of Chicago,Northwestern University,and the University of Illinois Urbana-Champaign to develop new technologies.Chicagos startups have previously struggled to find conveniently located,high-class lab space.More than 2.7 millio
27、n square feet of wet and dry lab space is forecast to be delivered here over the next three years,pushing the total third-party lab footprint to over five million square feet.Chicago has renowned universities and hospital systems,including Northwestern,Rush,University of Chicago,Illinois Institute o
28、f Technology,and University of Illinois Chicago,among others.This gives it an excellent employee base and talent pool for life sciences growth and will contribute to the overall growth of the industry.Chicago has an estimated 87,000 life sciences employees,and that number is growing.Life sciences gr
29、owth here has emboldened leading developers,like Trammell Crow Company,Sterling Bay,and other well-capitalized developers,to deliver life sciences buildings.Chicago is fortunate to have multiple developers with bullish capital partners willing to finance speculatively built projects.This is creating
30、 the emergence of a hub for biotech startups as well as a destination for relocating companies from markets that are saturated,more expensive,and lack lab space inventory.Chicago has the scientific talent,research universities and hospitals,an affordable cost of living,and now the emergence of clust
31、ers of lab space environments.ChicagoIllinoisKey Statistics(as of Q4 2022)$250 Fit-Out Costs($PSF)*$175 TI Allowance($PSF)*6.5Market Inventory MSF15.0%Vacancy Rate%2.3Proposed MSF0.47Under Construction MSF$55.00 Avg.NNN Asking Rent($PSF/Year)0.04Net Absorption 2022 MSFFunding&Talent1.2VC Funding 202
32、2($Billion)1.2NIH Funding 2022 ($Billion)3,516Biomed Graduates 2021Market Outlook(next 12 months)VacancyNew Supply*Assume new 10-year lease.Source:Colliers,National Institutes of Health,PitchBook,EMSIRentsDemand8|Major MarketsChicago Life Sciences Market:2015-2022Top 3 Companies in the Market0%2%4%6
33、%8%10%12%14%16%(0.4)(0.2)0.00.20.40.60.82000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateThree Largest/Impactful Leases Signed(12 months ending Q4 2022)Property NameAddressSubmarketSF LeasedTenantFulton Labs West End1375 W FultonFult
34、on Market88,000Xeris PharmaceuticalsFulton Labs 400 N AberdeenFulton Market34,000Portal InnovationsThe Labs2430 N HalstedThe Labs31,000BioLabsThree Largest/Important Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)University of Chicago Labs5215 S Harp
35、er AveHyde Park(South Chicago)290,000Trammell Crow2024 Q2Evanston Labs710 ClarkEvanston(North Suburbs)180,000Trammell Crow2023 Q4Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)Illinois Science&Technology Park8025-8045 Lamon AveSkokie(No
36、rth Suburbs)286,184Singerman Real Estate LLC$75Illinois Science&Technology Park4901 Serle PkwySkokie(North Suburbs)228,362TopMed Realty$36.2Established/Big PharmaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|9Denver/BoulderColoradoKey Statistics(as of Q4 2022)$325Fit-Out Cos
37、ts($PSF)*$250TI Allowance($PSF)*3.3Market Inventory MSF1.0%Vacancy Rate%3.0Proposed MSF0.5Under Construction MSF$45.00Avg.NNN Asking Rent($PSF/Year)0.5Net Absorption 2022 MSFFunding&Talent0.9VC Funding 2022 ($Billion)0.5NIH Funding 2022 ($Billion)994Biomed Graduates 2021Market Outlook(next 12 months
38、)VacancyNew Supply*Assume new 10-year lease.Source:Colliers,National Institutes of Health,PitchBook,EMSIRentsDemandThe life sciences sector in the Denver metro has steadily grown over the past several years.Although life sciences tenants dot the metro,theyre primarily focused along Denvers Northwest
39、/U.S.-36 Corridor from Broomfield to Boulder.Boulder and the surrounding area offer a highly educated workforce and have long been hotbeds for tech startups,alternative energy and food startups,and other similarly high-buildout uses,so the evolution into life sciences was a natural expansion.Existin
40、g life sciences space around the market has been in high demand and boasts extremely low vacancy as a result.As users continue to relocate and expand here,existing labs and missing infrastructure are often retrofitted to accommodate demand.Due to the highly specific and expensive buildout required f
41、or these properties,owner-user projects are common,with companies like AGC Biologics,Terumo BCT,Syntex Chemicals,Agilent Technologies,and many others owning buildings around the metro.These high buildout costs,along with higher rents for life sciences buildings and fewer existing options,make life s
42、ciences buildings among the few property types where replacement costs are justifiable.Medtronic is finalizing developing a new campus in Lafayette with Ryan Companies,while United Properties is speculatively developing the 200,000-square-foot Boulder Innovation Campus in Louisville.Both are in Denv
43、ers Northwest area.As life sciences users remain very interested in the metro area and the Boulder market specifically,many new ground-up construction projects have been announced and are expected to be underway in the first quarter of 2023.As general office space use continues to drag after the pan
44、demic,life sciences is one of the more active sectors for this market.10|Major MarketsDenver/Boulder Life Sciences Market:2015-2022Top 3 Companies in the Market0.0%0.5%1.0%1.5%2.0%2.5%0.00.10.20.30.40.50.60.72000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionN
45、ew InventoryVacancy RateThree Largest/Impactful Leases Signed(12 months ending Q4 2022)Property NameAddressSubmarketSF LeasedTenantColorado Tech Center725 Tech CtNorthwest146,318Umoja BiopharmaCentennial Marketplace919 W Dillon RdNorthwest79,980Biodesix10771 E Easter Ave10771 E Easter AveSoutheast73
46、,781Novus BiologicalsThree Largest/Important Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)CoRE-CO Research Exchange235 Interlocken BlvdNorthwest462,000Lincoln Property CompanyTBDMedtronic CampusNEC Hwy 287&W Dillon RdNorthwest353,000Ryan Companies2
47、023 Q4Boulder Innovation Campus1350&1452 S 96th StNorthwest198,720United Properties2024 Q1Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)Flatiron Park22 PropertiesBoulder1,111,614BioMed Realty$625.2Boulder 381685-1775 38th StBoulder177,
48、216Breakthrough Properties$85.31450 Infinite Dr1450 Infinite DrNorthwest160,000SteelWave$30.3Established/Big PharmaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|11New Jerseys life sciences market has seen rapid growth from emerging pharmaceutical and biotechnology companies.
