1、REPORTCBRE RESEARCH2024 U.S.Life Sciences Incubator SurveyAdaptive Spaces2CBRE RESEARCH 2024 CBRE,INC.Adaptive Spaces2024 U.S.Life Sciences Incubator SurveyKey findings:1.Incubators are in very high demand.They primarily offer accessible lab/office space and mentorship to startups.CBREs 2024 U.S.Lif
2、e Sciences Incubator Survey provides insight into the life sciences incubator industry and explains how incubators help cultivate startups.2.There is no one-size-fits-all real estate or fee structure and sum strategy for incubators,but they favor locations near educational institutions,residential a
3、reas and retail amenities.3.Funding for incubators comes from various sources,with government agencies being the main source.This funding is expected to increase over the next five to 10 years.Executive Summary4.Incubators now track a broader range of success indicators in their startups,expanding f
4、rom capital raised to now also include revenue,job growth and more.5.Incubators maintain a connection to companies they spawn long after they leave.This survey was conducted from November 2023 through January 2024.Twenty-seven U.S.life sciences incubators were surveyed.Twenty-three have operated for
5、 over a decade and eight run multiple locations.Of those surveyed,48%are independent or private,37%are supported by educational institutions and 15%are funded by state or county governments or economic development organizations.Methodology:3CBRE RESEARCH 2024 CBRE,INC.Adaptive Spaces2024 U.S.Life Sc
6、iences Incubator SurveyFigure 1:What do you view as the primary roles of your incubator?Select all that apply.Source:U.S.Life Sciences Incubator Survey,CBRE Research,February 2024.024680FundingAccess to private marketsContent/programmingMentoringAccessible office/lab spaceThe Need for Inc
7、ubatorsNinety-five percent of life sciences incubators offer accessible lab/office space and mentorship.Startups that grow from innovative research at educational institutions often cannot afford to lease full office and lab space,making incubators essential resources.Most respondents offered wet la
8、bs but there were also dry lab,mixed-use and no lab space offerings.All incubators we surveyed were at least 50%occupied,including 59%that were at least 75%occupied and 19%fully occupied.Over the next decade,63%expect to open more locations and 52%also project the average size of their locations to
9、increase.Accessible lab/office spaceMentoringContent/programmingAccess to private marketsFunding4CBRE RESEARCH 2024 CBRE,INC.Adaptive Spaces2024 U.S.Life Sciences Incubator SurveyFigure 2:What type of lab space do you primarily provide?Respondents elaborated on how their space offerings align with o
10、ther services provided.One respondent highlighted their unique approach,combining tailored mentorship,cutting-edge resources and a collaborative community to foster entrepreneurs business growth and personal development.Respondents also noted the importance of providing specialized equipment,such as
11、 cold storage,fume hoods,emergency power and modular benches,to cater to their startups unique needs.Some incubators offer shared equipment and lab space,while others provide them for each startups exclusive use.Many respondents see room for future innovation in both lab spaces flexibility and large
12、 lab equipments mobility.Dry lab24%Wet lab62%No lab space5%Mixed use(including office)9%Source:U.S.Life Sciences Incubator Survey,CBRE Research,February 2024.5CBRE RESEARCH 2024 CBRE,INC.Adaptive Spaces2024 U.S.Life Sciences Incubator SurveyReal Estate and Fee StrategyIncubators do not have a one-si
13、ze-fits-all real estate or fee strategy.Incubators vary in real estate strategy,fee structure and fee sum.Forty-eight percent of respondents lease real estate,33%own real estate and 19%have a mix of owned and leased space.Fee structures range from per month to per bench,suite or headcount,or mixed m
14、odels.Fee sums are often driven by real estate market rates and space size.Mixed9%Per headcount5%Per month48%Per bench or suite 14%Flat amount19%Figure 3:Do you charge your startups a fee?Source:U.S.Life Sciences Incubator Survey,CBRE Research,February 2024.No5%6CBRE RESEARCH 2024 CBRE,INC.Adaptive
15、Spaces2024 U.S.Life Sciences Incubator SurveyIncubators favor locations near educational institutions,housing/living space and retail amenities.While 37%are education-based incubators,nearly all(86%)seek space near educational institutions.This is more than double the next two most-selected location
16、 options,housing/living space and retail amenities,which were each selected 33%of the time.Counterintuitively,only 29%noted it is critical to be near a major medical facility,such as a hospital.0%10%20%30%40%50%60%70%80%90%Education/universitiesHousing/living spaceRetail amenitiesMajor medical facil
17、itiesOtherFigure 4:What do you prioritize being near when opening your incubator?Select all that apply.Source:U.S.Life Sciences Incubator Survey,CBRE Research,February 2024.7CBRE RESEARCH 2024 CBRE,INC.Adaptive Spaces2024 U.S.Life Sciences Incubator SurveyFundingFunding sources vary,with room for gr
18、owth.There are multiple funding options for incubators.Forty-three percent receive funding from government agencies,14%are financially supported by academic institutions and another 14%are self-funded.Since most funding comes from government agencies,academic institutions and client rent,only three
19、respondents directly invest in their incubator companies.On a positive note,62%expect funding to increase over the next five to 10 years,while 33%believe it will remain the same.Only one incubator believes funding will decrease.Two incubators noted they are interested in future creative funding sour
20、ces.Multiplesources10%Venture capital9%Self-funded14%Government agency43%Rent5%Clients5%Academic institution14%Figure 5:What is your incubators funding source?Source:U.S.Life Sciences Incubator Survey,CBRE Research,February 2024.8CBRE RESEARCH 2024 CBRE,INC.Adaptive Spaces2024 U.S.Life Sciences Incu
21、bator Survey024680OtherArtificial intelligenceFintechPharmaSoftwareTechnologyMedtechTherapeuticsBiotechMedical deviceFigure 6:What industries are housed in your incubator?Select all that apply.Source:U.S.Life Sciences Incubator Survey,CBRE Research,February 2024.Medical deviceBiotechThera
22、peuticsMedtechTechnologySoftwarePharmaFintechArtificial intelligenceOtherThe Incubator EcosystemThe diverse incubator ecosystem is comprised of a variety of sub-industries.The surveyed incubators work with startups from a diverse set of sub-industries.Medical devices are the most common,with 90%of i
23、ncubators saying they have tenants in this sub-industry.Artificial intelligence and fintech are the least popular but still referenced by 40%of incubators.9CBRE RESEARCH 2024 CBRE,INC.Adaptive Spaces2024 U.S.Life Sciences Incubator SurveySuccess is in the hands of the tenants.Most startups join an i
24、ncubator with a small team,as 75%of respondents noted the average company size is between one to five people.The majority of incubator tenants stay for more than two years,although all incubators offer flexible termination options.Since most incubators are fully or mostly occupied,80%of them offer d
25、ifferent levels of access or maintain a waiting list.Selecting which companies to grant a spot in the incubator is challenging.Eighty percent indicated that they consider multiple factors when screening potential companies.However,90%stated the primary factor is the companys business idea.Other impo
26、rtant criteria include the companys focus on scientific innovation and the potential for the incubator to assist them.This highlights the importance of a synergistic relationship between the companies and the incubators,rather than a traditional tenant-landlord dynamic.Survey results showed incubato
27、rs now track a broader range of success indicators in their startups,expanding from capital raised to now also include revenue,job growth and more.Coachability,adaptability and the ability to network and raise funds are evaluated too.Multiple incubators also noted the importance of valuable intellec
28、tual property,product quality or service and scalability.Figure 7:How long is a startups average stay?Source:U.S.Life Sciences Incubator Survey,CBRE Research,February 2024.1-2 years25%2 years70%7-12 months5%10CBRE RESEARCH 2024 CBRE,INC.Adaptive Spaces2024 U.S.Life Sciences Incubator SurveyFigure 8:
29、How often do you follow up with graduates?Source:U.S.Life Sciences Incubator Survey,CBRE Research,February 2024.Post-IncubatorConnectivityContinuing relationships is important.The relationship with a startup continues even after the company has outgrown the incubator.According to the survey,55%of in
30、cubators helped their startups secure their first lab/office.Seventy-four percent follow up with their graduate companies at least annually,while only 21%rarely check in on their graduates.Sixty-eight percent of incubators monitor their graduates funding activity.Maintaining these relationships and
31、tracking graduates progress is crucial for incubators to gauge their own value.In this competitive industry,ongoing relationships and graduate success stories enables incubators to better market their services to new startups and refine their current practices.0AnnuallyQuarterlyConstantly
32、Depends on thecompanyRarely Copyright 2024 All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they a
33、re subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,and actu
34、al market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projections,analyses or market circumstances later change.Nothing in this report should be construed as an indicator of the future performance of C
35、BREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and by viewing this report,you waive all cl
36、aims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of the information herein.Matt GardnerHead of Life Sciences,AMark VitoSenior Associatemark.vito Taylor LeeAssociate Research DContacts
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