Life Sciences Update | 2022 October

First page 1 Next page Last page

Animated publication

2022 OCTOBER

Life Sciences Update

Contents

Following extraordinary investment, expansion, and innovation in 2021, the life sciences industry is poised for further growth and consistent demand in the years ahead. Going forward, capitalizing on the latest trends in technology will be more critical than ever as these advancements are continuously reshaping the way we research, develop, test, go to market and analyze data in life sciences. Even though its trajectory is intact, the sector is not immune, however, to overarching economic factors like inflation, higher interest rates and tightening capital markets, which are impacting investors and life sciences companies looking to occupy space within a tight budget. Positioned for Continued Growth

Positioned for Continued Growth Real Estate Fundamentals Remain Strong

This 2022 Life Sciences Update breaks down the current trends in the life sciences industry by exploring: • Strength of the real estate fundamentals; • The ongoing labor crunch; • How the economic slowdown is impacting the industry; and • The continued flow of funding into life sciences. The report also contains a market-by market analysis, providing detailed overviews of key life sciences markets across the globe.

The Labor Crunch

The Impact of the Economic Slowdown

Flow of Funding

Future Demand

Market Summaries

United States

Canada

United Kingdom

Appendix

2 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

The life sciences sector has experienced outsized growth in the last seven years. U.S. asking rents are 67% higher, on average, than in 2015, and inventory has grown in tandem by 29% across the markets tracked by Cushman & Wakefield Research. UK rents have grown 63% since 2017, on par with U.S. markets. Real Estate Fundamentals Remain Strong

3 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Real Estate Fundamentals Remain Strong

Life Sciences: Asking Rents, Q2 2022 Current Rent & 7-Year Growth

Life Sciences: Vacancy Rate, Q2 2022 Total Vacancy Rates by Components

Direct Vacancy

Sublease Vacancy

Rent

Rent Change 2015-2022 (rhs)

120%

$120

New York City Chicago Denver Raleigh/Durham New Jersey San Francisco Bay Area Boston San Diego Philadelphia Seattle Suburban Maryland Oxford Los Angeles London Cambridge

0.3%

1.5%

100%

$100

2.0% 1.8%

80%

$80

60%

$60

40%

$40

20%

$20

11%

12%

13%

16%

28%

32%

10%

20%

30%

40%

* UK rents adjusted to reflect occupier costs of office-to-lab conversion

Source: Cushman & Wakefield Research

Although rents have continued to grow in Q2 2022 in several markets from year-end, including double digit growth in Oxford (+16.1%), London (26.8%), Seattle (+27.2%) and San Diego (+31.3%), a few markets experienced some softening with four markets seeing asking rents fall from year end levels: Boston (-4.5%), San Francisco Bay area (-3.3%), Cambridge, UK (-1.8%) and New Jersey (-1.2%). Despite this two-quarter decline, rents are currently higher than year-end 2019 pre pandemic levels, up 13.1% in Boston, 30.4% in the San Francisco Bay area, 31% in Cambridge and 2.5% in New Jersey. Vacancy rates remain low in most markets, with rates below 10% in all three UK markets— Cambridge (0.3%), London (1.5%) and Oxford (2%)—and six U.S. markets, including Los Angeles

(1.8%), Suburban Maryland (3.5%), Seattle (3.8%), Philadelphia (5%), San Diego (5.7%) and Boston (9.1%). Vacancy rates increased slightly in the first half of 2022 in five of the 12 U.S. markets as some vacant sublease space has entered the market. U.S. vacant sublease inventory increased 37% from year-end 2021 levels. This number is likely to increase as more vacant sublease space has entered the market during recent months. Current sublease space, however, accounts for just 1% of total inventory in the U.S. This is slightly higher for markets with more vacant sublease space but not by much: the San Francisco Bay area (4%) and Raleigh / Durham (4%).