49、The states unique ecosystem includes its strategic location in the heart of the Northeast corridor,talented and experienced workforce,and supply chain infrastructure enabling pharmaceutical and biotechnology companies ease of entry.New Jersey is home to eight of the top 10 R&D companies.The market f
50、or move-in-ready lab space remains tight.Expansions among small and mid-sized life sciences firms kept availability low during the year.Long approval processes for new projects and high construction and debt costs have limited new development and lengthened construction timelines,furthering the shor
51、tage of purpose-built lab product.In recent years,large pharmaceutical companies disposed of their campuses,to investors capitalizing on demand for leasable lab space.However,three companies recently announced major investments to redevelop or expand existing campuses.LOreal USAs$140 million project
52、 for a new Research&Innovation(R&I)Center in Clark will replace the companys current facilities and span nearly 250,000 square feet.Roche is expanding on its campus in Branchburg after receiving approvals to build a 56,000-square-foot manufacturing facility and an 85,000-square-foot warehouse.The ne
53、w facility will house Roches polymerase chain reaction(PCR)manufacturing facility.At the Princeton West Innovation Campus in Hopewell,BeiGene broke ground on a 400,000-square-foot R&D and manufacturing center that will include biologic manufacturing and late-stage research and clinical development o
54、f innovative cancer medicines.New JerseyKey Statistics(as of Q4 2022)$200.00Fit-Out Costs($PSF)*$70.00TI Allowance($PSF)*18.2 Market Inventory MSF5.6%Vacancy Rate%4.1Proposed MSF0.4Under Construction MSF$45.00Avg.NNN Asking Rent($PSF/Year)0.2 Net Absorption 2022 MSFFunding&Talent0.5VC Funding 2022 (
55、$Billion)0.4NIH Funding 2022 ($Billion)3,325Biomed Graduates 2021Market Outlook(next 12 months)VacancyNew Supply*Assume new 10-year lease,1st generation space.Source:Colliers,National Institutes of Health,PitchBook,EMSIRentsDemand12|Major MarketsTop 3 Companies in the MarketNew Jersey Life Sciences
56、Market:2015-20220%5%10%15%20%25%(1.0)(0.5)0.00.51.01.52.02000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateThree Largest/Impactful Leases Signed(12 months ending Q4 2022)Property NameAddressSubmarketSF LeasedTenantWarren Corporate Cen
57、ter400/500 Warren Corporate CenterEast I-78361,718PTC Therapeutics5 Giralda Farms5 Giralda FarmsMorristown250,000Bristol Myers Squibb95 Corporate Drive95 Corporate DriveEast I-78118,208CellaresThree Largest/Important Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion
58、(Year/Quarter)LOreal R&D Center30 Terminal Avenue,ClarkRoute 78/Union 250,000 LOreal2024Roche1080 US Highway 202-Bldg.2Somerset County 85,000 Roche2023Roche1080 US Highway 202-Bldg.1Somerset County 56,000 Roche2023Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSi
59、ze SFBuyerPrice($Million)ON3200 Metro BoulevardRoute 46/23/3332,818Cantor Fitzgerald&Co.$132 700 US Highway 202/206700 US Highway 202/206East I-78117,022Maxin Properties$39 Technology Center of Princeton350 Carter RoadPrinceton78,992Warren Avenue Investors$34 Established/Big PharmaNewer/Drug Develop
60、ment Companies2023 Life Sciences|U.S.Research Report|13The life sciences sector has grown substantially in New York City in recent years,to 4.9 million square feet across Manhattan,Brooklyn,and Queens.Recent city and state government initiatives have fostered this growth.In Q3 2022,Harlem Biospace(w
61、et lab incubator space for early-stage small and mid-sized life sciences companies)announced that it would open a second location in the Mink Building at 1361 Amsterdam Avenue.Recognizing the importance of supporting the growing life sciences industry in New York State,the New York City Regional Eco
62、nomic Development Council recommended this project for a$1.5 million grant from Empire State Development.Also in Q3 2022,the city and state launched several initiatives:the City of New York announced awards of$15 million to the City College of New York(CCNY)and$11.6 million to the Mount Sinai Health
63、 System CCNY,to bring on line the“City Innovations Collaborative,”an incubator for commercial and academic life sciences innovation and research at the Taystee Lab Building at 450 West 126th Street.There are also plans for the SPARC Kips Bay,which will transform Hunter Colleges Brookdale Campus into
64、 1.5 million square feet of academic,public health,and life sciences space.Looking ahead to notable 2023 deliveries,at 125 West End Avenue in Manhattan,Taconic Partners and Nuveen Real Estate are converting the former ABC studio/office building to a 517,000-square-foot,purpose-built research and lab
65、oratory complex.Meanwhile,in Long Island City,Longfellow Real Estate Partners is converting the former 214,000-square-foot industrial building at 43-10 23rd Street into Class A lab and research space.New York CityNew York14|Major MarketsThree Largest/Impactful Leases Signed(12 months ending Q4 2022)
66、Property NameAddressSubmarketSF LeasedTenantThe Cure345 Park Ave S,New York,NYMidtown South55,000NYU Langone Health521 West 57th Street521 West 57th Street,New York,NYMidtown50,525Mount Sinai Health System45-18 Court Square45-18 Court Square,Queens,NYQueens46,179OpentronsTop 3 Companies in the Marke
67、tKey Statistics(as of Q4 2022)$400Fit-Out Costs($PSF)*$175TI Allowance($PSF)*4.9 Market Inventory MSF20.2%Vacancy Rate%1.5Proposed MSF0.73Under Construction MSF$115.00Avg.NNN Asking Rent($PSF/Year)0.3Net Absorption 2022 SFFunding&Talent3.3VC Funding 2022($Billion)2.7NIH Funding 2022 ($Billion)4,529B
68、iomed Graduates 2021Market Outlook(next 12 months)VacancyRentsDemandNew Supply*Assume new 10-year lease,1st generation space.Source:Colliers,National Institutes of Health,PitchBook,EMSITwo Largest/Important Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion(Year/Quart
69、er)West End Labs125 West End Ave,New YorkUWS516,531Taconic Partners2023 Q3The Hatch43-10 23rd St,Long Island CityQueens214,013Longfellow Real Estate Partners2023 Q3Established/Big PharmaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|15Orange Countys life sciences industry has
