{"version":"1.0.0","segments":[{"startTime":0.0,"endTime":2.869,"body":"[Auto-generated Transcript]"},{"speaker":"Voice Talent","startTime":2.869,"endTime":6.506,"body":"BioCentury This Week is"},{"speaker":"Voice Talent","startTime":2.869,"endTime":6.506,"body":"brought to you by CBRE — the global"},{"speaker":"Voice Talent","startTime":6.506,"endTime":9.876,"body":"leader in commercial real estate"},{"speaker":"Voice Talent","startTime":6.506,"endTime":9.876,"body":"services, with a specialized practice"},{"speaker":"Voice Talent","startTime":9.876,"endTime":12.045,"body":"dedicated exclusively to life sciences."},{"speaker":"Voice Talent","startTime":12.345,"endTime":16.683,"body":"From early-stage biotechs to established"},{"speaker":"Voice Talent","startTime":12.345,"endTime":16.683,"body":"companies scaling biomanufacturing"},{"speaker":"Voice Talent","startTime":16.683,"endTime":21.621,"body":"operations, CBRE's life sciences"},{"speaker":"Voice Talent","startTime":16.683,"endTime":21.621,"body":"experts help companies find, build, and"},{"speaker":"Voice Talent","startTime":21.621,"endTime":23.923,"body":"optimize spaces where discovery happens."},{"speaker":"Voice Talent","startTime":24.19,"endTime":27.627,"body":"With deep market intelligence across"},{"speaker":"Voice Talent","startTime":24.19,"endTime":27.627,"body":"the nation's innovation clusters,"},{"speaker":"Voice Talent","startTime":27.727,"endTime":32.132,"body":"top-notch facilities, and a network"},{"speaker":"Voice Talent","startTime":27.727,"endTime":32.132,"body":"of investors and tenants, CBRE has"},{"speaker":"Voice Talent","startTime":32.132,"endTime":33.566,"body":"what it takes to help you succeed."},{"speaker":"Voice Talent","startTime":33.833,"endTime":37.337,"body":"This blend of knowledge and relationships"},{"speaker":"Voice Talent","startTime":33.833,"endTime":37.337,"body":"ensures you receive the best advice"},{"speaker":"Voice Talent","startTime":37.337,"endTime":40.507,"body":"at every stage—so you can focus"},{"speaker":"Voice Talent","startTime":37.337,"endTime":40.507,"body":"on bringing therapies to patients"},{"speaker":"Jeff Cranmer","startTime":45.478,"endTime":50.683,"body":"The US life sciences"},{"speaker":"Jeff Cranmer","startTime":45.478,"endTime":50.683,"body":"industry is at an inflection point."},{"speaker":"Jeff Cranmer","startTime":51.051,"endTime":56.322,"body":"Hiring is on the rise, capital"},{"speaker":"Jeff Cranmer","startTime":51.051,"endTime":56.322,"body":"markets are loosening, and the pool"},{"speaker":"Jeff Cranmer","startTime":56.322,"endTime":62.429,"body":"of available talent is broadening"},{"speaker":"Jeff Cranmer","startTime":56.322,"endTime":62.429,"body":"to more locations, so says a report"},{"speaker":"Jeff Cranmer","startTime":62.662,"endTime":68.568,"body":"from CBRE, this month's sponsor of"},{"speaker":"Jeff Cranmer","startTime":62.662,"endTime":68.568,"body":"the BioCentury This Week podcast."},{"speaker":"Jeff Cranmer","startTime":68.768,"endTime":74.808,"body":"Today, we have a special edition of"},{"speaker":"Jeff Cranmer","startTime":68.768,"endTime":74.808,"body":"BioCentury This Week focused on life"},{"speaker":"Jeff Cranmer","startTime":74.808,"endTime":80.447,"body":"sciences talent trends and how those"},{"speaker":"Jeff Cranmer","startTime":74.808,"endTime":80.447,"body":"trends are driving property demand."},{"speaker":"Jeff Cranmer","startTime":81.514,"endTime":87.454,"body":"My co-host and fellow executive"},{"speaker":"Jeff Cranmer","startTime":81.514,"endTime":87.454,"body":"editor, Selina Koch, and I are very"},{"speaker":"Jeff Cranmer","startTime":87.454,"endTime":89.789,"body":"pleased to be joined by Ian Anderson."},{"speaker":"Jeff Cranmer","startTime":90.457,"endTime":96.629,"body":"He's Senior Director, Head of US Life"},{"speaker":"Jeff Cranmer","startTime":90.457,"endTime":96.629,"body":"Sciences and Healthcare Research at CBRE."},{"speaker":"Jeff Cranmer","startTime":97.63,"endTime":99.699,"body":"First off, Ian, welcome to the show"},{"speaker":"Ian Anderson","startTime":100.266,"endTime":101.968,"body":"Thank you"},{"speaker":"Ian Anderson","startTime":100.266,"endTime":101.968,"body":"very much for having me."},{"speaker":"Ian Anderson","startTime":101.968,"endTime":102.769,"body":"It's great to be here"},{"speaker":"Jeff Cranmer","startTime":103.436,"endTime":104.337,"body":"Excellent."},{"speaker":"Jeff Cranmer","startTime":104.537,"endTime":106.272,"body":"I gotta ask, this tripped me up."},{"speaker":"Jeff Cranmer","startTime":106.339,"endTime":110.777,"body":"maybe it's obvious to other people,"},{"speaker":"Jeff Cranmer","startTime":106.339,"endTime":110.777,"body":"but CBRE is a commercial real estate"},{"speaker":"Jeff Cranmer","startTime":110.777,"endTime":115.148,"body":"services company, but we're here"},{"speaker":"Jeff Cranmer","startTime":110.777,"endTime":115.148,"body":"to talk about life sciences talent."},{"speaker":"Jeff Cranmer","startTime":115.148,"endTime":120.687,"body":"Indeed, your team has just released a"},{"speaker":"Jeff Cranmer","startTime":115.148,"endTime":120.687,"body":"report on life sciences talent trends."},{"speaker":"Jeff Cranmer","startTime":120.887,"endTime":121.921,"body":"Square the circle for me"},{"speaker":"Ian Anderson","startTime":122.355,"endTime":123.423,"body":"Yes, you're, you're right."},{"speaker":"Ian Anderson","startTime":123.49,"endTime":125.525,"body":"probably worthy of some clarification."