4 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Real Estate Fundamentals Remain Strong

Projected Growth, Lab Inventory Current Inventory & Under Construction

New Construction Pipeline, Next 18 Months Expected Construction Completions, U.S. markets, 2022-2023

Pre-leased

Available

Current Inventory

Under Construction

U/C as % of Inventory

100%

50%

0.2

90%

0.1

80%

40%

0.6

0.2

4.0

70%

30%

3.1

2.6

60%

50%

0.6

2.1

MSF

20%

Completions (MSF)

1.0

40%

0.2

10%

30%

0.7

0.2

2.7

20%

1.0

0.7

10%

Boston Chicago Denver New York Philadelphia Raleigh San Diego San Francisco

Seattle

Source: Cushman & Wakefield Research

Current projects under construction in the U.S. are expected to add an additional 26.6 million square feet (msf) of lab space to existing inventory. Boston has the largest construction pipeline with 13.9 msf of new space under construction, which comprises 43% of Boston’s current lab space inventory. After Boston, the largest construction pipelines are in San Diego (3.7 msf), San Francisco (3.5 msf), Seattle (1.5 msf) and Los Angeles (1.4 msf). In the UK, lab inventory is expected to grow 50% with a total of 3.6 msf of new space under construction.

In the U.S., there are approximately 19.9 msf of near-term deliveries scheduled for 2022-2023, or 74% of the current construction pipeline. For projects due to be completed in 2022, 60% of the space is pre-leased. In Boston, an estimated 6.7 msf of new inventory is due to be completed by 2023, with 2.7 msf currently pre-leased. Life sciences leasing activity in the U.S. markets totaled 7.2 msf for the first half of 2022. The average deal size in Q2 was 74,000 sf. The top three markets with the highest leasing volume in the first half were San Diego (2.2 msf), Boston (1.8 msf), and the San Francisco Bay area (1.2 msf).

5 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

The Labor Crunch

Life sciences employment in the U.S. has grown at an accelerated pace, doubling in size over the last ten years and outpacing total employment with an annual growth rate of 6.6% vs. the 1.2% annual average for total U.S. employment. UK life sciences employment has grown 5.8% annually over the last ten years, on par with growth in the U.S.

6 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

The Labor Crunch

Correlation between Talent & Lab Space Life Sciences Inventory & Employment Pool, Select Markets

Current U.S. Life Sciences Job Postings Outpace Hirings

Avg Monthly Hires

Avg Monthly Postings

20 25 30 35 40 45 50

Double the pre pandemic average

San Francisco Bay Area

Washington DC Metro

Boston

San Diego

Raleigh / Durham

Philadelphia

30 Thousands

0 5 10 15

New Jersey

Denver

Seattle

Los Angeles

London

Life Sciences Inventory (MSF)

Cambridge

Chicago

New York City

Oxford

100

120

Employment Pool (Thousands)

Source: Lightcast, Cushman & Wakefield Research

Source: Lightcast

Growth in demand for life sciences employees has mirrored lab space inventory growth as employers race to meet the needs of this growing sector. The San Francisco Bay area and Boston have two of the largest employment base and consequently the largest life sciences inventory. New York City also has one of the largest life sciences employment bases in the country due to its large research institutions which include Weill Cornell Medical Center, NYU Langone and Memorial Sloan Kettering, among others. Investment grade lab and cGMP space, however, are in the early stages in New York City. More space will be added with the planned 325,000 sf redevelopment of 345 Park Avenue South by Deerfield and Taconic Partners’ 399,000 sf redevelopment of 125 West End Avenue. Competition for talent in an overall very tight labor market has heated up in the life sciences sector with postings for life sciences jobs at currently double the pre-pandemic levels. In the U.S., year-to-date through August 2022, there have been a total of 413,120 life sciences occupation

postings, a 28% increase from the same period last year. This level of postings translates into a 3:1 ratio with unique jobs, meaning that every three postings equate to one unique job for a total of 137,707 jobs. U.S. hiring is lagging the pace of job postings when compared to the pre-pandemic period of 2018-2019. Some recently announced layoffs in the sector, however, have loosened some of the tightness in the labor market for employers as laid off life sciences workers have typically been able to find new employment relatively quickly. Canadian job postings also accelerated year-over-year (YoY) with 22,146 through August 2022, up 95%, with a 3:1 intensity. UK job postings decelerated from 2021 levels totaling 324,519 through August 2022, down 22%, with a 2:1 intensity.