70、 become one of the primary drivers of economic growth there,with more than$46.6 billion in annual economic activity and 162,000-plus supported jobs.The county is considered a hub in the medical device/diagnostics market,including such firms as Edwards Lifesciences and Masimo.The Irvine Company recen
71、tly announced plans to build a four-building,532,000-square-foot life sciences complex next to UC Irvine,Academy Point.Located in the UCI Research Park,it will join over 60 established life sciences companies with direct access to UC Irvine and its leading life sciences ecosystem.Planet Innovation r
72、ecently expanded its device manufacturing capacity by moving into a 68,000-square-foot production facility in Irvine.Located in the Irvine Spectrum submarket,it will double the companys total footprint in the United States.RxSight expanded its Aliso Viejo footprint by adding 11,000 square feet a few
73、 buildings over from its HQ,and now occupies 120,000 square feet in four facilities in Orange County.Orange CountyCaliforniaKey Statistics(as of Q4 2022)$200Fit-Out Costs($PSF)*$75TI Allowance($PSF)*10.1Market Inventory MSF6.5%Vacancy Rate%0.5Proposed MSF1.2Under Construction MSF$24.00Avg.NNN Asking
74、 Rent($PSF/Year)0.0Net Absorption 2022 MSF Funding&Talent0.3VC Funding 2022 ($Billion)0.2NIH Funding 2022 ($Billion)*1,674Biomed Graduates 2021Market Outlook(next 12 months)VacancyRentsDemandNew Supply*Assume new 10-year lease,1st generation space.Source:Colliers,National Institutes of Health,PitchB
75、ook,EMSI16|Major MarketsOrange County Life Sciences Market:2015-2022Top 3 Companies in the MarketThree Largest/Impactful Leases Signed(12 months ending Q4 2022)Property NameAddressSubmarketSF LeasedTenantLakeview Business Park80 TechnologyIrvine Spectrum67,940Planet InnovationSand Canyon Business Ce
76、nter15535 Sand CanyonIrvine Spectrum53,980PathnosticsColumbia Corporate Center100 ColumbiaSouth County42,106RxSightThree Largest/Important Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)Innovation Office ParkProgress DriveSouth County700,000 Irvine C
77、ompany2023/2024Academy PointUCI Research ParkAirport Area532,000Irvine Company2025 Q2Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)3501 W.Segerstrom Avenue3501 W.Segerstrom AvenueAirport Area66,600Robinson Pharma$250%1%2%3%4%5%6%7%(0.2
78、)(0.1)0.00.10.20.30.40.50.60.72000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateEstablished/Big PharmaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|17A strong pipeline of companies is growing in the Philadelph
79、ia cluster,building on the early momentum of gene and cell therapies developed in the research institutions.With the strong investment from NIH and research institutions,the growing pipeline of early-stage companies is projected to be sustainable for the foreseeable future.This demand is being met w
80、ith four million square feet of new purpose-built lab space and conversions that have been announced or are under construction.As a major center for developing gene and cell therapies,Philadelphia has strong and growing demand for clinical-and pre-clinical-scale manufacturing.Over the last two years
81、,the lack of local biomanufacturing capacity has been noted as a challenge to the accelerating growth of the Philadelphia cluster.However,this is being addressed by large-scale conversion and ground-up construction in urban Philadelphia,such as the Budd Bioworks and two new cGMP manufacturing projec
82、ts at the Navy Yard.Spark Therapeutics,a Philadelphia-grown company now a division of Roche,is under construction on a 500,000-square-foot biomanufacturing facility in University City.Wu-Xi STA has begun the first 600,000 square foot phase of a one-million-square-foot-plus pharmaceutical manufacturi
83、ng campus in Middletown,Delaware.As a newer entrant into the biomanufacturing sector,Philadelphia offers a significant opportunity for companies looking to establish a manufacturing presence in the U.S.or on the East Coast,providing a strong pipeline of new and planned manufacturing facilities and e
84、xisting and newly minted talent.PhiladelphiaPennsylvaniaKey Statistics(as of Q4 2022)$250Fit-Out Costs($PSF)*$135TI Allowance($PSF)*22.8Market Inventory MSF3.3%Vacancy Rate%9.7Proposed MSF2.7Under Construction MSF$65.00Avg.NNN Asking Rent($PSF/Year)0.9Net Absorption 2022 MSF*Assume new 10-year lease
85、,1st generation space.Source:Colliers,National Institutes of Health,PitchBook,EMSIMarket Outlook(next 12 months)VacancyNew SupplyRentsDemandFunding&Talent1.7VC Funding 2022 ($Billion)1.3NIH Funding 2022 ($Billion)3,732Biomed Graduates 202118|Major MarketsPhiladelphia Life Sciences Market:2016-2022To
86、p 3 Companies in the Market0%1%2%3%4%5%6%7%8%0.40.20.00.20.40.60.81.01.2200022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateThree Largest/Impactful Leases Signed(12 months ending Q4 2022)Property NameAddressSubmarketSF LeasedTenant3201 Cuth
87、bert Street3201 Cuthbert StreetUrban Philadelphia90,910SmartLabsSpring House Innovation Park727 Norristown RoadI-276 Corridor77,008Merck240 Sierra Drive240 Sierra DriveRoute 202 Corridor63,500FrhThree Largest/Important Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletio
88、n (Year/Quarter)WuXi STA Middletown1091 Industrial DriveI-95 South600,000STA Pharmaceuticals USA2024 Q2Spark Gene Therapy Innovation Center3001 Chestnut StreetUrban Philadelphia500,000Spark Therapeutics/Roche2025-2026Schuylkill Yards3151 Market StreetUrban Philadelphia441,000Brandywine Realty Trust2
89、024 Q3Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)466 Devon Park Drive466 Devon Park DriveRoute 202 Corridor155,200Hines$57425 Privet Road425 Privet RoadI-276 Corridor120,090Griffith Properties$12.11850 N.Gravers Lane1850 N.Gravers L
90、aneI-276 Corridor76,290Spaulding&Slye Investments$7.7Established/Big PharmaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|19The Raleigh-Durham area,“The Triangle,”remains a top life sciences location,surrounded by world-renowned researchers,top-tier universities,and strategic