},{"speaker":"Ian Anderson","startTime":125.525,"endTime":129.462,"body":"So CBRE is one of the world's, if--"},{"speaker":"Ian Anderson","startTime":125.525,"endTime":129.462,"body":"it is actually the world's largest"},{"speaker":"Ian Anderson","startTime":129.462,"endTime":132.098,"body":"commercial real estate services provider."},{"speaker":"Ian Anderson","startTime":132.532,"endTime":138.204,"body":"It does a myriad number of things in the"},{"speaker":"Ian Anderson","startTime":132.532,"endTime":138.204,"body":"built environment, too many to name here."},{"speaker":"Ian Anderson","startTime":138.338,"endTime":145.979,"body":"But one of the main jobs we have is"},{"speaker":"Ian Anderson","startTime":138.338,"endTime":145.979,"body":"to find optimal and ideal spaces or"},{"speaker":"Ian Anderson","startTime":146.012,"endTime":151.417,"body":"properties for companies, and more"},{"speaker":"Ian Anderson","startTime":146.012,"endTime":151.417,"body":"appropriate here, life sciences companies."},{"speaker":"Ian Anderson","startTime":151.651,"endTime":155.355,"body":"So that could be a uh research"},{"speaker":"Ian Anderson","startTime":151.651,"endTime":155.355,"body":"and development lab, a wet"},{"speaker":"Ian Anderson","startTime":155.355,"endTime":157.056,"body":"laboratory in Kendall Square."},{"speaker":"Ian Anderson","startTime":157.323,"endTime":163.696,"body":"It could be a downtown office"},{"speaker":"Ian Anderson","startTime":157.323,"endTime":163.696,"body":"space in uh Los Angeles, or it"},{"speaker":"Ian Anderson","startTime":163.696,"endTime":168.001,"body":"could be a manufacturing operation"},{"speaker":"Ian Anderson","startTime":163.696,"endTime":168.001,"body":"in Pennsylvania or Texas."},{"speaker":"Ian Anderson","startTime":168.434,"endTime":172.172,"body":"So we find those locations, we"},{"speaker":"Ian Anderson","startTime":168.434,"endTime":172.172,"body":"find those properties, we find"},{"speaker":"Ian Anderson","startTime":172.172,"endTime":173.673,"body":"those spaces for our clients."},{"speaker":"Ian Anderson","startTime":173.706,"endTime":175.208,"body":"It's one of the main things we do."},{"speaker":"Ian Anderson","startTime":175.408,"endTime":181.848,"body":"However, those spaces are really only"},{"speaker":"Ian Anderson","startTime":175.408,"endTime":181.848,"body":"as good as the people that occupy them."},{"speaker":"Ian Anderson","startTime":182.182,"endTime":184.15,"body":"They are the most important component."},{"speaker":"Ian Anderson","startTime":184.35,"endTime":188.454,"body":"And so those spaces don't work"},{"speaker":"Ian Anderson","startTime":184.35,"endTime":188.454,"body":"particularly well if the companies"},{"speaker":"Ian Anderson","startTime":188.454,"endTime":193.326,"body":"can't find the right talent to"},{"speaker":"Ian Anderson","startTime":188.454,"endTime":193.326,"body":"occupy them, they can't recruit the"},{"speaker":"Ian Anderson","startTime":193.326,"endTime":197.096,"body":"right people, or in some cases, they"},{"speaker":"Ian Anderson","startTime":193.326,"endTime":197.096,"body":"can't get people to come to work."},{"speaker":"Ian Anderson","startTime":197.33,"endTime":203.336,"body":"So as a result we focus a lot of our"},{"speaker":"Ian Anderson","startTime":197.33,"endTime":203.336,"body":"research, like this report, ensure our"},{"speaker":"Ian Anderson","startTime":203.469,"endTime":209.008,"body":"clients and our professionals are as"},{"speaker":"Ian Anderson","startTime":203.469,"endTime":209.008,"body":"educated as possible in knowing the"},{"speaker":"Ian Anderson","startTime":209.042,"endTime":214.614,"body":"trends in life sciences talent not only"},{"speaker":"Ian Anderson","startTime":209.042,"endTime":214.614,"body":"nationally on more of a macro level,"},{"speaker":"Ian Anderson","startTime":214.781,"endTime":220.62,"body":"but also looking on a metropolitan area"},{"speaker":"Ian Anderson","startTime":214.781,"endTime":220.62,"body":"level how talent uh or the life sciences"},{"speaker":"Ian Anderson","startTime":220.62,"endTime":224.557,"body":"industry and talent is trending in Boston"},{"speaker":"Ian Anderson","startTime":220.62,"endTime":224.557,"body":"versus San Francisco, where have you."},{"speaker":"Ian Anderson","startTime":224.791,"endTime":227.794,"body":"But also then when we get,"},{"speaker":"Ian Anderson","startTime":224.791,"endTime":227.794,"body":"we get much more micro too."},{"speaker":"Ian Anderson","startTime":227.961,"endTime":231.264,"body":"And so when you wanna find a location"},{"speaker":"Ian Anderson","startTime":227.961,"endTime":231.264,"body":"in Boston or the Bay Area, where's"},{"speaker":"Ian Anderson","startTime":231.264,"endTime":235.468,"body":"the best location you, you want to,"},{"speaker":"Ian Anderson","startTime":231.264,"endTime":235.468,"body":"to be, whether it's Peninsula or East"},{"speaker":"Ian Anderson","startTime":235.468,"endTime":236.936,"body":"Bay or what have you, depending on the"},{"speaker":"Jeff Cranmer","startTime":237.036,"endTime":237.403,"body":"Peninsula."},{"speaker":"Jeff Cranmer","startTime":237.437,"endTime":239.072,"body":"Always the peninsula, people."},{"speaker":"Jeff Cranmer","startTime":239.072,"endTime":240.139,"body":"Always the peninsula."},{"speaker":"Jeff Cranmer","startTime":240.44,"endTime":243.509,"body":"I'm sorry, I'm the home"},{"speaker":"Jeff Cranmer","startTime":240.44,"endTime":243.509,"body":"team for uh the peninsula."