7 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

The Labor Crunch

Next Generation Talent: A Look at Enrollments in Major U.S. Universities

Annual Completions for U.S. Life Sciences Degrees

There’s currently a robust pipeline of talent in life sciences degree programs in the U.S. as annual completions for life sciences degrees grew by 60% over the last ten years. Completions hit a plateau in the two years leading up to the pandemic. Growth decelerated from 6.3% annually from 2013-2016 to 1.4% in the period between 2017 2020. U.S. educational requirements for life sciences employment skew to higher education degrees with three-fourths of the job postings mentioning higher ed degrees and 47% of all postings indicating at least a bachelor’s degree required to apply. According to data published by the Coalition for Next Generation Life Science, there are currently about 75,000 enrollments in life sciences higher education programs in 34 schools across the U.S. These enrollments include Bachelor’s, Master’s and Ph.D. programs focused on training the next generation of life sciences professionals. While not all of them will enter the labor markets in life sciences, this is a pool that employers can tap in the coming years to fill the growing number of job openings.

Entering the job market

Thousands

Source: Lightcast

8 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Will the current economic slowdown impact the life sciences sector or is it insulated from recessionary pressures? Take a look at sector performance during the last two recessions. The Impact of the Economic Slowdown

9 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

The Impact of the Economic Slowdown

Employment: R&D in Biotechnology Industry

U.S. Employment Growth by Decade (Average Annual) Largest YoY Growth (+14.5%) in Past 30 Years

Total Employment (U.S.)

Life Sciences (U.S.)

Office-Using (U.S.)

Industrial (U.S.)

Hi-Tech (U.S.)

300

286

6.6%

275

250

225

200

2.9%

2.7%

175 Thousands

2.4%

2.3%

1.9%

1.8%

1.7%

150

1.4%

1.2%

0.4%

0.7%

125

0.5%

0.3%

100

2001

2003 2005 2007 2009 2011

2013 2015 2017 2019 2021

1992-2002

2002-2012

2012-2022

Source: U.S. Bureau of Labor Statistics

Economic headwinds seem to have slowed the life sciences momentum of the past few years. But as we head into either a recession or a general economic cooling, the sector is well positioned to weather the uncertainty brought on by periods of economic slowdown. Life sciences employment in the U.S. has been resilient in previous recessions, with minor drops during the Dot-Com Recession (DCR) and Great Financial Crisis (GFC). Additionally, life sciences employment did not falter during the pandemic. There was only one month of job losses (April 2020 declined by -0.1%) and YoY job growth was +11.4% in 2021 and +14.5% as of June 2022. Canadian life sciences employment has remained resilient through the pandemic, adding over 13,000 jobs in the sector, a 16% increase from 2019. The UK experienced a slight employment deceleration in the life sciences sector, shedding just over 9,000 jobs since 2019. However, the bulk of the losses occurred in 2020 and the sector has added over 2,000 jobs since then.

Life sciences employment has also outperformed other sectors over the last 30 years. It has outpaced sector growth in the last 10- and 20-year periods and has proved more resilient during recessions. During the DCR, industrial, office-using and hi-tech employment all experienced at least eight quarters of negative growth, while life sciences only experienced two. During the GFC, these sectors also experienced at least eight quarters of negative growth, while life sciences had six. These sectors all experienced at least two quarters of negative employment growth due to the pandemic, while life sciences continued to grow. On a YoY basis, life sciences outpaces these sectors, industrial (4.8%), office-using (4.8%) and hi-tech (5.1%).

10 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Flow of Funding

The global life sciences venture capital funding market experienced a slowdown in the first half of 2022 relative to the same period in 2021.

