Life Sciences U.S. Fit-Out Cost Guide 2023

LIFE SCIENCES FIT OUT COST GUIDE 2023

Employment Driving Demand and Growth Life sciences employment in the U.S. has continued to show remarkable growth and resilience during economic downturns. Based on Cushman & Wakefield’s analysis of Moody’s data, employment in the life sciences sector grew 9.9% YoY in 2021—despite the pandemic-triggered recession—while other sectors struggled. In the last decade, life sciences employment has outpaced high-growth sectors, such as office using, high-tech and industrial employment, growing 7.8% annually over the last 10 years. As of year-end 2022, employment in life sciences grew an additional 11.5% YoY. Demand for talent in the U.S. life sciences sector was strong in the 12-month period ending June 2023, with 631,000 unique job postings—slightly behind the previous 12-month period ending June 2022, with 640,0001 openings. This level of postings translates into a 3:1 ratio with unique jobs—meaning that every three postings equate to one unique job—for a total of nearly 2 million non-unique job postings. This 3:1 ratio reflects the continued urgency companies place in finding qualified candidates to fuel the life sciences market. There is a very clear correlation between life sciences job growth and inventory. Markets with the largest gains in employment, including Boston and the San Francisco Bay Area, have also experienced significant new development.

READ MORE: LIFE SCIENCES FUNDAMENTALS AND MARKET ANALYSIS

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