Life Sciences Update | 2022 October

FAST FACTS 5

Chicago

Market Summary

Public & Private Funding (2022)

Rent vs. Vacancy Comparison

Fast Lab Stats

• Life sciences companies are taking note of Chicago’s world-class research universities, talent pipeline, robust network of existing companies, and its competitive cost compared to other major life sciences markets. • Chicago’s life sciences ecosystem has seen unprecedented growth, with substantial capital infusion into the market and the development of funding and mentorship programs like The University of Chicago Innovation Fund and Chicago Biomedical Consortium’s Entrepreneurial Fellows Program to build viable businesses from local talent and discoveries. • Chicago is home to market-leading global pharmaceutical companies including Abbott Laboratories, AbbVie, Baxter, and Pfizer and two national labs in Argonne and Fermilab. • Notable recent developments include Trammel Crow’s Fulton Labs at 400 N Aberdeen St, which opened its doors in March 2022. Sterling Bay’s highly anticipated ALLY at 1229 West Concord Pl is set to deliver in 2023 and will anchor the multi-billion-dollar Lincoln Yards development with 285,000 sf of research space.

$55

30%

Company

Deal Type

Completed Type $ Raised (MM)

3.6 MSF Market Square Footage $50.25 $ Per SF 27.7% Vacancy 38.5K Total Life Sciences Employment 6.3% Life Sciences Employment 10-Year Growth Rate

Nucleai

Early Stage VC Mar 2022

VC

$33.0

$50

25%

Emalex Biosciences Later Stage VC May 2022 VC

$25.0

Vacancy Rate

$45

20%

CancerIQ

Later Stage VC Mar 2022

VC

$14.0

MAIA Biotechnology IPO

Jul 2022

IPO

$10.0

$40

15%

Cardio Diagnostics

Seed Round May 2022 VC

$6.7

$35

10%

Grove Biopharma

Early Stage VC Jun 2022

VC

$3.0

MAIA Biotechnology Early Stage VC Mar 2022

VC

$2.4

Average Asking Rent $/sf

$30

5%

ResQ Pharma

Later Stage VC Jun 2022

VC

$0.2

$25

0%

2015 2016 2017 2018 2019 2020 2021 2022

Asking Rents

Overall Vacancy

Sublease Vacancy

Representative Lease Transactions (2022)

Company

Address

Size (SF) New/Renewal

Type

Quarter

Clever Carnivore

2430-2432 N Halsted

4,179 Sublease

Office

Q1

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings and Hires

Celadyne Technologies

1375 West Fulton St

3,263 New Lease

Lab/Office

Q2

Company

Type

1,000 1,200 1,400 1,600 1,800

AbbVie

HQ

Abbott

HQ

Baxter International

HQ

Baxalta Incorporated Regional Office Horizon Therapeutics North American HQ Astellas Pharma North American HQ Luminex Regional Office Pfizer Regional Office Lundbeck HQ Sysmex North American HQ

- 200 400 600 800

2018

2019

2020 2021

2022

Hires Unique Postings

Top NIH-Funded Institutions (2018-2022) $1.6B Northwestern University at Chicago $1.0B University of Chicago $656M University of Illinois at Chicago

Bio Degree-Awarding Institutions, Metro Area University of Chicago Northwestern University

Annual Life Sciences Degree Completions

• • •

2010 5,907 2020 7,953 Up 35%

University of Illinois Chicago Illinois Institute of Technology Loyola University Chicago DePaul University

•

Research Contributors

Gregory Rogalla gregory.rogalla@cushwake.com

•

•

Mason Herleth mason.herleth@cushwake.com

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook

20

/ CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER