2022 March Life Sciences Update

Sector Growth = Increased Demand for Lab Space

Lab Space Fundamentals Select U.S. Markets

Lab Share as % of Office Inventory Select U.S. Markets

Life Sciences: Current Rent & 6-Year Growth

Life Sciences: Vacancy Rate, Q4 2021

25%

Rent

Rent Change 2015-2021 (right hand side)

Seattle Boston Los Angeles Suburban Maryland

120%

$120

20%

100%

$100

80%

$80

New York City Denver Chicago Raleigh/Durham New Jersery San Francisco Bay Area San Diego Philadelphia

60%

$60

15%

40%

$40

20%

$20

10%

0%

$0

5%

0% 5% 10% 15% 20% 25% 30% 35%

*Philadelphia rent change is from 2017 to 2021

0%

Source: Cushman & Wakefield Research

Since 2015, lab space asking rents have increased by an average of 72%, led by rates that more than doubled over that time in the San Francisco Bay Area and Raleigh-Durham. The life sciences market is tight with vacancy below 10% in six of the largest U.S. markets: San Diego, Philadelphia, Suburban MD, Seattle, Boston, and Los Angeles. And even with a large pipeline of new space, strong pre-leasing along with forecasted sector and employment growth, will keep vacancy rates low in most major markets.

Source: Cushman & Wakefield Research

11 / CUSHMAN & WAKEFIELD

LIFE SCIENCES 2022 MARCH UPDATE