March 2025 Life Sciences Update

Hub and Secondary Markets Have the Largest Employment Base

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CONTENTS

Life Sciences Total Employment by Market (MSA), 2024

• Life sciences employment is concentrated in the top 10 markets, which account for 67% of life sciences employment. • Cushman & Wakefield defines a hub market as those with a large employment base and significant lab and cGMP inventory. Most hub markets rank in the top 10 for employment, along with secondary markets like New York, New Jersey, Los Angeles-Orange County and Chicago. employment growth has been robust in all markets — rising 31% in emerging markets, 26% in hub markets and 16% in secondary markets. • The employment forecast calls for growth to decelerate over the next five years but remain positive. Emerging markets are forecast to grow 9.6%, followed by hub markets at 7.3% and secondary markets at 2.5%. • Major life sciences employment hubs will continue to be drivers of life sciences and lab real estate. Watch for large secondary markets such as New York, New Jersey, Los Angeles-Orange County and Chicago to be growth spots for life sciences in the coming years. • Over the last five years, life sciences

Hub

Secondary

Emerging

Philadelphia New Jersey New York Boston SF Bay Area

Phoenix Atlanta Salt Lake City Dallas/Ft. Worth Vancouver, Canada Indianapolis Cambridge, UK Oxford, UK Montréal. Canada Seattle Houston Toronto, Canada Raleigh-Durham Detroit/Ann Arbor Chicago Los Angeles-OC Florida Suburban Maryland San Diego

Denver Austin London, UK

0

10 20 30 40 50 60 70 80 90 100 110 120 130

Thousands

Source: Lightcast

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Cushman & Wakefield