},{"speaker":"Jeff Cranmer","startTime":243.543,"endTime":244.644,"body":"Selina, of course,"},{"speaker":"Selina Koch","startTime":245.111,"endTime":245.778,"body":"City."},{"speaker":"Selina Koch","startTime":246.246,"endTime":246.879,"body":"Gotta go for the"},{"speaker":"Jeff Cranmer","startTime":246.98,"endTime":248.014,"body":"City or Dogpatch."},{"speaker":"Jeff Cranmer","startTime":248.881,"endTime":249.549,"body":"Uh,"},{"speaker":"Selina Koch","startTime":249.882,"endTime":251.084,"body":"South San Francisco, you know"},{"speaker":"Jeff Cranmer","startTime":251.251,"endTime":254.22,"body":"Yeah, if you had"},{"speaker":"Jeff Cranmer","startTime":251.251,"endTime":254.22,"body":"bought in Dogpatch 20 years ago,"},{"speaker":"Jeff Cranmer","startTime":254.254,"endTime":258.191,"body":"man, you'd be uh you'd be loving"},{"speaker":"Jeff Cranmer","startTime":254.254,"endTime":258.191,"body":"life right now with UCSF there."},{"speaker":"Jeff Cranmer","startTime":258.558,"endTime":262.795,"body":"Um, so Ian, this report just out"},{"speaker":"Jeff Cranmer","startTime":258.558,"endTime":262.795,"body":"last month, I'll drop a link in"},{"speaker":"Jeff Cranmer","startTime":262.795,"endTime":264.864,"body":"the show notes for those curious."},{"speaker":"Jeff Cranmer","startTime":265.231,"endTime":266.799,"body":"Let's talk methodology."},{"speaker":"Jeff Cranmer","startTime":266.799,"endTime":270.87,"body":"Anything we need to know about the"},{"speaker":"Jeff Cranmer","startTime":266.799,"endTime":270.87,"body":"methodology you used for the report?"},{"speaker":"Ian Anderson","startTime":271.771,"endTime":273.873,"body":"you know, I think"},{"speaker":"Ian Anderson","startTime":271.771,"endTime":273.873,"body":"really the main things maybe that"},{"speaker":"Ian Anderson","startTime":273.873,"endTime":281.18,"body":"are needed is that most of it is data"},{"speaker":"Ian Anderson","startTime":273.873,"endTime":281.18,"body":"from the US Bureau of Labor Statistics"},{"speaker":"Ian Anderson","startTime":281.347,"endTime":285.618,"body":"at least most of the employment"},{"speaker":"Ian Anderson","startTime":281.347,"endTime":285.618,"body":"or the talent data we, we rely on."},{"speaker":"Ian Anderson","startTime":286.019,"endTime":290.923,"body":"There's also some venture capital"},{"speaker":"Ian Anderson","startTime":286.019,"endTime":290.923,"body":"funding data that's from private sources."},{"speaker":"Ian Anderson","startTime":291.257,"endTime":294.927,"body":"And then we do do a ranking of all"},{"speaker":"Ian Anderson","startTime":291.257,"endTime":294.927,"body":"the markets in the United States"},{"speaker":"Ian Anderson","startTime":294.927,"endTime":299.932,"body":"where we feel are-- that, offer"},{"speaker":"Ian Anderson","startTime":294.927,"endTime":299.932,"body":"the most ideal or optimal talent"},{"speaker":"Ian Anderson","startTime":299.932,"endTime":301.701,"body":"pools for companies to locate in."},{"speaker":"Ian Anderson","startTime":302.135,"endTime":307.44,"body":"And so that is a combination of public"},{"speaker":"Ian Anderson","startTime":302.135,"endTime":307.44,"body":"sources that we use in terms of employment"},{"speaker":"Ian Anderson","startTime":307.473,"endTime":309.776,"body":"trends like US Bureau of Labor Statistics."},{"speaker":"Ian Anderson","startTime":310.009,"endTime":316.416,"body":"but it also requires our subjective"},{"speaker":"Ian Anderson","startTime":310.009,"endTime":316.416,"body":"judgment to weight certain factors"},{"speaker":"Ian Anderson","startTime":316.716,"endTime":320.687,"body":"depending on how we feel would ultimately"},{"speaker":"Ian Anderson","startTime":316.716,"endTime":320.687,"body":"provides an optimal talent pool"},{"speaker":"Selina Koch","startTime":321.22,"endTime":324.724,"body":"So that-- did that show up in"},{"speaker":"Selina Koch","startTime":321.22,"endTime":324.724,"body":"your um report as that R\u0026D talent score?"},{"speaker":"Ian Anderson","startTime":325.391,"endTime":326.092,"body":"It is, yeah"},{"speaker":"Selina Koch","startTime":326.426,"endTime":326.826,"body":"Okay."},{"speaker":"Selina Koch","startTime":327.093,"endTime":330.029,"body":"Yeah, I was curious about that,"},{"speaker":"Selina Koch","startTime":327.093,"endTime":330.029,"body":"if it's how we should think about"},{"speaker":"Selina Koch","startTime":330.029,"endTime":331.197,"body":"that when we look at the report."},{"speaker":"Selina Koch","startTime":331.631,"endTime":335.134,"body":"For example there's recent… So"},{"speaker":"Selina Koch","startTime":331.631,"endTime":335.134,"body":"when you looked region by region,"},{"speaker":"Selina Koch","startTime":335.134,"endTime":337.37,"body":"in some regions there's-- in some"},{"speaker":"Selina Koch","startTime":335.134,"endTime":337.37,"body":"of the major markets, there was"},{"speaker":"Selina Koch","startTime":337.37,"endTime":339.505,"body":"still kind of shrinking employment."},{"speaker":"Selina Koch","startTime":339.739,"endTime":344.477,"body":"does that-- those very recent data"},{"speaker":"Selina Koch","startTime":339.739,"endTime":344.477,"body":"factor into the overall talent score"},{"speaker":"Selina Koch","startTime":344.477,"endTime":346.979,"body":"or should we think of it a little"},{"speaker":"Selina Koch","startTime":344.477,"endTime":346.979,"body":"bit more as like a lagging indicator"},{"speaker":"Ian Anderson","startTime":347.38,"endTime":348.181,"body":"Yeah, you're right."