March 2025 Life Sciences Update

Los Angeles & Orange County

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Rent vs. Vacancy Comparison

Fast Lab Stats

$ Raised (MM)

• With approximately 8.6 msf of regional lab inventory, the Los Angeles and Orange County life sciences market has emerged as a growth market with great potential. Though smaller in scale compared to its national contemporaries, a surplus of aged and obsolete industrial flex and office space provides a hardy supply of renovation opportunities to meet the growing demand. • As of year-end 2024, over 5,700 life sciences institutions called Los Angeles and Orange County home and employed nearly 43,000 people. The local economic output of the life sciences industry is estimated to be over $113.3 billion, according to Biocom California. • Many of the submarkets across Los Angeles and Orange County are viable locations for the life sciences industry due to their proximity to world-class institutions or because they are anchored in areas with significant workforce tailored toward the industry. These clusters include South Bay (El Segundo), L.A. North (Thousand Oaks), Tri-Cities (Pasadena), the Westside (Culver City, Santa Monica, etc.) and Orange County. By year-end 2024, most of the new leasing activity was concentrated in southern and coastal submarkets in Orange County, such as Irvine and Tustin. • As of December 2024, the Los Angeles and Orange County market was one of the largest beneficiaries of funding from the National Institutes of Health (NIH), totaling nearly $1.9 billion — or 30% of the NIH funding throughout the state of California. This was largely due to the region being home to several world-class research and educational institutions, such as City of Hope, Caltech, USC, UCLA and Cal Poly Pomona.

Company

Deal Type

Completed VC Round

$45

9%

Fast Lab Stats 8.6 MSF Market Square Footage $36.12 $ Per SF

CG Oncology (NAS: CGON)

$40

8%

IPO

Jan 2024

$380.0

$35

7%

Oaktree Acquisition Corp. III Life Sciences (NAS: OACC)

$30

6%

Vacancy Rate

IPO

Oct 2024

$175.0

$25

5%

TORL BioTherapeutics Later Stage VC Apr 2024 3rd Round

$158.3

$20

4%

1.9% Vacancy 42.7K Total Life Sciences Employment 13.9% Life Sciences Employment 10-Year Growth Rate

ImmPACT Bio

Later Stage VC Apr 2024 2nd Round

$139.9

$15

3%

Latigo Bio

Later Stage VC Feb 2024 3rd Round

$135.0

$10

2%

Average Asking Rent $/sf

Rula

Later Stage VC Jul 2024 5th Round

$125.0

$5

1%

Angitia Biopharmaceuticals

Later Stage VC Dec 2024 5th Round

$120.0

$0

0%

2015 2017 2019 2021

2023

Terray Therapeutics Later Stage VC Oct 2024 5th Round

$120.0

Asking Rents

Overall Vacancy

Sublease Vacancy

Nusano

Later Stage VC Oct 2024 5th Round

$115.0

Angitia Biopharmaceuticals

Later Stage VC Jan 2024 4th Round

$86.0

Representative Investment Sale Transactions (2024)

Address

Type

$/psf

$ MM

RBA SF

Date

Buyer

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings and Hires

Lab

$55.0

5210 Pacific Concourse Dr.

$323.99

169,758 Oct. 2024 University of Southern California

Lab

$11.7

710 S. Central Ave.

$265.06

43,952 Oct. 2024 85 Central LLC Angeles College

Company

Type

2,500

Kite Pharma

R&D

Amgen

Pharmaceutical

Representative Lease Transactions (2024)

2,000

Edwards Life Sciences Medical Devices

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

1,500

Masimo

Medical Devices

Becton, Dickinson and Company 17200 Laguna Canyon Rd.

116,261 New Lease

Sublease

Q4 The Irvine Company

Sanofi/Genzyme

Pharmaceutical

1,000

Willow Laboratories

121 Theory

63.440 New Lease

Direct

Q4 The Irvine Company

Celgene

R&D

Tarsus Pharmaceuticals

17700 Laguna Canyon Rd.

59,626 New Lease

Direct

Q4 The Irvine Company.

Xencor

R&D

500

Inari Medical

510 Technology Dr.

27,197 New Lease

Sublease

Q2

The Irvine Company

Baxter

Pharmaceutical

0

EnChannel Medical

173 Technology Dr.

15,446 New Lease

Direct

Q1

The Irvine Company

Seigfreid

Pharmaceutical

2020 2021

2022 2023 2024

Grifols

R&D

Hires Unique Postings

Top NIH-Funded Institutions (2020-2024)

Bio Degree-Awarding Institutions, Metro Area California Institute of Technology University of California – Los Angeles University of Southern California University of California – Irvine California State Polytechnic U, Pomona

Annual Life Sciences Degree Completions

2013 8,535 2023 15,268 Up 79%

•

$1.0B University of California-Irvine $194M University of California Riverside $115M University of California Santa Barbara

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Research Contributors

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Dan Hunker Daniel.hunker@cushwake.com

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook

Cushman & Wakefield

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