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Reimagining Real Estate United States | 2020 Research 2020 Life Sciences Real Estate Outlook Fueling biopharma and med device innovation 2 Life Sciences Real Estate Outlook | United States | 2020 3 Introduction and state of the market 4 U.S. life sciences cluster rankings What’s 5 Emerging trends: Three priorities to consider for life sciences companies 5 Trend 1 How do we foster innovation through real estate? inside? 7 Trend 2 How do we heighten productivity? 10 Trend 3 How do we adapt to more acute consumer and patient needs? 13 Looking forward 13 Local markets 3 Life Sciences Real Estate Outlook | United States | 2020 JLL’s 2020 U.S. Life Sciences Outlook supplies new insight into how current innovation, operations and investment trends—combined with COVID-19- related adaptations—are influencing the life sciences industry as well as the real estate that supports its dynamism. Our annual cluster ranking profiles the top U.S. life sciences hubs and tracks the progress of the up-and- coming life sciences markets that are fast becoming options of choice for life sciences companies and investors alike. Finally, the outlook introduces prominent industry trends that will provide new engines of growth. In this report In addition to highlighting the current state of life sciences real estate clusters across the U.S., this report will provide answers to three critical questions that both life sciences companies and lab developers must consider in order to remain at the crest of industry trends. 1. 2. 3. How do we foster innovation How do we heighten How do we adapt to more acute through real estate? productivity? consumer and patient needs? Simply put, innovation is enabled The most obvious answer to this There are two ways the life sciences by enhanced speed-to-market in question is the recruitment and industry can continue to meet order to produce, test and improve retainment of top talent, and real consumer and patient needs: pharmaceutical development. For estate plays a pivotal role in this continued capital investment and this reason, companies need access endeavor. Life sciences companies regulatory advances. The desire for to Good Manufacturing Practices will evolve the lab of the future, or good health and increased longevity (GMP) facilities to facilitate small- what we call next-gen labs, to can only rise, increasing demand for batch drug production and shorten accommodate future demand, cutting-edge, productivity-enhancing the supply chain. including: 1) bifurcated locations or life sciences real estate. remote work for administrative divisions, 2) increased technology adoption and the use of computational labs, 3) reshored supply chains for faster profitability and sustainability. 4 Life Sciences Real Estate Outlook | United States | 2020 2020 cluster rankings In 2020, the top-ranked clusters, Boston, San Francisco and York, Los Angeles and Philadelphia have all increased their San Diego, retained their rankings as the clear leaders cluster scores since 2019, reaching new peaks in venture among the U.S. life sciences ecosystems, remaining the top capital funding and life sciences employment. As speed to contenders for venture capital investment. In fact, these market accelerates for many pharmaceuticals, proximity to three clusters captured 70 percent of all venture capital incubators at major research institutions has supported investment for 2019. Venture capital is the wellspring of life developing clusters such as Raleigh-Durham, Houston and sciences real estate demand, as it guarantees long-term Maryland, which have attracted recent interest from activity in an industry that requires a substantial amount of developers such as ARE, Longfellow and Hines. The race for research and development prior to revenue generation. development and distribution of COVID-19-related tests, This initial infusion of capital is critical to space demand. therapeutics and vaccines is already beginning to energize Therefore, it’s no surprise that Boston and San Francisco demand in pharma-heavy New Jersey, a trend that should also lead the other clusters significantly with respect to spread to more markets as 2020 progresses. Indeed, development, with 2.7 million square feet (m.s.f.) and 4.0 because many primary life sciences markets are also tech m.s.f., respectively, under construction; San Diego is not far hubs, available space is subject to demand from both behind with 1.0 million s.f. in the pipeline. The industries, pushing overflow life sciences demand to rising concentration of talent, academic prowess and influx of secondary markets. state-of-the-art new supply allowed Boston, San Francisco and San Diego to command year-over-year rent growth in Each cluster has a different specialty and occupies its own the high single and double digits, depending on point along the maturity spectrum, providing a diverse submarket, in 2020. range of options for investors and occupiers alike. However, each cluster shares two factors: a highly Thanks to the increasing vibrancy of the life sciences educated workforce and ties to the research