91、 partnerships.Home to the largest research park in the United States,Research Triangle Park,the area has continued to grow in the life sciences sector and beyond.North Carolina has been repeatedly named one of the best states for business,and Raleigh was placed in the top three hottest job markets e
92、arlier in 2022 by the Wall Street Journal and Moodys Analytics.This past year saw major investment sales and new developments,particularly in the RTP/I-40 Corridor submarket.The largest of the year was for Park Point in Research Triangle Park,a 663,000-square-foot life sciences campus,for$380 millio
93、n.Developers Starwood Capital Group and Trinity Capital Advisors announced and began to build a new life sciences campus.At an estimated value of$1 billion,the campus will be called“Spark LS”and already has interest from potential life sciences job creators.The life sciences industry has proven resi
94、lient in a tumultuous environment,and demand for space here presses on from startups and large established tenants alike.Raleigh-DurhamNorth CarolinaKey Statistics(as of Q4 2022)$275Fit-Out Costs($PSF)*$150TI Allowance($PSF)*17.6Market Inventory MSF8.4%Vacancy Rate%2.3Proposed MSF0.3 Under Construct
95、ion MSF$34.50Avg.NNN Asking Rent($PSF/Year)0.9 Net Absorption 2022 MSFFunding&Talent1.7VC Funding 2022 ($Billion)1.7NIH Funding 2022 ($Billion)2,474Biomed Graduates 2021Market Outlook(next 12 months)VacancyRentsDemandNew Supply*Assume new 10-year lease,1st generation space.Source:Colliers,National I
96、nstitutes of Health,PitchBook,EMSI20|Major MarketsRaleigh-Durham Life Sciences Market:2015-2022Top 3 Companies in the Market0%2%4%6%8%10%12%14%16%18%20%0.50.00.51.01.52.02000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateThree Largest/
97、Impactful Leases Signed(12 months ending Q4 2022)Property NameAddressSubmarketSF LeasedTenantSyngenta Biotechnology9 Davis DrRTP/RDU204,924SyngentaEdge(East)4001 E Hwy 54RTP/RDU156,114ConfidentialBiogen Hopson Rd3798 Hopson RdRTP/RDU120,000BiogenThree Largest/Important Projects Under ConstructionPro
98、perty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)Biogen Hopson Rd3798 Hopson RdRTP/RDU120,000McDonald York Building Company2023 Q2Midtown BioCenter350 E Six Forks RdSix Forks/Falls of Neuse100,000East West Partners2023 Q2AMS Exchange 55420 Green Oaks PkwySouthern Wake County52,101H
99、olly Springs Economic Development2023 Q2Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)Park Point4001 Chapel Hill RdRTP/RDU662,607CBRE Capital Partners$380 Triangle Business CenterStirrup Creek DrRTP/RDU445,000Lincoln Harris$141 TW Alex
100、ander Bioprocessing Building78 TW Alexander DrRTP/RDU142,600Oxford Properties Group$21 Established/Big PharmaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|21San Diegos life sciences industry has nearly 23 million square feet of total inventory,primarily in and around San Die
101、gos“Golden Triangle”in the north part of the city(19 million square feet)and in San Diegos North County(three million square feet).Demand has been strong over the past 12 years,and availability has dropped to under 7%.Since 2017 inventory has increased by 14%due to new construction and conversions.N
102、early 3.3 million square feet of new life sciences construction or renovations are underway countywide.San Diego also has another 7.8 million square feet proposed for development.In 2023,the completion of the renovated Campus at Horton Downtown San Diego project will total 743,000 square feet,in a f
103、ormer regional mall built in the mid-1980s.This mixed-use project includes retail and creative office space along with 426,000 square feet of dedicated life sciences space.Also,IQHQ will complete a brand-new 1.8-million-square-foot five-building mixed-use project along the bayfront.Over 1.6 million
104、square feet of the new RaDD“Research and Development District”will be life sciences space.Large life sciences developers such as Alexandria Real Estate Equities,BioMed Realty/Blackstone,Healthpeak Properties,Longfellow Real Estate Partners,Breakthrough Properties,and IQHQ continue acquiring properti
105、es for redevelopment or conversion throughout the county,but the pace has slowed from that in 2020 and 2021.San DiegoCaliforniaKey Statistics(as of Q4 2022)$275 Fit-Out Costs($PSF)*$225 TI Allowance($PSF)*22.9Market Inventory MSF6.5%Vacancy Rate%7.8Proposed MSF3.3Under Construction MSF$78.00Avg.NNN
106、Asking Rent($PSF/Year)0.6Net Absorption 2022 MSFFunding&Talent6.2VC Funding 2022 ($Billion)1.2NIH Funding 2022 ($Billion)3,367Biomed Graduates 2021Market Outlook(next 12 months)VacancyRentsDemandNew Supply*Assume new 10-year lease,1st generation space.Source:Colliers,National Institutes of Health,Pi
107、tchBook,EMSI22|Major MarketsSan Diego Life Sciences Market:2015-2022Top 3 Companies in the Market0%2%4%6%8%10%12%14%(0.2)0.00.20.40.60.81.01.22000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateThree Largest/Impactful Leases Signed(12 m
108、onths ending Q4 2022)Property NameAddressSubmarketSF LeasedTenantCampus Point 4Campus Point DrUTC427,000Bristol Myers SquibbAperture6040 Edgewood Bend CtDel Mar Heights525,000Neurocrine BioscienceOne Alexandria Square North11255 N Torrey Pines RdTorrey Pines309,000Altos LabsThree Largest Projects Un
109、der ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)RaDD(Research&Development District)937 N Harbor DrDowntown/CBD1,632,000IQHQ2023 Q3The Campus at Horton(Bldg 100&300)324 Horton PlzDowntown/CBD426,000Stockdale Capital2023 Q2Torrey View11220 El Camino RealDel Mar He
110、ights/Carmel Valley520,000Breakthrough Properties2023 Q3Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)Ionis Pharmaceuticals2850&2855 Gazelle CtCarlsbad246,000Oxford Properties Group$258The Aventine(Atrium&Hyatt Regency)3777 La Jolla Vi
111、llage Dr&8930 University Center LnUTC326,822IQHQ$227Governor Pointe Business Park6200&6220 Greenwich DrGovernor Park231,987Breakthrough Properties$145Established/Big PharmaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|23The San Francisco Bay Area life sciences sector remains