},{"speaker":"Ian Anderson","startTime":348.214,"endTime":348.681,"body":"You're right."},{"speaker":"Ian Anderson","startTime":348.681,"endTime":351.651,"body":"So obviously you've y-y-you know what"},{"speaker":"Ian Anderson","startTime":348.681,"endTime":351.651,"body":"you're doing with the data here 'cause"},{"speaker":"Ian Anderson","startTime":351.651,"endTime":354.721,"body":"you're asking those questions perhaps,"},{"speaker":"Ian Anderson","startTime":351.651,"endTime":354.721,"body":"or you're asking some good questions."},{"speaker":"Ian Anderson","startTime":354.721,"endTime":361.027,"body":"So our ranking of these markets does"},{"speaker":"Ian Anderson","startTime":354.721,"endTime":361.027,"body":"not take into account the monthly,"},{"speaker":"Ian Anderson","startTime":361.094,"endTime":367.567,"body":"quarterly and really not annual changes"},{"speaker":"Ian Anderson","startTime":361.094,"endTime":367.567,"body":"in life sciences industry employment."},{"speaker":"Ian Anderson","startTime":367.967,"endTime":374.44,"body":"What it does track or it-- most of"},{"speaker":"Ian Anderson","startTime":367.967,"endTime":374.44,"body":"its basis is on are key professions"},{"speaker":"Ian Anderson","startTime":374.474,"endTime":378.378,"body":"that drive research and development"},{"speaker":"Ian Anderson","startTime":374.474,"endTime":378.378,"body":"in the life sciences industry."},{"speaker":"Ian Anderson","startTime":378.511,"endTime":382.915,"body":"It's a report that the US Bureau of"},{"speaker":"Ian Anderson","startTime":378.511,"endTime":382.915,"body":"Labor Statistics creates every year."},{"speaker":"Ian Anderson","startTime":383.149,"endTime":387.62,"body":"And, it's a moment in time"},{"speaker":"Ian Anderson","startTime":383.149,"endTime":387.62,"body":"and, and it only tracks people"},{"speaker":"Ian Anderson","startTime":387.687,"endTime":389.188,"body":"with certain occupations."},{"speaker":"Ian Anderson","startTime":389.188,"endTime":391.29,"body":"We've identified those occupations."},{"speaker":"Ian Anderson","startTime":391.524,"endTime":396.195,"body":"It's not good at looking at an historical"},{"speaker":"Ian Anderson","startTime":391.524,"endTime":396.195,"body":"time series, this data we get, but it'll"},{"speaker":"Ian Anderson","startTime":396.195,"endTime":403.236,"body":"identify how many bioengineers are in the"},{"speaker":"Ian Anderson","startTime":396.195,"endTime":403.236,"body":"Bay Area or in Boston how many biological"},{"speaker":"Ian Anderson","startTime":403.236,"endTime":406.305,"body":"technicians, how many chemists and so on."},{"speaker":"Ian Anderson","startTime":406.672,"endTime":409.776,"body":"Long story short, it is not"},{"speaker":"Ian Anderson","startTime":406.672,"endTime":409.776,"body":"based on kind of the ebbs and"},{"speaker":"Ian Anderson","startTime":409.776,"endTime":411.444,"body":"flows of industry employment."},{"speaker":"Ian Anderson","startTime":411.778,"endTime":417.75,"body":"It's based upon people who have certain"},{"speaker":"Ian Anderson","startTime":411.778,"endTime":417.75,"body":"occupations each year in these markets."},{"speaker":"Ian Anderson","startTime":418.084,"endTime":421.454,"body":"But it's also, just to take this"},{"speaker":"Ian Anderson","startTime":418.084,"endTime":421.454,"body":"another step, if you will, it's"},{"speaker":"Ian Anderson","startTime":421.454,"endTime":424.257,"body":"also based on people graduating."},{"speaker":"Ian Anderson","startTime":424.257,"endTime":429.629,"body":"This is annual data, people graduating"},{"speaker":"Ian Anderson","startTime":424.257,"endTime":429.629,"body":"with degrees that we would characterize"},{"speaker":"Ian Anderson","startTime":429.629,"endTime":431.597,"body":"with life sciences expertise."},{"speaker":"Ian Anderson","startTime":431.631,"endTime":435.935,"body":"So these are rather slow-moving"},{"speaker":"Ian Anderson","startTime":431.631,"endTime":435.935,"body":"data points on why we only"},{"speaker":"Ian Anderson","startTime":435.968,"endTime":437.336,"body":"create this report once a year"},{"speaker":"Jeff Cranmer","startTime":437.904,"endTime":438.07,"body":"All right."},{"speaker":"Jeff Cranmer","startTime":438.104,"endTime":439.672,"body":"Well thanks for that, Ian."},{"speaker":"Jeff Cranmer","startTime":439.806,"endTime":441.607,"body":"Let's dig in here."},{"speaker":"Jeff Cranmer","startTime":441.607,"endTime":445.545,"body":"One of the top trends, which honestly"},{"speaker":"Jeff Cranmer","startTime":441.607,"endTime":445.545,"body":"surprised me, but in a good way,"},{"speaker":"Jeff Cranmer","startTime":445.545,"endTime":451.284,"body":"is that the biopharma life sciences"},{"speaker":"Jeff Cranmer","startTime":445.545,"endTime":451.284,"body":"labor market is turning a corner."},{"speaker":"Jeff Cranmer","startTime":451.451,"endTime":452.618,"body":"Hiring's picking up."},{"speaker":"Jeff Cranmer","startTime":452.885,"endTime":458.057,"body":"Biotech, as we know dearly here on the"},{"speaker":"Jeff Cranmer","startTime":452.885,"endTime":458.057,"body":"BioCentury This Week podcast, spent"},{"speaker":"Jeff Cranmer","startTime":458.057,"endTime":459.892,"body":"years wrestling with the bear market."},{"speaker":"Jeff Cranmer","startTime":459.892,"endTime":462.261,"body":"So when did the page start to turn?"},{"speaker":"Ian Anderson","startTime":462.795,"endTime":464.397,"body":"So let me"},{"speaker":"Ian Anderson","startTime":462.795,"endTime":464.397,"body":"backtrack very quickly."