11 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Flow of Funding

Global Life Sciences Venture & Public Offering Capital Venture Capital

Public Offerings

North America

Europe

APAC

North America Europe APAC

$18

$50

$45

$16

$40

$14

$35

$12

$30

$10

$25

Billions

$20

$15

$10

2010 2011

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: PitchBook Data, Inc.; *Data has not been reviewed by PitchBook analysts, 2022 as of June 30

North American private equity (PE) funding totaled $23.6 billion through June 2022, down 15% YoY. A dearth of life sciences initial public offerings (IPO) totaled $1.1 billion, a significant drop from $9.1 billion for the first half of 2021, but similar to first half of 2017 levels. Other global regions have also experienced a drop in venture capital (VC) funding and IPOs. VC funding in major European markets totaled $3.5 billion in the first half of 2022, down 42% YoY and IPO activity was muted at $65 million, significantly lower than the $2.4 billion offerings from the same period last year. APAC saw slightly less deceleration with VC funding totaling $8.2 billion, a 25% drop YoY and IPO volume at $2.7 billion, down 53% YoY. Low IPO activity in the first half of 2022 can be attributed to volatility in the overall equities market which impacted the life sciences sector. As biotech share prices fell from 2021 highs,

companies put their IPO plans on hold as they wait for more market visibility. Prices have recently rebounded slightly and are currently at pre-pandemic levels. Although life sciences VC funding levels fell on a YoY basis, some markets saw higher funding activity. The San Francisco Bay area (+83%), New Jersey (+76%), Raleigh / Durham (+42%) and Montreal (+15%) all experienced increased VC funding in the first half of 2022. Looking at individual deal activity, the two largest deals that transacted in 2022 include Altos Labs’ $3 billion and Ultima Genomics’ $600 million funding. Both of these companies are headquartered in the San Francisco Bay area.

12 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Flow of Funding

Total Annual U.S. NIH Funding Over Time

Top Markets in NIH Funding for the Previous Five Years (2018-2022)

$40

Boston

$16.2 B

San Diego

$6.3 B

$35.8

$35

New York City

$13.1 B

10 Chicago

$5.7 B

$30

Baltimore / Suburban MD (I-270)

Houston

$5.1 B

$10.5 B

$25

Pittsburgh

$3.7 B

4 San Francisco Bay Area $10.4 B

$20

Ann Arbor

$3.4 B

Average Annual Growth Rate

Raleigh / Durham $8.5 B

$15

Billions

14 Saint Louis

$3.3 B

$10

1995-2021: +5.5%

6 Seattle

$6.8 B

2016-2021: +7.6%

Atlanta

$3.1 B

Los Angeles

$6.7 B

Philadelphia

$6.4 B

2011

1997

1995

2017

2012

2021

1998

2015

2013

1996

1999

2018

2016

2019

2014

2001

2010

2007

2002

2020

2005

2003

2008

2006

2009

2004

2000

Source: U.S. National Institutes of Health, Cushman & Wakefield Research, 2022 as of June 30, 2022

NIH at Peak Levels Total U.S. National Institute of Health (NIH) funding grew by 3.1% YoY in 2021. At $35.8 billion, it is the highest year on record, easily outpacing 2019 funding by 15.9%. Growth in funding over the past five years has averaged +7.6% per year, which is faster than the 26-year average (+5.5%). Funding for the current year totals $22.1 billion as of June 2022. This is on pace to meet this year’s NIH federal funding budget of $45 billion.

The top 10 life sciences markets also attract the most NIH funding. As a percent of total, these markets garnered 49% of total funding in the first half of 2022. Boston, New York City and Suburban Maryland have received the largest flow of funds in the last five years and are home to some of the largest research institutions in the country.

13 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Future Demand

The flow of venture capital into the life sciences sector has accelerated the growth of new companies with seed and early-stage companies still experiencing significant momentum.

14 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Future Demand

Seed and Early-Stage Companies Attract Capital

Clinical Trials by Stage

Seed and Early-Stage Funding

Top 10 Markets

Phase 4 4%

Early Phase 1 1%

Generating Revenue Startup Pre-Clinical Trials Clinical Trials Other

Other 4%

20% 30% 40% 50% 60% 70% 80% 90% 100%

Clinical Trials 7%

Phase 1 11%

Pre-Clinical Trials 13%

Phase 1 | Phase 2

Phase 3 40%

Generating Revenue 51%

Phase 2 31%

0% 10%

Startup 25%

Phase 2 | Phase 3

Source: PitchBook Data, Inc.; *Data has not been reviewed by PitchBook analysts.

