March 2025 Life Sciences Update

Employment Growth Drives Construction Activity

04

CONTENTS

Projected Growth in Labor Pool and Lab Inventory

• Robust life sciences employment growth has driven construction activity in many markets.

• Boston and the San Francisco Bay Area lead the country in construction pipelines, with 4.9 msf and 3.7 msf currently under construction, respectively. • Boston’s space utilization rate is 298 sf per employee, with employment forecast to grow of 12% through 2029. At this rate, nearly 4 msf of space will be needed to accommodate future growth. The current pipeline of nearly 5 msf and vacant space in the market will easily accommodate this growth. • In the San Francisco Bay Area, the utilization rate is 307 sf per employee. With employment expected to grow 7.7% by 2029, nearly 3 msf of space will be needed. This demand can be met by the nearly 4 msf pipeline and the vacant space in the market.

20%

Oxford, UK

Seattle

15%

Boston

10%

Denver

SF Bay Area

Raleigh-Durham

San Diego

5%

Forecasted Labor Growth (2024-2029)

Suburban Maryland

Cambridge, UK

New Jersey

Philadelphia

Los Angeles-OC

Off Chart: London UC: 153% Labor Growth: 16%

0%

New York City

Chicago

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Under Construction as % of Current Inventory

Source: Lightcast, Cushman & Wakefield Research

20 20

Cushman & Wakefield