112、 a top-performing asset type.The pandemic accelerated its growth here,and venture capital has continued to fuel one of the most robust life sciences markets nationally.Although venture capital funding dropped year-over-year,it is still at historical highs.However,the types have changed to later-stag
113、e-funded companies with strong financial track records,instead of earlier-stage startups.The San Francisco Peninsula market takes the lions share of total inventory in the Bay Area,18.9 million square feet.The East Bay follows,at 12.1 million square feet,with the remainder in Silicon Valley,at nine
114、million square feet,and San Francisco,at 6.4 million square feet.Compared to others in the Bay Area,life sciences assets boast some of the lowest availability figures.Due to such a resilient product,developers continue to expand their life sciences footprints,with more than eight million square feet
115、 of product under construction.The outlook remains optimistic as the Bay Area continues to grow for future life sciences users and developers attempt to satiate the demand of tenants for high-quality life sciences product.San Francisco Bay AreaCaliforniaKey Statistics(as of Q4 2022)$400Fit-Out Costs
116、($PSF)*$200TI Allowance($PSF)*46.1Market Inventory MSF9.4%Vacancy Rate%54.7Proposed MSF8.6Under Construction MSF$95.40Avg.NNN Asking Rent($PSF/Year)-1.0Net Absorption2022 MSFFunding&Talent14.5VC Funding 2022 ($Billion)2.1NIH Funding 2022 ($Billion)3,985Biomed Graduates 2021Market Outlook(next 12 mon
117、ths)VacancyRentsDemandNew Supply*Assume new 10-year lease,1st generation space.Source:Colliers,National Institutes of Health,PitchBook,EMSI24|Major MarketsSF Bay Area Life Sciences Market:2015-2022Top 3 Companies in the MarketThree Largest/Impactful Leases Signed(12 months ending Q4 2022)Property Na
118、meAddressSubmarketSF LeasedTenantACLS Millbrae Campus30-201 Rollins Rd,101 Harriet Tubman Rd 3SF Peninsula285,000Eikon TherapeuticsEmerystation Research Campus5850,5885,6121 Hollis St Emeryville,CA 94608East Bay162,186Amyris,Inc.Vantage480 Forbes BlvdSF Peninsula154,000AstellasThree Largest/Importan
119、t Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)Kilroy Oyster Point375-379 Oyster Point BlvdSF Peninsula900,000Kilroy Realty2023 Q1Southline30 Tanforan AveSF Peninsula670,000Lane Partners2024 Q2Elco Yards111-1601 El Camino RealSF Peninsula592,000IQH
120、Q2024 Q4Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)75-7300 Shoreline Ct75-125 Shoreway Rd,7000 Shoreline CtSF Peninsula407,000GI Partners$388Palo Alto Technology Center3301-3307 Hillview AveSilicon Valley292,013Alexandria Real Estat
121、e Equities$267.6 San Carlos Research Center120-150 Inudstrial RdSF Peninsula229,640Graymark Capital JV BentallGreenOak$1900%2%4%6%8%10%12%(2.0)(1.0)0.01.02.03.04.05.02000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateEstablished/Big Ph
122、armaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|25Despite a national slowdown in life sciences funding on the heels of a record-breaking 2021 Seattle can count significant successes on the real estate leasing side indicating its status as an emerging market.Several major l
123、eases have been signed since the start of 2022 at two new properties,and developers do not appear intimidated by the slowing venture capital market.Two recent developments are Oxford Properties Boren Labs and BioMeds Dexter Yard.Boren Labs has six of nine floors leased,and Cornea Gen,Gentio Bio,Tune
124、 Therapeutics,and Icosavax collectively lease almost 100,000 square feet of space in the 140,000-square-foot building.Dexter Yard has more than 300,000 square feet leased in the 500,000-square-foot building,to Shape Therapeutics,Parse Biosciences,Outpace,AI2,and Monod Bio.The largest lease was Shape
125、 Therapeutics 120,000 square feet,leaving the other tenants leasing smaller spaces,the types of deals expected to continue with less funding.More than 1.2 million square feet of space is under construction or being renovated in Lake Union and double that amount is in planning or close to starting co
126、nstruction.Part of this can be explained by demand for space by life sciences companies.While nationally,there has been a slowdown of activity,Seattle is an emerging market and unaccustomed to the scale of leasing taking place in major life sciences markets,like Boston or the Bay Area.The leasing at
127、 Boren Labs and Dexter Yard took place within 12 months of completion.In an August 2022 Puget Sound Business Journal interview,BioMed Realty revealed that one of its two proposed projects could break ground in 2023 on a speculative basis.These are T6 Innovation Center and Denny Park South,totaling 1
128、.1 million square feet of speculative life sciences space.SeattleWashingtonKey Statistics(as of Q4 2022)$350Fit-Out Costs($PSF)*$200TI Allowance($PSF)*8.8 Market Inventory MSF11.6%Vacancy Rate%3.5Proposed MSF1.2 Under Construction MSF$75.00 Avg.NNN Asking Rent($PSF/Year)0.0 Net Absorption2022 MSFFun
129、ding&Talent1.7VC Funding 2022 ($Billion)1.3NIH Funding 2022 ($Billion)1,802Biomed Graduates 2021Market Outlook(next 12 months)VacancyRentsDemandNew Supply*Assume new 10-year lease,1st generation space.Source:Colliers,National Institutes of Health,PitchBook,EMSI26|Major MarketsSeattle Life Sciences M
130、arket:2015-2022Top 3 Companies in the MarketThree Largest/Impactful Leases Signed(12 months ending Q4 2022)Property NameAddressSubmarketSF LeasedTenant1916 Boren Ave1916 Boren AveSouth Lake Union124,000Seattle ChildrensUnison Elliott Bay501 Elliott Ave WSouth Lake Union83,000Sonoma BiotherapeuticsDe
131、xter Yard700 Dexter Ave NSouth Lake Union34,000Parse BiosciencesThree Largest/Important Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)eleven501150 Eastlake Ave ESouth Lake Union312,000Alexandria2023 Q2701 Dexter701 Dexter Ave NSouth Lake Union227,00
132、0Alexandria2023 Q4222 Fifth Ave N222 5th Ave NSouth Lake Union191,000LPC/Invesco2024 Q3Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)Project Procton21717-21823 30th Dr SEBothell144,900Confidential$5410809 120th Ave NE10809 120th Ave NE