community, industry nationwide, the strength of the Boston and San which in turn attracts a steady stream of multi-sourced Francisco life sciences real estate markets has not investment that creates a need for institutional real estate. precluded the growing strength of newer hotspots. New Rank Cluster Weighted score Methodology 1 Greater Boston Area 89.0 Life sciences employment Life sciences establishments 2 San Francisco Bay Area 73.3 concentration: concentration: 3 San Diego Metro Area 57.3 Weight: 20.0% Weight: 10.0% Measured as the percent of Measured as the percent of 4 Maryland 52.2 industry employment against industry establishments 5 Raleigh-Durham Metro Area 49.7 total metro private against total metro private employment. (EMSI, 2019) establishments. (EMSI, 2019) 6 Philadelphia Metro Area 49.5 7 New York Metro Area 43.7 Life sciences venture capital Life sciences National 8 Los Angeles/Orange County 42.5 funding: Institutes of Health funding: Weight: 15.0% Weight: 10.0 % 9 Seattle Metro Area 33.4 Funding from 2019 (National Institutes of Health, 10 New Jersey 30.6 (Crunchbase) 2019) 11 Houston 29.1 Total lab supply: Market occupancy rate: 12 Denver Metro Area 28.8 Weight: 15.0% Weight: 10.0% 13 Chicago Metro Area 22.3 Life sciences employment Average asking rent (NNN): growth: Weight: 10.0% 14 Minneapolis–St. Paul Metro Area 16.3 Weight: 10.0% 5 Life Sciences Real Estate Outlook | United States | 2020 Emerging trends: Three priorities to consider for life sciences companies The life sciences industry has traditionally offered an interesting paradox—though it is built on innovation, trends take years to fully manifest. However, over the past few months, the global race to develop COVID-19 tests, therapeutics and vaccines has necessitated rapid adaptation, both in activity and working environment. Though it has experienced COVID- 19-related operational challenges, the life sciences industry is one of relatively few to benefit from pandemic-related tailwinds. Along with its direct effect on life sciences activity, COVID-19 has also rendered other underlying conditions more serious, intensifying already-strong consumer demand for products enabling longer, healthier lifespans. The past several months revealed the critical role of the life sciences industry within our national and global economy. Real estate in turn will play an essential role in maximizing the efficiency and results of life sciences real estate. Pharmaceutical, biotechnology and medical device companies can take action by answering the following questions: 1. How do we foster innovation through real estate? are creating new momentum, driving workflow and thus Life-enhancing pharmaceuticals and medical devices have real estate demand. This combination of stimulative been increasingly sought out not just by the aging baby factors sets up the life sciences industry to expand at an boomer cohort but by millennials reaching the peak of unprecedented pace, in terms of both manufacturing and their earning potential and choosing to spend more on patient demand. tailored, personalized care. On the supply side, the upcoming expiration of a suite of patents creates an opportunity for mid-tier life sciences companies to pursue Telehealth and medical devices new long-term profit sources. Conditions are ideal for The explosive growth of telehealth during the COVID- maximum profitability arising from innovative new 19 pandemic has generated many headlines based pharmaceuticals and medical devices, and indeed, on its effect on the healthcare sector. However, discovery and development of new transformative telehealth is also a game-changer for medical therapies for a wide range of conditions is booming. Both devices. As the remote care comfort level of both large, established companies and start-ups are intensely practitioners and patients increases, it creates invested in research and development (R&D) for momentum for development of a suite of home- pharmaceuticals and medical devices alike. Many of the based devices, particularly for elderly and/or high- new products are curative rather than therapeutic, risk patients. For more information on telehealth, increasing their marketing potential. Meaningful advances within the life sciences industry, such as machine learning, read our 2020 Healthcare Real Estate Outlook. 6 Life Sciences Real Estate Outlook | United States | 2020 Robust growth forecast for brand-name Domestic demand for pharmaceuticals to keep pace pharmaceutical manufacturing with supply 240,000 320,000 310,000 230,000 +16% growth through 2025 +14% growth through 2025 300,000 220,000 290,000 210,000 280,000 $ millions $ milions 200,000 270,000 190,000 260,000 180,000 250,000 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Source: IBISWorld Source: IBISWorld Life sciences employment has been steadily growing in the major cluster markets, a positive for innovation potential. However, real estate development occurs on a much slower timeline, and finding space that is appropriately equipped for large-scale research, development and production is crucial to success.
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