H1 2024 Life Sciences Update Market Summaries

Netherlands: Leiden

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Market Summary

Public & Private Funding (202324)

Rent vs. Vacancy Comparison

Fast Lab Stats

• Leiden Bio Science Park is the largest, fastest growing and most well-known life sciences cluster in the Netherlands. Among the top five European science parks, it is home to an ecosystem of 195 organizations, 11 research institutes, 152 businesses and 22 healthcare organizations. • The presence of the European Medicines Agency in Amsterdam since 2019 has further accelerated the growth of the life sciences and health sectors in the Netherlands. • As a result of several occupier relocations, the vacancy rate increased to 5.1% last year, primarily affecting lower-quality assets. However, vacancy rates are now dropping and are expected to fall further as leasing activity recovers and as the university and municipality impose restrictions on speculative developments. • Leasing activity in the Leiden Bio Science Park has slowed due to a shortage of readily available high-quality lab and office space, longer decision-making processes by potential occupiers, and increased funding costs for startups. • Scarce availability of lab space, higher interest rates, increased construction costs and growing international acclaim have placed continued upward pressure on prime rental levels.

€ Raised (MM)

Company

Deal Type

Completed Type

€ 175 € 200 € 225 € 250 € 275 € 300 € 325 € 350

10%

291,600 Sqm Office & Lab stock €255 Average ERV Lab per sqm 3.2% Vacancy 21K Total Life Sciences Employment 11 Research institutes

Vico Therapeutics

Later Stage VC

Jun 2024

2nd Round

€ 71.0

8%

Vacancy Rate

Biomod AI

Accelerator/Incubator

Mar 2024

€ 0.1

6%

ExCulture

Accelerator/Incubator

Apr 2024

€ 0.1

Synerkine Pharma

4%

Later Stage

Oct 2023

VC

€ 23.1

Prime Asking Rent €/sqm

Genewity

Accelerator/Incubator

Jun 2023

VC

2%

0%

2017 2018 2019 2020 2021 2022 2023 2024

Asking Rents

Vacancy Rate

Representative Investment Sale Transactions (Q3 2022 – Q2 2024)

Volume

Address

Type

LFA (sqm)

Date

Buyer

Life Sciences Labor: Netherlands - Pharmaceutical Workforce

Representative Life Sciences Companies

Robert Boyleweg 5

GMP

Approx.€42 m

Approx. 10,700

Q4 2022 CBRE IM

Company

Type

Einsteinweg 5

Lab & Office

€10m

3,200

Q3 2022 Garbe

22,000

21,000

Janssen

R&D & Manufacturing Global HQ, R&D & Manufacturing R&D Nutrition & Biosciences First European Cell Therapy Facility

20,000 20,000

19,500

20,000

Batavia Biosciences

18,000

Representative Lease Transactions (Q1 2023 – Q2 2024)

IFF

Company

Address

Size (sqm)

New/Renewal

Type

Quarter

Landlord

16,000

Bristol-Myers Squibb

15,000

Halix

Einsteinweg 5

500

New Letting

Lab & Office

Q2 2024 Garbe

14,000

Galapagos Dutch HQ & R&D Avery Dennison EU HQ & R&D CHDR HQ & R&D HAL Allergy HQ & R&D CAM Bioceramics HQ & R&D ProQR Global HQ & R&D Bio Degree-Awarding Institutions, Metro Area • Leiden University • Leiden University Medical Center • University of Applied Sciences Leiden • Leidse Instrumentmakers School • TNO • NecstGen

Confidential

Zernikedreef 12

600

New Letting

Lab

Q1 2024 TPG

Confidential

Plus Ultra Leiden

1,000 New Letting

Lab

Q2 2023 Kadans

12,000

VarmX

Plus Ultra Leiden

500

New Letting

Lab

Q1 2023 Kadans

10,000

2018 2019 2020 2021

2022

Contributors Willemijn van den Hoek willemijn.vandenhoek@cushwake.com

Ruvin Vastenhout ruvin.vastenhout@cushwake.com

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook, Federal Reserve Economic Data (FRE), EFPIA

CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2024 SEPTEMBER