133、Bothell61,438Toll Brothers,Inc.$23ICO Genex454 N 34th StSouth Lake Union16,020Frederick Hagen Jr$50%2%4%6%8%10%12%14%(0.4)(0.2)0.00.20.40.60.81.02000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateEstablished/Big PharmaNewer/Drug Develo
134、pment Companies2023 Life Sciences|U.S.Research Report|27The Suburban Maryland/DMV area has continued to attract life sciences companies due to the educated labor pool,real estate,and labor costs.Other drivers in the region are numerous federal agencies including the Food and Drug Administration and
135、the National Institutes of Health and the labs associated with them.Notable companies such as Astra Zeneca,GlaxoSmithKline and MilliporeSigma are well established in the market.Expansions continued in 2022,highlighted by two notable deals.Horizon Therapeutics expansion for an East Coast research and
136、 development hub for 192,000 square feet is now under construction at Traville Gateway.More recently,at the same campus,MilliporeSigma just announced plans to expand its biosafety testing with a new 250,000-square-foot facility in Rockville.While leasing is strong,it has slowed from the height of th
137、e pandemic,when there was unprecedented demand for life sciences space;the decreased response from the COVID-19-related vaccines and therapies sector is partially responsible.Despite the slowdown,life sciences vacancies are in the single digits in contrast to those for office,in the upper teens.Cons
138、truction of new life sciences facilities has been strong,with multiple projects underway.A mix of new-construction projects and conversions of existing office space has persisted as the life sciences sector continued to outpace office demand.This is especially true along the I-270 corridor,known as
139、DNA Alley,where numerous projects are underway.The corridor also has many other future options for conversion,including a number of obsolete office and flex buildings engaging life sciences tenants given the tepid office environment.Suburban MarylandMaryland*Assume new 10-year lease,1st generation s
140、pace.Source:Colliers,National Institutes of Health,PitchBook,EMSIKey Statistics(as of Q4 2022)$225Fit-Out Costs($PSF)*$140TI Allowance($PSF)*11.4 Market Inventory MSF5.7%Vacancy Rate%4.5Proposed MSF1.9Under Construction MSF$50.00 Avg.NNN Asking Rent($PSF/Year)-0.1Net Absorption 2022 MSFFunding&Talen
141、t1.4VC Funding 2022 ($Billion)0.3NIH Funding 2022 ($Billion)1,070Biomed Graduates 2021Market Outlook(next 12 months)VacancyNew SupplyRentsDemand28|Major MarketsSuburban Maryland Life Sciences Market:2015-2022Top 3 Companies in the MarketThree Largest/Impactful Leases Signed(12 months ending Q4 2022)
142、Property NameAddressSubmarketSF LeasedTenantTraville Gateway9820 Darnestown RdNorth Rockville250,000MilliporeSigmaTraville Gateway9810 Darnestown RdNorth Rockville192,000Horizon TherapueticsShady Grove Life Sciences Center 9704 Medical Center DrNorth Rockville122,601MacroGenicsThree Largest/Importan
143、t Projects Under ConstructionProperty NameAddressSubmarketSize SFDeveloperCompletion (Year/Quarter)Progress Labs at 700 N Frederick Ave700 N Frederick Ave Gaithersburg619,800Matan2023 Q1Traville Gateway 9820 Darnestown RdNorth Rockville365,000Alexandria2023 Q4Monument Innovation Center 735 Watkins M
144、ill RdGaithersburg135,000Monument Realty 2023 Q3Top Investment Sales By Value(12 months ending Q4 2022)Property NameAddressSubmarketSize SFBuyerPrice($Million)Key West Life Science Center 9713 Key West AveNorth Rockville128,394MetLife Investment Management$711 Preserve Parkway1 Preserve ParkwayRockv
145、ille191,000Longfellow Real Estate Partners$61Research Square 150-1550 Research BlvdNorth Rockville84,937Altus Realty$260%1%2%3%4%5%6%7%8%9%10%0.20.10.00.10.20.30.40.50.62000212022Vacancy RateNet Absorption&New Inventory(MSF)Net AbsorptionNew InventoryVacancy RateEstablished/Big
146、 PharmaNewer/Drug Development Companies2023 Life Sciences|U.S.Research Report|29The prominent institutions and professional talent continue to drive the expansion of healthcare,biotechnology and life sciences sectors in the nations fourth-largest city,Houston.Proud to claim the largest medical compl
147、ex in the world,the Texas Medical Center(TMC),Houston,provides a natural springboard for creating new life sciences companies with discoveries through the 61 TMC institutions that provide clinical healthcare,research,and education.The TMC aspires to nurture cross-institutional collaborations,creativ
148、ity,and innovation.However,that is just the starting point in this nine-county metro area with more than 1,760 life sciences companies,cutting-edge hospitals,medical facilities,and research institutions,with a workforce of more than 320,500 people in the related fields.The TMC Innovation Institute p
149、rovides a campus for numerous life sciences-focused incubator and accelerator programs.The National Institutes of Health(NIH)provide funding alongside the TMC Venture Fund,venture capital,and private equity investors seeking key scientists and medical researchers in this center of medicine and relat
150、ed science.Some of the more notable projects around the city include TMC3,a 37-acre research campus that is part of the Texas Medical Center,and Levit Green,which will have 270,000 square feet of laboratory,research,and office space.HoustonTexas30|Emerging MarketsIn Minneapolis-St.Paul,the life scie
151、nces workforce has grown 17%since 2017 while life sciences vacancies have fallen into the low single-digits.Much of this comes from the areas legacy and growing medical device community,which is the most concentrated in the nation.In fact,Plymouth,MN,has the highest concentration of medical device c
152、ompanies in the world.Fifteen of the largest 20 medical device companies in the world have operations in Minneapolis-St.Paul,and this clustering encourages complex medical device innovation.Minnesota is the top ranked state in the U.S.for FDA PMA approvals,at a rate six months faster than average.In
