1、U.S.L I F E S C I E N C E S M A R K E T2024 Life Sciences Report U.S.Research Report2|ContentsTalentFunding%of U.S.Total VC2023 Market ActivityTalent&Funding2024 Outlook&Key Stats2022 Biomed Degree CompletionsFY 2023 NIH Funding2023 VC FundingMarketUnder Construction MSFTI Allowance($PSF)*Market Inv

2、entory MSFAvg.NNN Asking Rent($PSF/Year)*Fit Out Costs($PSF)*VacancySupplyDemandRent*Assumes new 10-year lease,1st generation spaceSources:Colliers;EMSI;Pitchbook;National Institutes of HealthContents04National OverviewEmerging Markets40Houston,TX41Minneapolis-St.Paul,MN42New Haven,CT43Pittsburgh,PA

3、44Salt Lake City,UT45St.Louis,MOMarket Activity Highlights46Leases48Construction50SalesMarket Comparisons08Market Rankings10Funding&Talent12CRE FundamentalsMajor Markets16Boston,MA18Chicago,IL20Denver/Boulder,CO22New Jersey24New York City,NY26Orange County,CA28Philadelphia/Tri-State30Raleigh/Durham,

4、NC32San Diego,CA34San Francisco Bay Area,CA36Seattle,WA38Suburban MarylandLong-term demand drivers for the life sciences industry are strong.Per capita expenditures on pharmaceuticals have been trending upward for decades,and dozens of countries are now spending more than 1%of GDP on these products.

5、This is especially true in the United States,where,according to the most recent OECD data,per capita spending(excluding hospital settings)now exceeds$1,400,at more than 2%of the nations GDP.The industry has plenty of upside.Per the U.S.Food&Drug Administration(FDA),fewer than 10%of the approximately

6、 7,000 known rare diseases have an FDA-approved treatment.Hundreds of millions of potential patients across the globe need new treatments.Technological advances alongside robust demand prospects will create profitable long-term opportunities,the impetus for innovation within the industry.Real estate