Life Sciences Update | 2022 October

FAST FACTS 5

Cambridge

Market Summary

Public & Private Funding (2022)

Rent vs. Vacancy Comparison

Fast Lab Stats

• Lease flexibility is key in Cambridge with occupiers prepared to pay for flexibility, which allows them to scale up or down as necessary. • Occupiers are more regularly focusing searches on locations that have greater scale, allowing them to grow within a park or area. • There is a greater shift in demand toward fully fitted labs—or turnkey solutions—as it allows speed to occupation and for the capital raised to be invested into the science. • The focus around locations with large talent pools remains greater than ever as the rise in VC funding has promoted employee growth and a greater strain on the talent pool.

Company

Deal Type

Completed Type £ Raised (MM)

£60.0

4%

5.1 MSF Market Square Footage £55.00 £ Per SF 0.25% Vacancy 16.9K Total Life Sciences

£69.0

Microbiotica

Later Stage VC Mar 2022 VC

£55.0

£66.5

Nuclera

Later Stage VC Jul 2022

VC

Vacancy Rate

£50.0

Tenpoint Therapeutics

£50.0

Early Stage VC Apr 2022 VC

£45.0

£39.5

Crescendo Biologics Later Stage VC Jan 2022

VC

2%

£40.0

£32.1

STORM Therapeutics Later Stage VC Jun 2022

VC

£23.3

Biofidelity

Early Stage VC Feb 2022 VC

£35.0

Average Asking Rent £/sf

£13.4

Epitopea

Seed Round Apr 2022 VC

£30.0

Transine Therapeutics

£12.0

Seed Round Mar 2022 VC

£25.0

0%

Employment 69.2% Life Sciences Employment 10-Year Growth Rate

2017 2018 2019 2020 2021 2022

£6.8

Xap Therapeutics

Later Stage VC Feb 2022 VC

£5.0

Asking Rents

Vacancy Rate

Shift Bioscience

Seed Round Feb 2022 VC

* Rents adjusted to reflect occupier costs of office to lab conversion

Representative Investment Sale Transactions (2022)

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Address

Type

£ MM RBA SF

Date Buyer

1-3 Hills Road, Cambridge

Office / Lab Development

N/A 2.7 acres Jul 2022 Marketing

Company

Type

Mortlock House, Vision Park Office to lab conversion

£14.0 29,700 Jun 2022 Lateral / Amazon Property

1000 1500 2000 2500 3000 3500 4000 4500 5000

Global HQ & R&D – Cambridge Biomedical Campus

Capital Business Park Vitrum Building, St Johns Innovation Park

Office to lab conversion

£185.0 247,000 May 2022 Longfellow / PSP Investments

AstraZeneca

Office to lab conversion

£30.0 41,734 May 2022 Breakthrough Properties

Illumina

UK HQ – Granta Park

Global HQ – Cambridge Biomedical Campus UK HQ – Cambridge Science Park UK R&D – Chesterford Research Park UK R&D – Babraham Research Campus

Abcam

Representative Lease Transactions (2022)

Amgen

Company

Address

Size (SF) New/Renewal

Type Quarter Landlord

Lateral / Amazon Property

Nuclera Nucleics

Mortlock House, Vision Park

29,700 New Letting Lab

Q2

Charles River

Healx

The Science Village, Chesterford Research Park

3,500 New Letting Lab

Q2 Aviva

Sanofi

Source Bio

Endeavour House, Vision Park

11,500 New Letting Labs

Q2 Royal London

0 500

Broken String Biosciences The Science Village, Chesterford Research Park

1,500 New Letting Labs

Q1

Aviva

Mestag Therapeutics

The Science Village, Chesterford Research Park

2,000 New Letting Labs

Q1

Aviva

2018

2019

2020 2021

2022

Altos

Portway Building, Granta Park

47,400 New Letting Labs

Q1

BioMed Realty

Sosei Heptares

Cori Building, Granta Park

5,000 New Letting Labs

Q1

BioMed Realty

Illumina

2 Granta Centre, Granta Park

10,000 New Letting Labs

Q1

BioMed Realty

Bio Degree-Awarding Institutions, Metro Area

Contributors

• •

University of Cambridge Anglia Ruskin University

Harry Blanshard harry.blanshard@cushwake.com

Emma Stratton emma.stratton@cushwake.com

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

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/ CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER