1、U.S.L I F E S C I E N C E S M A R K E T2025 Life Sciences Report 2|ContentsTalentFunding Talent&Funding2025 Outlook&Key StatsMarketUnder Construction MSFTI Allowance($PSF)*Market Inventory MSFAvg.NNN Asking Rent($PSF/Year)*Fit Out Costs($PSF)*VacancySupplyDemandRent*Assumes new 10-year lease,1st gen

2、eration space2024 Life Sciences Workforce2023 Biomed Degree Completions2024 VC FundingFY 2024 NIH Funding2024 Market ActivitySources:Colliers;EMSI;PitchBook;National Institutes of Health,Connect.org2015-2024 Life Sciences MarketContents40Houston,TX41Minneapolis/St.Paul,MN42New Haven,CT43Pittsburgh,P

3、A44Salt Lake City,UT45St.Louis,MO 46Leases48Construction50Sales04National Overview08Market Rankings10Funding&Talent12CRE Fundamentals16Boston,MA18Chicago,IL20Denver/Boulder,CO22New Jersey24New York City,NY26Orange County,CA28Philadelphia/Tri-State30Raleigh/Durham,NC32San Diego,CA34San Francisco Bay

4、Area,CA36Seattle,WA38Suburban MarylandOverviewMajor MarketsEmerging MarketsMarket Activity HighlightsThe long-term outlook for life sciences companies remains strong.Thousands of treatments are being investigated,and spending on pharmaceuticals remains high.Although companies early in their discover

5、y process arent getting financing as quickly as happened at the height of the market,overall venture capital funding was$5.6 billion higher last year than in 2023,making 2024 the fourth-best year on record.The industry has resumed hiring too.After bottoming out at a 1.4%year-over-year decline in the

6、 first quarter of last year,R&D jobs in the biotechnology sector increased by more than 3%in 2024,to an all-time high in the fourth quarter of the year.Employment in pharmaceuticals and medicine manufacturing similarly expanded,by nearly 2%in 2024.Such factors support the industry optimism coming ou