1、U.S.Life Sciences Market2023Life Sciences Report U.S.Research Report2|ContentsContents04OverviewMajor Markets06Boston,MA08Chicago,IL10Denver/Boulder,CO12New Jersey14New York City,NY16Orange County,CA18Philadelphia,PA20Raleigh-Durham,NC22San Diego,CA24San Francisco Bay Area,CA26Seattle,WA28Suburban M

2、arylandEmerging Markets30Houston,TX31Minneapolis-St.Paul,MN32New Haven,CT33Pittsburgh,PA34Salt Lake City,UT35St.Louis,MOMarket Snapshot36Market Fundamentals38Funding&Talent40Combined Market Statistics&RankingsThe life sciences market was not immune to macroeconomic trends in 2022.The rising cost of

3、capital,slumping stock market,geopolitical tension,and decades-high inflation all weighed on the industry.General investor sentiment,across asset classes and industries,shifted to a risk-off mindset that clearly affected venture capital(VC)funding and the IPO market.After a blockbuster 2021 in which

4、 more than 100 companies went public,only 23 did so in 2022,less than the number offered in Q1 of 2021.Many of 2021s IPOs ended 2022 trading for well below their launch price.VC investors are still sitting on large sums of uninvested capital,which will keep life sciences companies going.Young biotec

5、h and pharmaceuticals companies are spending more conservatively in order to extend their runway between funding rounds.This is causing slower leasing in many markets,and vacancies increased year-over-year.While at first blush a rising vacancy rate is concerning,context is important here.Some market

6、s,such as Boston,operated with a 1%vacancy rate in 2021,which was unsustainable,discouraging business growth and stifling innovation.A more normalized vacancy rate is welcomed by occupiers,who are finding wider availability of ground-up purpose-built and conversion product,as well as second-generati