Source: Clinicaltrials.gov

For the markets tracked by Cushman & Wakefield, 50% of the life sciences VC deals through August 2022 involved a seed or early-stage deal, with the average deal size of $38 million. Of these deals, 38% included companies that are at a startup or pre-clinical trials business stage. Many of these companies are in the early growth stages as they seek to accelerate their platform, which can include the expansion of their existing lab and office footprint.

Among the top 10 markets that attracted the greatest flow of funds into seed and early-stage deals, capital was significantly focused on revenue generating companies in Boston, Raleigh / Durham, Philadelphia and Greater Los Angeles. In the San Francisco Bay area, Seattle and London, funding was largely focused on startups. In New Jersey, the pharmaceutical hub of the U.S., funding flowed mainly to companies focused on clinical trials.

Another indicator of CRE growth and demand among life sciences companies is clinical trials activity. Currently, there are approximately 63,000 active clinical trials among the markets tracked by Cushman & Wakefield. Just over half of these trials are in the early to Phase 2 stages, which include exploratory trials, safety trials and short-term adverse events. Clinical trials in Phase 3 make up 40% of all trials and are focused on further studies of a drug’s safety and effectiveness, as well as interactions with other drugs. Life sciences companies at any stage of clinical trials may be in a position to expand into more space depending on the requirements of their trials, however, Phase 3 trials generally include larger groups of participants, which would typically require a larger staff headcount and space. Phase 4 clinical trials are conducted post-FDA approval for marketing.

15 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Future Demand

U.S. Novel Drug and Biological Approvals, FDA

Number of Clinical Trials By Market

Clinical Trials by Type

8,000

Novel Drug Approvals Biologicals

7,000

6,000

Other 25%

5,000

4,000

3,000

Drug 54%

2,000

Device 10%

1,000

Biological 11%

2015 2016 2017 2018 2019 2020 2021 2022YTD

Source: U.S. Food and Drug Administration

Source: Clinicaltrials.gov

In the U.S., when companies receive FDA approval, they need to quickly move into a manufacturing capacity. The FDA has worked to improve their approval processes and have, over time, increased the number of approvals for novel drugs and biologicals. 1 Although 2022 appears to be behind the uptick in approvals of the last four years, drug-related clinical trials account for 54% of the current trials in the U.S., indicating a robust pipeline of activity for future FDA approvals.

Drug trials account for 54% of clinical trials across the markets that Cushman & Wakefield tracks. Biological and device trials account for 11% and 10% of clinical trials, respectively. All other trials, including behavioral and diagnostic testing, make up the remaining 25%. The top five markets with the greatest number of clinical trials currently include New York, Boston, Los Angeles, Philadelphia and Chicago. These markets boast some of the largest hospital systems and medical universities, where many of these clinical trials take place.

1 Vaccines, allergenic products, blood and blood products, plasma derivatives, cellular and gene therapy products.

16 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Market-by-Market Analysis

United States Boston Chicago Denver Greater Los Angeles New Jersey New York Philadelphia Raleigh / Durham San Diego San Francisco Bay Area Seattle Suburban Maryland (I-270 Corridor)

Canada Montreal Toronto Vancouver

United Kingdom Cambridge

London Oxford

17 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

United States

Boston Chicago Denver Greater Los Angeles New Jersey New York Philadelphia Raleigh / Durham San Diego San Francisco Bay Area Seattle Suburban Maryland (I-270 Corridor)

