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