Life Sciences Update | 2022 October

FAST FACTS 5

Denver

Market Summary

Public & Private Funding (2022)

Rent vs. Vacancy Comparison

Fast Lab Stats

• The Denver/Boulder market has solidified itself as an emerging life sciences hub by promoting growth and innovation due to the leading research institutions, federal labs and nearly 600 life sciences companies calling Denver/Boulder home. • Industry growth has been fueled by a strong STEM labor pool, favorable taxes and incentives, and an abundance of capital and funding from both the private and public sectors. • Denver/Boulder’s life sciences industry has become more diversified in the past three years, as numerous biotech and R&D-focused organizations move to the area and existing companies grow their footprints. • The Denver/Boulder market is also home to a vibrant start-up community due to the strong incubator and innovation centers that reside in the region. • The life sciences market continues to expand, with growth primarily concentrated in Boulder County and Northwest suburban submarkets such as Broomfield, Louisville, Gunbarrel and Longmont.

Company

Deal Type

Completed Type $ Raised (MM)

10% 12% 14% 16% 18% 20% 22%

$16

5.1 MSF Market Square Footage $14.69 $ Per SF 16.2% Vacancy 7.8K Total Life Sciences Employment 27.1% Life Sciences Employment 10-Year Growth Rate

Cerebral Therapeutics Later Stage VC Jun 2022 VC

$40.0

$14

Cerapedics

Later Stage VC Feb 2022 VC

$25.0

$12

Vacancy Rate

Eon (Other Healthcare Services)

$10

Later Stage VC Apr 2022 VC

$16.0

Pathware

Later Stage VC Apr 2022 VC

$7.0

$8

Telebelly Health

Seed Round

May 2022 VC

$0.6

$6

0% 2% 4% 6% 8%

Triopsy

Later Stage VC Jun 2022 VC

$0.3

$4

Validus Cellular Therapeutics

Average Asking Rent $/sf

Early Stage VC Jun 2022 VC

$0.1

$2

$0

Neurexis Therapeutics Early Stage VC May 2022 VC

$0.1

2015 2016 2017 2018 2019 2020 2021 2022

Accelerator/ Incubator

Asking Rents

Overall Vacancy

RadTran

May 2022 VC

$0.1

GelSana

Grant

Mar 2022 VC

$0.01

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings and Hires

Representative Investment Sale Transactions (2022)

Address

Type

$ MM

RBA SF

Date Buyer

Company

Type

700

Flatiron Park

Office/Flex

$625.2

1,030,000 Q2 2022 BioMed Realty

Medtronic

Regional Office

1685-1775 38th Street

Office/Flex

$85.3

258,100 Q2 2022 Breakthrough Properties

600

Pfizer

Research Facility

2950-2990 Wilderness Place

Flex

$39.5

72,800 Q2 2022 Steelwave

500

Eli Lilly Research Facility Agilent Technologies Research Facility Terumo BCT HQ AGC Biologics Research Facility SomaLogic HQ Biodesix HQ KBI Biopharma Research Facility Enveda Biosciences HQ

2685 Wilderness Place

Flex

$18.6

44,800 Q1 2022 Beacon Capital Partners

400

300

Representative Lease Transactions (2022)

200

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

100

SomaLogic

1350 & 1452 S 96th St

196,920 New

Direct

Q1 United Properties

-

Biodesix

919 W Dillion Rd

79,980 New

Direct

Q1 Koelbel and Company

2018

2019

2020 2021

2022

Bio-Techne

10771 E Easter Ave

73,781 New

Direct

Q1 The Alliven Group

Hires Unique Postings

VitriVax

5435 Airport Blvd

10,368 New

Direct

Q1 Unico Properties

Top NIH-Funded Institutions (2018-2022) $1.3B University of Colorado Denver $246M University of Colorado $195M National Jewish Health

Bio Degree-Awarding Institutions, Metro Area University of Colorado – Denver University of Colorado – Boulder • •

Annual Life Sciences Degree Completions

2010 792

Research Contributors

•

Colorado State University

2020 1,256 Up 59%

Cara Stamp cara.stamp@cushwake.com

Eli Snyder eli.synder@cushwake.com

Minh Ngo minhngo@cushwake.com

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

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/ CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER