Life Sciences 2020: The Future is Here

Since 2000, employment in life sciences has increased 87.9% compared to 14.4% for the U.S. as a whole.

AVERAGE ASKING RENT (LAB SPACE VS. OFFICE MARKET)

Lower Vacancy Currently, vacancy is lower and rents generally are higher for lab space than for office space in these 12 markets cited earlier. The vacancy rate is 7.1% compared with an office vacancy rate of 12.4% in the same 12 markets. LAB VACANCY RATE COMPARED WITH OFFICE VACANCY (LAB SPACES VS. OFFICE MARKET)

Lab Office

$100 $120

$0 $20 $40 $60 $80

18%

Lab Office

14%

Boston

Greater

Puget Sound Chicago

Philadelphia Research Triangle

East Bay

Baltimore

Maryland

Oakland /

Suburban

San Diego

Seattle /

Manhattan

10%

New Jersey

San Francisco Peninisula

All 12 Markets

6%

Source: Cushman & Wakefield Research

2%

As third quarter of 2019, average asking rent for lab space in these markets is $43.10 per square foot (psf), ranging from a low of $22.85 psf in New Jersey to as high as $108 psf in Boston. Average asking rents for office space in these markets is approximately $40.30 psf. However, the office rent calculation is heavily skewed by a large volume

-2%

U.S.

Boston

Chicago

East Bay

Baltimore

New York

San Diego

New Jersey

San Francisco Peninsula

Philadelphia

Research Triangle

Suburban Maryland

Seattle / Puget Sound

Source: Cushman & Wakefield Research

12 / CUSHMAN & WAKEFIELD