Life Sciences 2020: The Future is Here

MARKET SUMMARY

• With more than one-third of Canada’s total office inventory, the Greater Toronto Area (GTA) is home to more than half of the pharmaceutical companies in the country, including leading multinationals such as AstraZeneca, Johnson & Johnson & Gilead and Pfizer. • According to Life Sciences Ontario, Ontario ranks among the top ten life sciences centers in North America, employing close to 90,000 people. In the GTA alone, the life sciences sector employs nearly 30,000 professionals and contributes more than $2 billion to the local economy. The world’s top ten pharmaceutical companies by revenue and many other pharmaceutical and biotechnology giants conduct clinical trials in Ontario (Invest in Ontario). Since 2006, the number of jobs in the sector has grown by 19.3%, outpacing the province’s average job growth of 10.5%. • The medical device and equipment segment, along with research, testing and medical laboratories, represents approximately 80% of the life sciences companies in the GTA. • Toronto offers a considerable network of incubators and accelerators to support startups in business development, intellectual property and funding opportunities. A major life sciences development is Mars Discovery District, a research and innovation hub with over 7 million square feet of lab and office space in downtown Toronto. With more than 30 medical research organizations within this facility, MARS is the densest geographical center for research in the world, according to the City of Toronto. Toronto is also home to the first JLABS incubator located outside of the United States, which further reinforces Toronto’s position as a global life sciences hub.

TORONTO

TOP LIFE SCIENCES COMPANIES

FAST OFFICE STATS

COMPANY

TYPE

176M TOTAL MARKET SQUARE FOOTAGE*

Pfizer

Big Pharma

TOP NIH-FUNDED INSTITUTIONS According to the Canadian Institutes of Health Research, during the period from 2008/2009 to 2018/2019, the Province of Ontario received $4.3 billion (CDN) for 15,246 new and ongoing funded research projects. This the highest level of provincial funding in Canada, accounting for 40.9% of the total funding. Roche Big Pharma/ Diagnostics Johnson & Johnson Big Pharma/Medical Devices Novartis Big Pharma GlaxoSmithKline Big Pharma Merck Big Pharma Abbott Laboratories Big Pharma/Medical Devices Eli Lilly Big Pharma Sanofi Big Pharma Bayer Big Pharma

DOWNTOWN/TOTAL AVERAGE RENT (PER SF), NET $60.45/$25 14K TOTAL

EMPLOYEES +23% TOTAL EMPLOYEES SINCE 2010 6% VACANCY

* Toronto office market, Life Sciences lab space is not broken out

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