Life Sciences on the Rise: 2021 North American Report

RENT LEVEL AND GROWTH BY MARKET NNN (Q4 2020)

$120

80%

70%

$100

60%

$80

50%

$60

40%

30%

$40

20%

$20

10%

$0

0%

Over the last five years, from 2015 to 2020, lab inventory has been rising rapidly. At the end of 2020, total lab space in these 14 markets totaled 145.4 million square feet (msf), up 13.7% from the 127.9 msf of space they had in 2015. During that same period, the inventory of office space for these markets rose 8.6%. As a result, the share of total inventory taken up by life sciences lab space has increased.

LAB INVENTORY AS A % OF TOTAL OFFICE INVENTORY

25%

20%

15%

10%

5%

0%

Source: Cushman & Wakefield Research

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