},{"speaker":"Ian Anderson","startTime":464.397,"endTime":464.864,"body":"You're right."},{"speaker":"Ian Anderson","startTime":464.864,"endTime":469.202,"body":"So our rankings don't take into"},{"speaker":"Ian Anderson","startTime":464.864,"endTime":469.202,"body":"account some of these, again, as"},{"speaker":"Ian Anderson","startTime":469.202,"endTime":473.773,"body":"I said, these monthly or quarterly"},{"speaker":"Ian Anderson","startTime":469.202,"endTime":473.773,"body":"changes in industry employment, right?"},{"speaker":"Ian Anderson","startTime":473.973,"endTime":478.177,"body":"But it's obviously important because"},{"speaker":"Ian Anderson","startTime":473.973,"endTime":478.177,"body":"this measures how quickly the, the"},{"speaker":"Ian Anderson","startTime":478.177,"endTime":480.046,"body":"industry is expanding or contracting."},{"speaker":"Ian Anderson","startTime":480.346,"endTime":483.683,"body":"I'm kinda lucky to be able to report"},{"speaker":"Ian Anderson","startTime":480.346,"endTime":483.683,"body":"on this because it's just started"},{"speaker":"Ian Anderson","startTime":483.683,"endTime":488.387,"body":"to, I would say, really clearly"},{"speaker":"Ian Anderson","startTime":483.683,"endTime":488.387,"body":"change just in twenty twenty-six."},{"speaker":"Ian Anderson","startTime":488.688,"endTime":496.429,"body":"However, we started to see the page start"},{"speaker":"Ian Anderson","startTime":488.688,"endTime":496.429,"body":"to turn in 2024 when we saw industry in"},{"speaker":"Ian Anderson","startTime":496.429,"endTime":500.933,"body":"pharmaceutical and medicine manufacturing"},{"speaker":"Ian Anderson","startTime":496.429,"endTime":500.933,"body":"start to tick up in twenty twenty-four."},{"speaker":"Ian Anderson","startTime":500.933,"endTime":504.27,"body":"That was the first signal we started"},{"speaker":"Ian Anderson","startTime":500.933,"endTime":504.27,"body":"to see that things were turning around."},{"speaker":"Ian Anderson","startTime":504.77,"endTime":509.308,"body":"Then in twenty twenty-five, we started"},{"speaker":"Ian Anderson","startTime":504.77,"endTime":509.308,"body":"to see a shift in people employed"},{"speaker":"Ian Anderson","startTime":509.475,"endTime":513.112,"body":"in testing medical and diagnostic"},{"speaker":"Ian Anderson","startTime":509.475,"endTime":513.112,"body":"laboratories in the United States."},{"speaker":"Ian Anderson","startTime":513.446,"endTime":515.114,"body":"That started to turn around."},{"speaker":"Ian Anderson","startTime":515.481,"endTime":520.086,"body":"And then in twenty twenty-six,"},{"speaker":"Ian Anderson","startTime":515.481,"endTime":520.086,"body":"we've really started to see a very"},{"speaker":"Ian Anderson","startTime":520.086,"endTime":525.558,"body":"discernible uptick in people employed in"},{"speaker":"Ian Anderson","startTime":520.086,"endTime":525.558,"body":"biotechnology research and development."},{"speaker":"Selina Koch","startTime":526.058,"endTime":529.228,"body":"So it sounds like it's"},{"speaker":"Selina Koch","startTime":526.058,"endTime":529.228,"body":"sort- been sort of a gradual turnaround"},{"speaker":"Selina Koch","startTime":529.228,"endTime":533.533,"body":"led by different sub-sectors, starting"},{"speaker":"Selina Koch","startTime":529.228,"endTime":533.533,"body":"with the manufacturing and eventually"},{"speaker":"Selina Koch","startTime":533.533,"endTime":538.271,"body":"now maybe seeing some increases in"},{"speaker":"Selina Koch","startTime":533.533,"endTime":538.271,"body":"actual like biotech R\u0026D, which is very"},{"speaker":"Ian Anderson","startTime":538.337,"endTime":540.306,"body":"Yeah, biotech has"},{"speaker":"Ian Anderson","startTime":538.337,"endTime":540.306,"body":"definitely started to turn around."},{"speaker":"Ian Anderson","startTime":540.306,"endTime":543.776,"body":"So we had this two-year period from"},{"speaker":"Ian Anderson","startTime":540.306,"endTime":543.776,"body":"November of twenty twenty-three through"},{"speaker":"Ian Anderson","startTime":543.776,"endTime":548.281,"body":"November of twenty twenty-five, where"},{"speaker":"Ian Anderson","startTime":543.776,"endTime":548.281,"body":"if you looked at average job growth"},{"speaker":"Ian Anderson","startTime":548.414,"endTime":552.718,"body":"in the biotech industry, on average,"},{"speaker":"Ian Anderson","startTime":548.414,"endTime":552.718,"body":"it was actually declining at a"},{"speaker":"Ian Anderson","startTime":553.052,"endTime":556.055,"body":"negative zero point five percent rate."},{"speaker":"Ian Anderson","startTime":556.155,"endTime":557.523,"body":"That's a year-over-year rate."},{"speaker":"Ian Anderson","startTime":557.89,"endTime":562.028,"body":"But in twenty twenty-six so far,"},{"speaker":"Ian Anderson","startTime":557.89,"endTime":562.028,"body":"that average, the biotech industry"},{"speaker":"Ian Anderson","startTime":562.061,"endTime":564.83,"body":"or employment in the biotech"},{"speaker":"Ian Anderson","startTime":562.061,"endTime":564.83,"body":"industry is growing at about two"},{"speaker":"Ian Anderson","startTime":564.83,"endTime":566.365,"body":"point one percent on average."},{"speaker":"Ian Anderson","startTime":566.666,"endTime":568.868,"body":"So definitely a big turnaround."