18 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

•

• •

• • • • • •

•

• • •

•

• • • •

•

• • • • •

•

• • • • •

•

• •

•

• • •

• •

•

• • •

•

• • • • • •

•

• • •

Canada

Montreal Toronto Vancouver

31 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

•

• • •

• •

•

• • • • • • • •

•

• •

•

United Kingdom

Cambridge London Oxford

35 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

•

• •

•

• •

•

• •

•

• •

Appendix: Glossary of Terms and Data Definitions

39 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

Appendix: Glossary of Terms and Data Definitions

• NIH funding data downloaded from U.S. National Institutes of Health website. Cushman & Wakefield assigned funding recipients to specific markets based upon the address listed in the NIH data. In most cases, the NIH market represents the MSA and/or greater market area. • Private equity venture capital and public offering data provided by PitchBook. *Data has not been reviewed by PitchBook analysts. Market totals based upon MSAs with the following exceptions: • New Jersey includes the entire state. • New York City includes the five boroughs. • Raleigh / Durham includes Raleigh and Durham MSAs. • San Francisco Bay Area includes San Francisco San Francisco/ Oakland and San Jose MSAs. • Canada and UK markets represent the cities. • Clinical trials data downloaded from U.S. National Library of Medicine for both privately and publicly funded trials globally. The data only included trials with the following recruitment status: not yet recruiting, recruiting, enrolling by invitation and active-not recruiting. Markets based on MSAs with the following exceptions: • New Jersey includes the entire state. • Raleigh / Durham includes Raleigh and Durham MSAs. • San Francisco Bay Area includes San Francisco San Francisco/ Oakland and San Jose MSAs. • Canada and UK markets represent the cities. • Rents and vacancies are calculated overall (including direct and sublease space). • U.S. employment data is calculated at the MSA level with the following exceptions: • New Jersey includes the entire state. • New York City includes New York, Kings and Queens counties.

• U.S. employment data calculated using 6 life science industries (sorted by NAICS code) • 325412 - Pharmaceutical Preparation Manufacturing • 325414 - Biological Product (except Diagnostic) Manufacturing • 541380 - Testing Laboratories • 541713 - Research and Development in Nanotechnology • 541714 - Research and Development in Biotechnology (except Nanobiotechnology) • 541715 - Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology) • Canada employment data calculated using 2 life science industries (sorted by NAICS code) • 3254 - Pharmaceutical and medicine manufacturing • 5417 - Scientific research and development services • UK employment data calculated using 4 life science industries (sorted by SIC code) • 2110 - Manufacture of Basic Pharmaceutical Products • 2120 - Manufacture of Pharmaceutical Preparations • 7211 - Research and Experimental Development on Biotechnology • 7219 - Other Research and Experimental Development on Natural Sciences and Engineering • U.S. job postings and hires based upon 20 different occupations (sorted by SOC code). • 11-9121 - Natural Sciences Managers • 17-2031 - Bioengineers and Biomedical Engineers • 17-2041 - Chemical Engineers • 19-1011 - Animal Scientists • 19-1012 - Food Scientists and Technologists • 19-1013 - Soil and Plant Scientists • 19-1021 - Biochemists and Biophysicists • 19-1022 - Microbiologists

• 19-1023 - Zoologists and Wildlife Biologists • 19-1029 - Biological Scientists, All Other • 19-1041 - Epidemiologists • 19-1042 - Medical Scientists, Except Epidemiologists • 19-1099 - Life Scientists, All Other • 19-2031 - Chemists

• 19-4012 - Agricultural Technicians • 19-4013 - Food Science Technicians • 19-4021 - Biological Technicians • 19-4031 - Chemical Technicians

• 19-4099 - Life, Physical, and Social Science Technicians, All Other • 29-2018 - Clinical Laboratory Technologists and Technicians • Canada job postings and hires based upon 5 different occupations (sorted by NOC code). • 2112 - Chemists • 2121 - Biologists and related scientists • 2134 - Chemical engineers • 2221 - Biological technologists and technicians • 3211 - Medical laboratory technologists • UK job postings and hires based upon 6 different occupations (sorted by SOC code). • 2111 - Chemical Scientists • 2112 - Biological Scientists and Biochemists • 2113 - Physical Scientists • 3119 - Science, Engineering and Production Technicians n.e.c. • 3217 - Pharmaceutical Technicians • 3218 - Medical and Dental Technicians • U.S. degree completions based upon 129 different programs offered across various institutions. • Canada degree completions based upon 20 different programs offered across various institutions.

• Raleigh / Durham includes Raleigh and Durham MSAs. • San Francisco Bay Area includes both the San Francisco/ Oakland and San Jose MSAs.

• Canada employment data calculated at the CMA level. • UK employment data calculated at the county level.

40 / CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER

About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Authors Sandy Romero Research Manager

Global Research +1 212 713 6970 sandy.romero@cushwake.com David C. Smith Vice President Global Head of Occupier Insights +1 404 853 5310 david.smith4@cushwake.com

Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41

Made with FlippingBook Digital Publishing Software