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

LIFE SCIENCES FIT OUT COST GUIDE 2023

COST SEGMENTATION

Fit out costs are grouped into nine segments, including Misc. Architectural Trades; Arch. Millwork; Doors, Frames, Hardware; Drywall, Acoustic, Carpentry; General Finishes; Special Construction (Clean Rooms/Cold Rooms); Mechanical, Plumbing, Fire Protection; Electrical; General Conditions & Fee; and Contingency. Taking a closer look at these components of costs, an average of 45% of total costs were allocated to Mechanical, Plumbing, Fire Protection across all markets and asset subtypes. The next largest allocation was General Conditions & Fee at 14% of total costs and Electrical with 11% of total costs. At both a market and facility type level, the greatest proportion of cost is generally allocated to Mechanical, Plumbing and Fire Protection, except for warehouse costs, where 29% is allocated to Special Construction (Clean Rooms/ Cold Rooms) and another 19% is allocated to Mechanical, Plumbing and Fire Protection. Gene/ Cell Therapy also has a significant amount of costs allocated to Special Construction (Clean Rooms/Cold Rooms) at 18%.

AVERAGE COSTS TENANT IMPROVEMENT COSTS BY MARKET AND SUBTYPE

By Market By Market

By Subtype By Facility Type

Misc. Architectural Trades Drywall, Acoustic, Carpentry

Arch. Millwork General Finishes

Doors, Frames, Hdwr

Special Construction (Clean Rooms/Cold Rooms)

Mechanical, Plumbing, Fire Protection

Electrical

General Conditions & Fee

Contingency

Raleigh-Durham, NC

Office

Seattle, WA

Warehouse

San Francisco, CA

Vivarium

cGMP Bulk Manufacturing

San Diego, CA

Gene/Cell Therapy

Philadelphia, PA

Chemistry

BSL3

Boston, MA

BSL1 & BSL2

Raleigh-Durham, NC

Analytical (CLIA)

0% 20% 40% 60% 80% 100%

0% 20% 40% 60% 80% 100%

Source: Cushman & Wakefield Project & Development Services

21