},{"speaker":"Ian Anderson","startTime":568.868,"endTime":572.104,"body":"If I could, I would pull up a chart,"},{"speaker":"Ian Anderson","startTime":568.868,"endTime":572.104,"body":"or you'd have to look at the--"},{"speaker":"Ian Anderson","startTime":572.138,"endTime":575.608,"body":"look in the report, but you can"},{"speaker":"Ian Anderson","startTime":572.138,"endTime":575.608,"body":"see these, these column charts, and"},{"speaker":"Ian Anderson","startTime":575.808,"endTime":578.978,"body":"you can just see it declining and"},{"speaker":"Ian Anderson","startTime":575.808,"endTime":578.978,"body":"being flat for a couple of years."},{"speaker":"Ian Anderson","startTime":579.145,"endTime":581.147,"body":"And then all of a sudden"},{"speaker":"Ian Anderson","startTime":579.145,"endTime":581.147,"body":"in twenty twenty-six, there"},{"speaker":"Ian Anderson","startTime":581.147,"endTime":582.882,"body":"was a s-significant uptick."},{"speaker":"Ian Anderson","startTime":583.249,"endTime":588.521,"body":"And so for a company like CBRE, for"},{"speaker":"Ian Anderson","startTime":583.249,"endTime":588.521,"body":"us tracking that, we now have two"},{"speaker":"Ian Anderson","startTime":588.521,"endTime":594.827,"body":"of the major sub-industries in life"},{"speaker":"Ian Anderson","startTime":588.521,"endTime":594.827,"body":"sciences, that's biotech and pharma"},{"speaker":"Ian Anderson","startTime":594.961,"endTime":599.365,"body":"and medicine uh pharmaceutical and"},{"speaker":"Ian Anderson","startTime":594.961,"endTime":599.365,"body":"medicine manufacturing, both of those"},{"speaker":"Ian Anderson","startTime":599.498,"endTime":601.534,"body":"ticking into gear, growing jobs."},{"speaker":"Ian Anderson","startTime":601.801,"endTime":604.003,"body":"And so ultimately, there's a lag."},{"speaker":"Ian Anderson","startTime":604.303,"endTime":607.74,"body":"Ultimately, that means that there's"},{"speaker":"Ian Anderson","startTime":604.303,"endTime":607.74,"body":"gonna be more demand for space"},{"speaker":"Ian Anderson","startTime":607.74,"endTime":609.208,"body":"for laboratories and so forth"},{"speaker":"Jeff Cranmer","startTime":609.942,"endTime":612.545,"body":"Ian, your report"},{"speaker":"Jeff Cranmer","startTime":609.942,"endTime":612.545,"body":"shows some of the more favorable"},{"speaker":"Jeff Cranmer","startTime":612.545,"endTime":617.483,"body":"life sciences employment growth is"},{"speaker":"Jeff Cranmer","startTime":612.545,"endTime":617.483,"body":"happening outside of the three big"},{"speaker":"Jeff Cranmer","startTime":617.483,"endTime":620.119,"body":"hubs, Boston, San Francisco, San Diego."},{"speaker":"Jeff Cranmer","startTime":620.386,"endTime":621.787,"body":"where, where are you seeing this growth?"},{"speaker":"Ian Anderson","startTime":622.455,"endTime":622.855,"body":"Yeah."},{"speaker":"Ian Anderson","startTime":623.255,"endTime":626.626,"body":"So when we look at the life"},{"speaker":"Ian Anderson","startTime":623.255,"endTime":626.626,"body":"sciences uh industry employment"},{"speaker":"Ian Anderson","startTime":626.759,"endTime":631.864,"body":"on a metropolitan level basis that"},{"speaker":"Ian Anderson","startTime":626.759,"endTime":631.864,"body":"data lags a little bit further."},{"speaker":"Ian Anderson","startTime":632.064,"endTime":635.201,"body":"The latest we can get that is for"},{"speaker":"Ian Anderson","startTime":632.064,"endTime":635.201,"body":"calendar year twenty twenty-five."},{"speaker":"Ian Anderson","startTime":635.301,"endTime":638.17,"body":"But the data just came"},{"speaker":"Ian Anderson","startTime":635.301,"endTime":638.17,"body":"out about two months ago."},{"speaker":"Ian Anderson","startTime":638.204,"endTime":644.176,"body":"When we look at that, it was very"},{"speaker":"Ian Anderson","startTime":638.204,"endTime":644.176,"body":"surprising to me that some of the"},{"speaker":"Ian Anderson","startTime":644.276,"endTime":649.882,"body":"lesser known hubs or celebrated hubs"},{"speaker":"Ian Anderson","startTime":644.276,"endTime":649.882,"body":"in the life sciences industry perhaps"},{"speaker":"Ian Anderson","startTime":650.116,"endTime":653.719,"body":"are doing better than what we'd"},{"speaker":"Ian Anderson","startTime":650.116,"endTime":653.719,"body":"call the big three, which would be"},{"speaker":"Ian Anderson","startTime":653.719,"endTime":655.421,"body":"Boston, San Francisco and San Diego."},{"speaker":"Ian Anderson","startTime":655.421,"endTime":660.593,"body":"So for example Chicago had some"},{"speaker":"Ian Anderson","startTime":655.421,"endTime":660.593,"body":"of the fastest growth in the life"},{"speaker":"Ian Anderson","startTime":660.593,"endTime":664.664,"body":"sciences industry between twenty"},{"speaker":"Ian Anderson","startTime":660.593,"endTime":664.664,"body":"twenty-four and twenty twenty-five."},{"speaker":"Ian Anderson","startTime":665.064,"endTime":670.469,"body":"New York City, New York City region, we"},{"speaker":"Ian Anderson","startTime":665.064,"endTime":670.469,"body":"define that mostly uh the northern suburbs"},{"speaker":"Ian Anderson","startTime":670.469,"endTime":674.84,"body":"of New York, Long Island and the city,"},{"speaker":"Ian Anderson","startTime":670.469,"endTime":674.84,"body":"we don't include New Jersey in that."},{"speaker":"Ian Anderson","startTime":675.041,"endTime":679.712,"body":"But you've got Chicago, New York, Los"},{"speaker":"Ian Anderson","startTime":675.041,"endTime":679.712,"body":"Angeles and Philadelphia leading the"},{"speaker":"Ian Anderson","startTime":679.712,"endTime":681.48,"body":"pack in terms of employment growth."