March 2025 Life Sciences Update
U.S. Life Sciences Rent Premium
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CONTENTS
Overall Asking Rents as of Q4 2024
• Despite softening rents in the life sciences sector, they continue to command a premium over office rents. Across the 12 U.S. markets Cushman & Wakefield tracks, life sciences rents are 44% higher than office rents in the same locations. • In markets like Philadelphia and Boston, that rent premium is much higher, reaching 79% and 75%, respectively. • While rents may soften further in some oversupplied markets, the sustained premium in life sciences will continue to make it an attractive asset to investors.
Life Sciences
Office
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
Source: Cushman & Wakefield Research; *SS=Same Store markets
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Cushman & Wakefield
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