153、vestors,consultants,contract manufacturing,pre-clinical,CROs,packaging,sterilizations,etc.,have contributed a robust ecosystem of over 30,000 life sciences employees in Minnesota.While medical devices have dominated the market,the biotech community also has increased its demand for space.The ecosyst
154、em has evolved to support pharmaceutical and cell therapy companies attracted by the biomedical cluster,cheaper cost of living and talent,and other resources that have made the market a center for medical devices.Minneapolis-St.PaulMinnesota2023 Life Sciences|U.S.Research Report|31Yale University ke
155、eps spinning out new life sciences ventures at a rate of nearly one per month.Many of these companies prosper and grow,accounting for much of the areas demand.And the university itself and Yale New Haven Hospital are both big users of privately owned lab space.A shortage of available lab space and c
156、ontinuing high demand have together pushed up life sciences rents over the last year in New Haven.Rents have soared in recent years,since theres no finished lab space available and only limited space to readily build out as labs.The 525,000-square-foot building at 101 College Street,developed by Win
157、stanley Enterprises,is 90%leased and scheduled to complete in 2024.Leasing remains strong in the handful of smaller properties being converted to life sciences use.Developers have been scouring the city for buildings that could be repurposed as labs.The nationwide slowdown in venture capital lending
158、 to life sciences startups does seem to have affected demand somewhat,and sales have slowed.Nonetheless,theres been strong growth for established companies,and overall conditions remain bullish.New HavenConnecticut32|Emerging MarketsPittsburgh has become a life sciences hub,transformed by research,t
159、echnology,and startups into a center for innovation.Cutting-edge medical research at the University of Pittsburgh and globally recognized artificial intelligence and robotics assets at Carnegie Mellon University have created an advanced life sciences sector unique in the global marketplace.The Pitts
160、burgh regions advancements in biotech,therapeutics,and pharmaceutical and medical devices attract top talent and R&D investment dollars from outside of the region.In one such example,Baltimore-based Wexford Life Sciences recently converted a 355,000-square-foot industrial building into a hub of rese
161、arch and is also developing an additional 10-story 300,000-square-foot life sciences building on Pitts campus.Cambridge-based ElevateBio has also emerged as the new strategic partner of both Pitt and the RK Mellon Foundation to construct an 80,000-square-foot specialized biomanufacturing facility,cr
162、eating 170 full-time jobs.PittsburghPennsylvania2023 Life Sciences|U.S.Research Report|33Salt Lake City is widely recognized as a top emerging life sciences market.Lab-specific commercial real estate,supportive local governments,an educated population,collaborative universities,and a world-class out
163、door lifestyle all contribute to putting Utah on the radar of outside life sciences companies.Utah is focusing on industry infrastructure and new lab-specific development sites to attract life sciences and biotech industry growth.Utahs bioscience industry ranked sixth per capita in venture capital i
164、nvestment in the United States and is one of the fastest growing job markets on a percentage basis.Medical device manufacturers are the largest life sciences sector in Utah,employing more than 19,000 and second in the nation for medical device employment concentration.The life sciences industry acco
165、unts for 8%of Utahs GDP,with an ecosystem of more than 1,100 existing companies.Notable life sciences companies located in Utah include Stryker,BioMerics,MeritMedical,BD,Bio Fire,ThermoFisher Scientific,Edwards,ARUP Laboratories,Recursion,and Scientia Vascular.Due to the proximity to the University
166、of Utah and Research Park,downtown amenities,housing,and Salt Lake International Airport,6th South and the Granary District are new development sectors attracting life sciences companies.Salt Lake CityUtah34|Emerging MarketsSt.Louis has historically been well known in the healthcare and education se
167、ctors,which over the past few decades have paved the way for the citys emergence in the life sciences sector.Established companies such as Bayer,MilliporeSigma,and Mallinckrodt have been in St.Louis for many years,while startups are beginning to put down roots in a market with continued growth.At th
168、e heart of this growth are nonprofit companies like Cortex Innovation Community and BioSTL,which have been cultivating and investing in St.Louis life sciences startups since early 2000,providing innovative office/lab spaces and funding.In 2022,BioGenerator(the investment arm of BioSTL)invested in 18
169、 St.Louis startups developing products in the life sciences.BioGenerator has a total portfolio investment of$2 billion in follow-on capital since its inception and includes growing companies such as Benson Hill,MediBeacon,Arch Oncology,Geneoscopy,CoverCress,Sentiar,and Wugen.These companies are succ
170、eeding in St.Louis due to its high-end talent pool from Washington University,St.Louis University,and University of Missouri in St.Louis.Washington University alone has established itself as a top contributor in medical research.U.S.News ranks Washington University as the 11th best medical school fo
171、r research.St.LouisMissouri2023 Life Sciences|U.S.Research Report|35Market Inventory(M Sq Ft)San Francisco Bay Area46.1Boston40.3San Diego22.9Philadelphia22.8New Jersey18.2Raleigh-Durham17.6Suburban Maryland11.4Orange County10.1Seattle8.8Chicago6.5New York City4.9Denver3.32022 Absorption(M Sq Ft)*Bo
172、ston2.3Raleigh-Durham0.9Philadelphia0.9San Diego0.6Denver0.5New York City0.3New Jersey0.2Chicago0.0Orange County0.0Seattle0.0Suburban Maryland-0.1San Francisco Bay Area-1.0*In existing buildings onlyVacancy RateDenver1.0%Philadelphia3.3%New Jersey5.6%Suburban Maryland5.7%San Diego6.5%Orange County6.
