Cushman & Wakefield
Life Sciences Update
H1 2024
The Life Sciences Update provides market updates for 34 markets in the Americas and Europe. The report covers life sciences venture capital funding, rent and vacancy, labor analytics, clinical trials and more.
Trends in Life Sciences
Leasing Market Fundamentals
Labor
Global Funding
Clinical Trials Key Growth Driver
Emerging Markets
Europe
Appendix
Market Summaries
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Stayed the same
Increased office space by 0-25%, decreased lab by 0-25%
Increased office space by 26-50%, decreased lab by 26-50%
Increased lab space by 0-25%, decreased office by 0-25%
Increased lab space by 26-50%, decreased office by 26-50%
The patent cliff will continue to make pharma M&A and innovative drug discovery critical.
Softer demand and an increase in vacant sublease space has translated to lower asking rents in some markets. However, the strong appetite for highly amenitized, newly constructed class A space is expected push asking rents higher as a significant amount of new space delivers in the sector through 2025.
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Our office staff is fully remote
The total market vacancy rate has increased due to the influx of vacant sublease space and some new construction projects delivering vacant. This trend should start winding down in 2025 as the life sciences construction pipeline contracts and occupiers absorb some of the current vacancy.
Labor growth through the next five years will remain robust, and the current construction activity should readily accommodate this demand.
Decrease slightly (1-9%)
Decrease significantly (10+%)
Increase slightly (1-9%)
Increase significantly (10+%)
Despite an enthusiastic start to 2024, global funding levels were flat during the first half of 2024 when compared to the first half of 2023. Global life sciences funding in 2024, including VC and IPOs, totaled nearly $26.7 billion, in line with the $26.8 billion from the first half of 2023.
Halfway through 2024, most ongoing clinical trials are focused on drug-related interventions, followed by biological interventions.
AI implementation in clinical trials is expected to improve efficiencies throughout the clinical trial lifecycle.
Emerging markets continue to increase their traction in the sector.
European markets: Recent conditions have been challenging, but the outlook has improved. With medical advances accelerating, new treatments emerging and public sector support strong, activity and interest in the sector is set to increase in the months ahead.