2022 March Life Sciences Update

Talent is on the Rise

Markets with the Largest Talent Pool Life Sciences Total Employment and Labor Pool by Market (MSA), 2021

Life Sciences Job Growth Accelerated in 2021 Second Largest YoY Growth (+11.4%) in past 30 Years, Behind only 2018

Sacramento Indianapolis St. Louis

San Diego DC Metro Los Angeles Seattle Chicago Raleigh-Durham Houston Baltimore Minneapolis Dallas Portland, OR Salt Lake City Madison, WI Miami Pittsburgh Detroit Atlanta Denver

Employment: R&D in Biotechnology Industry

Employment Growth by Decade (Average Annual)

Total Employment (U.S.)

Life Sciences (U.S.)

300

7%

6.6%

275

267

6%

250

5%

225

4%

200

Boston San Francisco Bay Area New York City-New Jersey Philadelphia

Thousands

175

3%

0 10 20 30 40 50 60 70 80 90

150

2.0%

2%

Thousands

1.7%

Source: Emsi

125

1.0%

1%

0.5%

100

0.0%

0%

The top 10 markets account for 45% of the U.S. life sciences talent pool (including current employment and labor pool). This percentage is up from 42% over the past five years, illustrating that job growth continues to be concentrated in these top markets. Labor pool growth in the top 10 markets is up 19% since 2016 and the next tier of markets (#11-20) have increased a similar amount over the past five years (+16%). After that, however, growth is anemic with all other markets accounting for just 3.3% growth since 2016. Major life sciences hubs will continue to be drivers of life science and lab real estate with employment and funding trends also boding well for real estate growth in emerging markets around the country.

1991-2001

2001-2011

2011-2021

Source: U.S. Bureau of Labor Statistics

Source: U.S. Bureau of Labor Statistics, Cushman & Wakefield Research

Unlike the broader economy, life sciences employment did not falter during the pandemic. Instead, there was only one month of job losses (April 2020 declined by 0.1%) and year-end job growth was up 7.9% YoY in 2020 and 11.4% in 2021.

8 / CUSHMAN & WAKEFIELD

LIFE SCIENCES 2022 MARCH UPDATE