173、5%Boston8.0%Raleigh-Durham8.4%San Francisco Bay Area9.4%Seattle11.6%Chicago15.0%New York City20.2%Market FundamentalsSource:Colliers36|Market SnapshotAverage NNN RentBoston$125 New York City$115 San Francisco Bay Area$95 San Diego$78 Seattle$75 Philadelphia$65 Chicago$55 Suburban Maryland$50 Denver$
174、45 New Jersey$45 Raleigh-Durham$35 Orange County$24 Under Construction(M Sq Ft)Boston23.90San Francisco Bay Area8.60San Diego3.30Philadelphia2.70Suburban Maryland1.90Seattle1.20Orange County1.20New York City0.73Denver0.50Chicago0.47New Jersey0.40Raleigh-Durham0.30Proposed(M Sq Ft)San Francisco Bay A
175、rea54.7Boston24.5Philadelphia9.7San Diego7.8Suburban Maryland4.5New Jersey4.1Seattle3.5Denver3.0Chicago2.3Raleigh-Durham2.3New York City1.5Orange County0.52023 Life Sciences|U.S.Research Report|37VC Funding($bn)San Francisco Bay Area$14.50 Boston$11.20 San Diego$6.20 New York City$3.30 Philadelphia$
176、1.70 Seattle$1.70 Raleigh-Durham$1.70 Suburban Maryland$1.40 Chicago$1.20 Denver$0.90 New Jersey$0.50 Orange County$0.30 NIH Funding($bn)Boston$3.00 New York City$2.70 San Francisco Bay Area$2.10 Raleigh-Durham$1.70 Philadelphia$1.30 Seattle$1.30 San Diego$1.20 Chicago$1.20 Denver$0.50 New Jersey$0.
177、40 Suburban Maryland$0.30 Orange County$0.20 Biomed GraduatesBoston5,079New York City4,529San Francisco Bay Area3,985Philadelphia3,732Chicago3,516San Diego3,367New Jersey3,325Raleigh-Durham2,474Seattle1,802Orange County1,674Suburban Maryland1,070Denver994Funding&TalentSource:Colliers,PitchBook,Natio
178、nal Institutes of Health,EMSI38|Market Snapshot2023 Life Sciences|U.S.Research Report|39BostonChicagoDenverNew JerseyNew York CityMarket Inventory40.36.53.318.24.9Rank2 Absorption2.30.00.50.20.3Rank18576Vacancy Rate8.0%15.0%1.0%5.6%20.2%Rank 7 11 1 3 12 Average NNN Rent$125$55$45$45$115 R
179、ank 1 7 9 10 2 Under Construction23.90.50.50.40.7Rank1109118Proposed252342Rank298611VC Funding$11.20$1.20$0.90$0.50$3.30 Rank2910114NIH Funding$3.00$1.20$0.50$0.40$2.70 Rank189102Biomed Graduates5,0793,5169943,3254,529Rank151272Combined Market Statistics&RankingsSource:Colliers,PitchBook,National In
180、stitutes of Health,EMSI40|Market SnapshotOrange CountyPhiladelphiaRaleigh-DurhamSan DiegoSan Francisco Bay AreaSeattleSuburban Maryland10.122.817.622.946.18.811.484631970.00.90.90.6-1.00.0-0.6.5%3.3%8.4%6.5%9.4%11.6%5.7%6 2 8 5 9 10 4$24$65$35$78$95$75$50 12 6 11 4 3 5 8 1.22.70.33.38.61.
181、21.9745545123104175$0.30$1.70$1.70$6.20$14.50$1.70$1.40 12573168$0.20$1.30$1.70$1.20$2.10$1.30$0.30 1254736111,6743,7322,4743,3673,9851,8021,07023 Life Sciences|U.S.Research Report|41This document/email has been prepared by Colliers for advertising and general information only.
182、Colliers makes no guarantees,representations or warranties of any kind,expressed or implied,regarding the information including,but not limited to,warranties of content,accuracy and reliability.Any interested party should undertake their own inquiries as to the accuracy of the information.Colliers e
183、xcludes unequivocally all inferred or implied terms,conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.This publication is the copyrighted property of Colliers and/or its licensor(s).2023.All rights reserved.This communication is
184、 not intended to cause or induce breach of an existing listing agreement.David Burden Executive Vice President National Life Sciences Steering Committee+1 312 612 5948 Curtis Cole Executive Vice President National Life Sciences Steering Committee+1 617 330 8065 Joseph Fetterman Executive Vice Presid
185、ent National Life Sciences Steering Committee+1 215 928 7541 Charlie Hatfield Executive Vice President National Life Sciences Steering Committee+1 609 297 5177 Steve Holland Senior Vice President National Life Sciences Steering Committee+1 858 677 5364 Aaron Jodka Director of Research|U.S.Capital Markets+1 617 330 8059