},{"speaker":"Ian Anderson","startTime":681.814,"endTime":685.317,"body":"And on the other hand, those"},{"speaker":"Ian Anderson","startTime":681.814,"endTime":685.317,"body":"that are continuing to decline"},{"speaker":"Ian Anderson","startTime":685.618,"endTime":691.09,"body":"unfortunately the Bay Area, Boston"},{"speaker":"Ian Anderson","startTime":685.618,"endTime":691.09,"body":"notably and then a couple of others."},{"speaker":"Ian Anderson","startTime":691.357,"endTime":695.094,"body":"Maybe not surprisingly, Washington"},{"speaker":"Ian Anderson","startTime":691.357,"endTime":695.094,"body":"and Baltimore  declined in its"},{"speaker":"Ian Anderson","startTime":695.094,"endTime":697.596,"body":"employment, but obviously that--"},{"speaker":"Ian Anderson","startTime":695.094,"endTime":697.596,"body":"some of that's been affected by"},{"speaker":"Ian Anderson","startTime":697.596,"endTime":699.131,"body":"federal government contraction."},{"speaker":"Ian Anderson","startTime":699.598,"endTime":701.667,"body":"But obviously NIH NIH cuts there."},{"speaker":"Ian Anderson","startTime":702.068,"endTime":706.138,"body":"Uh, another one that kind of surprised"},{"speaker":"Ian Anderson","startTime":702.068,"endTime":706.138,"body":"me was uh the Raleigh-Durham metropolitan"},{"speaker":"Ian Anderson","startTime":706.138,"endTime":712.078,"body":"area actually saw a decline in employment"},{"speaker":"Ian Anderson","startTime":706.138,"endTime":712.078,"body":"in biotech and pharmaceutical and"},{"speaker":"Ian Anderson","startTime":712.111,"endTime":715.247,"body":"medicine manufacturing between twenty"},{"speaker":"Ian Anderson","startTime":712.111,"endTime":715.247,"body":"twenty-four and twenty twenty-five."},{"speaker":"Ian Anderson","startTime":715.247,"endTime":719.618,"body":"So that's a little counterintuitive"},{"speaker":"Ian Anderson","startTime":715.247,"endTime":719.618,"body":"to most because obviously"},{"speaker":"Ian Anderson","startTime":719.885,"endTime":721.654,"body":"there's so much momentum there."},{"speaker":"Ian Anderson","startTime":721.854,"endTime":725.357,"body":"Most of it is on the manufacturing side."},{"speaker":"Ian Anderson","startTime":725.624,"endTime":729.995,"body":"My assumption is, is that a lot of"},{"speaker":"Ian Anderson","startTime":725.624,"endTime":729.995,"body":"those announcements have not turned"},{"speaker":"Ian Anderson","startTime":729.995,"endTime":736.102,"body":"into a discernible actually job hiring"},{"speaker":"Ian Anderson","startTime":729.995,"endTime":736.102,"body":"that is then showing up in the data"},{"speaker":"Ian Anderson","startTime":736.202,"endTime":737.77,"body":"for the Bureau of Labor Statistics"},{"speaker":"Jeff Cranmer","startTime":738.938,"endTime":740.072,"body":"And how's Houston faring?"},{"speaker":"Ian Anderson","startTime":740.673,"endTime":743.776,"body":"well, Houston,"},{"speaker":"Ian Anderson","startTime":740.673,"endTime":743.776,"body":"Houston's probably middle of the pack."},{"speaker":"Ian Anderson","startTime":743.909,"endTime":748.247,"body":"if you look at um total life"},{"speaker":"Ian Anderson","startTime":743.909,"endTime":748.247,"body":"sciences employment, Houston's"},{"speaker":"Ian Anderson","startTime":748.247,"endTime":750.182,"body":"done better than most."},{"speaker":"Ian Anderson","startTime":750.549,"endTime":754.687,"body":"the thing about Houston is it"},{"speaker":"Ian Anderson","startTime":750.549,"endTime":754.687,"body":"has a very small R\u0026D sector."},{"speaker":"Ian Anderson","startTime":754.954,"endTime":757.223,"body":"in it, it's mostly more manufacturing."},{"speaker":"Ian Anderson","startTime":757.389,"endTime":760.392,"body":"Some of its employment benefits"},{"speaker":"Ian Anderson","startTime":757.389,"endTime":760.392,"body":"from just the fact that it's a"},{"speaker":"Ian Anderson","startTime":760.392,"endTime":762.461,"body":"very high growth metropolitan area."},{"speaker":"Ian Anderson","startTime":762.661,"endTime":766.232,"body":"Generally speaking, yeah, it's either"},{"speaker":"Ian Anderson","startTime":762.661,"endTime":766.232,"body":"on average or ahead of the pack"},{"speaker":"Selina Koch","startTime":766.732,"endTime":768.934,"body":"Yeah, this is one"},{"speaker":"Selina Koch","startTime":766.732,"endTime":768.934,"body":"where I think the text of the"},{"speaker":"Selina Koch","startTime":768.934,"endTime":773.105,"body":"reports, it's something like"},{"speaker":"Selina Koch","startTime":768.934,"endTime":773.105,"body":"Houston having a record year in"},{"speaker":"Selina Koch","startTime":773.105,"endTime":775.741,"body":"2025 for employment, which is great."},{"speaker":"Selina Koch","startTime":775.741,"endTime":780.146,"body":"But then a slight decline in"},{"speaker":"Selina Koch","startTime":775.741,"endTime":780.146,"body":"growth, you know, recently."},{"speaker":"Selina Koch","startTime":780.446,"endTime":785.184,"body":"so that just makes me wonder, is it like,"},{"speaker":"Selina Koch","startTime":780.446,"endTime":785.184,"body":"what can we glean from that disconnect?"},{"speaker":"Selina Koch","startTime":785.184,"endTime":790.723,"body":"Is it kind of a normal pullback after"},{"speaker":"Selina Koch","startTime":785.184,"endTime":790.723,"body":"a peak, just fluctuation, or is there"},{"speaker":"Selina Koch","startTime":790.723,"endTime":794.46,"body":"a sense in which the growth is not"},{"speaker":"Selina Koch","startTime":790.723,"endTime":794.46,"body":"on a happening on a durable base?"