2023 September Life Sciences Update

Completions Will Lead to an Inventory Increase of 14% in the Next 18 Months

› As inventory races to catch up to employment growth, nearly 28 msf of new inventory is expected to be completed in the next 18 months, including new construction and conversions. › Of these expected construction completions, approximately 27% is currently pre-leased across several markets. The remaining 73% will either deliver vacant or be absorbed by current tenants in the market (TIM). › Boston is expected to add the greatest amount of new space in the next 18 months — 12 msf, which represents over 80% of its total construction pipeline.

Expected Construction Completions, U.S. Markets, 2023-2024

Pre-leased

Available

100%

90%

80%

0.7

70%

7.7

0.7

0.4

3.3

60%

0.7

4.4

1.4

50%

1.0

40%

Key Takeaway: An influx of vacant new space will provide unique opportunities for occupiers in many markets.

30%

0.5

20% Under Construction ( MSF)

4.4

0.3

0.1

1.2

10%

0.1

0.8

0%

Source: Cushman & Wakefield Research

13 / CUSHMAN & WAKEFIELD

LIFE SCIENCES SEPTEMBER 2023 LIF S IENC S MARCH