1、LIFE SCIENCES UPDATESEPTEMBER 2025CONTENTS02Industry Trends to Watch02Industry Trends to Watch03Global Overview03Global Overview04United States Overview04United States Overview05Europe05Europe06The Chinese Mainland06The Chinese Mainland07Market Summaries07Market Summaries01 Key Takeaways01KeyTakeawa

2、ys3Cushman&WakefieldCONTENTSCONTENTSKey TakeawaysIndustry TrendsArtificial intelligence(AI)adoption for drug discovery is gaining momentum,with AI boosting efficiency and success rates in clinical trials.The pharmaceutical(pharma)industry faces headwinds,including upcoming patent expirations,U.S.tar

3、iff uncertainty and potential U.S.pricing policies.While the global pharma supply chain is diverse enough to meet worldwide demand,regionalization may be needed to address growth regions effectively.The growth of glucagon-like peptide-1(GLP-1)use will continue to impact the future of pharma.Global I

4、ncreased uncertainty has hindered the ability of life sciences companies to plan,leading to slower leasing and a 23.3%vacancy rate across major global life sciences markets.Life sciences R&D capital markets saw a 42%rise in transaction volume during the first half of 2025.Global life sciences ventur

5、e capital(VC)funding slowed to$18 billion in the first half of 2025,down 16%year-over-year(YOY),while Initial public offerings(IPOs)fell to$2.3 billion,a 58%YOY decline.Global merger and acquisition(M&A)deal volume totaled$86 billion in the first half,down 23%YOY,despite a few megadeals announced th

6、is year.United StatesAsking rents have softened further,and the overall vacancy rate has reached a new high.Concessions such as free rent,fixtures,furniture and equipment(FF&E),audio-visual/technology(AV/IT)allowances and turnkey tenant improvements(TIs)are the new normal.The construction pipeline h