},{"speaker":"Ian Anderson","startTime":794.927,"endTime":797.029,"body":"You're mentioning--"},{"speaker":"Ian Anderson","startTime":794.927,"endTime":797.029,"body":"You're talking about Houston right now?"},{"speaker":"Selina Koch","startTime":797.396,"endTime":798.464,"body":"Houston, yeah."},{"speaker":"Ian Anderson","startTime":799.832,"endTime":801.1,"body":"Well, there's"},{"speaker":"Ian Anderson","startTime":799.832,"endTime":801.1,"body":"a couple things there."},{"speaker":"Ian Anderson","startTime":801.233,"endTime":804.904,"body":"I'm gonna probably get in the, the weeds"},{"speaker":"Ian Anderson","startTime":801.233,"endTime":804.904,"body":"maybe a little bit too much here, but we"},{"speaker":"Ian Anderson","startTime":804.904,"endTime":809.308,"body":"have a definition of total life sciences"},{"speaker":"Ian Anderson","startTime":804.904,"endTime":809.308,"body":"employment we use, and that actually, part"},{"speaker":"Ian Anderson","startTime":809.308,"endTime":812.878,"body":"of that is beyond just biotech R\u0026D jobs."},{"speaker":"Ian Anderson","startTime":812.878,"endTime":818.417,"body":"It's all R\u0026D jobs in the physical"},{"speaker":"Ian Anderson","startTime":812.878,"endTime":818.417,"body":"and life sciences industry."},{"speaker":"Ian Anderson","startTime":818.617,"endTime":823.389,"body":"And so that, that begins to take"},{"speaker":"Ian Anderson","startTime":818.617,"endTime":823.389,"body":"into account other industries."},{"speaker":"Ian Anderson","startTime":823.389,"endTime":825.724,"body":"It goes a little bit beyond"},{"speaker":"Ian Anderson","startTime":823.389,"endTime":825.724,"body":"the life sciences industry."},{"speaker":"Ian Anderson","startTime":826.091,"endTime":831.13,"body":"What we found in our research is, is that"},{"speaker":"Ian Anderson","startTime":826.091,"endTime":831.13,"body":"some of the R\u0026D cuts by the government"},{"speaker":"Ian Anderson","startTime":831.363,"endTime":836.669,"body":"is affecting markets who have a higher"},{"speaker":"Ian Anderson","startTime":831.363,"endTime":836.669,"body":"proportion of people in that industry set."},{"speaker":"Ian Anderson","startTime":836.969,"endTime":840.706,"body":"So one thing we focus on in the report"},{"speaker":"Ian Anderson","startTime":836.969,"endTime":840.706,"body":"is we focus on something we called"},{"speaker":"Ian Anderson","startTime":840.773,"endTime":845.477,"body":"core life sciences employment, so"},{"speaker":"Ian Anderson","startTime":840.773,"endTime":845.477,"body":"that's just biotech and pharmaceutical."},{"speaker":"Ian Anderson","startTime":845.778,"endTime":847.413,"body":"So we focus on that a little bit more."},{"speaker":"Ian Anderson","startTime":847.413,"endTime":850.382,"body":"So it-- we avoid some of the noise"},{"speaker":"Ian Anderson","startTime":847.413,"endTime":850.382,"body":"with some of the other federal"},{"speaker":"Ian Anderson","startTime":850.382,"endTime":853.385,"body":"governing-- government cuts that are"},{"speaker":"Ian Anderson","startTime":850.382,"endTime":853.385,"body":"affecting the larger R\u0026D industry"},{"speaker":"Selina Koch","startTime":854.32,"endTime":857.489,"body":"While looking at this"},{"speaker":"Selina Koch","startTime":854.32,"endTime":857.489,"body":"sort of patchwork of regional data"},{"speaker":"Selina Koch","startTime":857.523,"endTime":861.894,"body":"another kind of disconnect I noticed was"},{"speaker":"Selina Koch","startTime":857.523,"endTime":861.894,"body":"between New York City and New Jersey."},{"speaker":"Selina Koch","startTime":861.894,"endTime":862.962,"body":"How do we think about that?"},{"speaker":"Ian Anderson","startTime":863.529,"endTime":863.896,"body":"Yeah."},{"speaker":"Ian Anderson","startTime":863.996,"endTime":865.397,"body":"there's a couple things there."},{"speaker":"Ian Anderson","startTime":865.397,"endTime":869.802,"body":"One is, is that the, the outperformance"},{"speaker":"Ian Anderson","startTime":865.397,"endTime":869.802,"body":"by New York City, it, it is not"},{"speaker":"Ian Anderson","startTime":869.835,"endTime":871.637,"body":"happening in the city itself."},{"speaker":"Ian Anderson","startTime":871.67,"endTime":873.739,"body":"So it's not happening"},{"speaker":"Ian Anderson","startTime":871.67,"endTime":873.739,"body":"in the five boroughs."},{"speaker":"Ian Anderson","startTime":874.106,"endTime":878.811,"body":"It is happening in Westchester County"},{"speaker":"Ian Anderson","startTime":874.106,"endTime":878.811,"body":"and some of the northern suburbs like"},{"speaker":"Ian Anderson","startTime":878.811,"endTime":882.781,"body":"Duchess County, which we include in that"},{"speaker":"Ian Anderson","startTime":878.811,"endTime":882.781,"body":"definition of New York City as a market,"},{"speaker":"Ian Anderson","startTime":882.982,"endTime":884.35,"body":"and it's happening in Long Island."},{"speaker":"Ian Anderson","startTime":884.35,"endTime":886.452,"body":"But it's not happening in the city itself."},{"speaker":"Ian Anderson","startTime":886.685,"endTime":891.123,"body":"And you also notice in these markets  that"},{"speaker":"Ian Anderson","startTime":886.685,"endTime":891.123,"body":"have done a little bit better in terms of"},{"speaker":"Ian Anderson","startTime":891.19,"endTime":895.394,"body":"core life sciences employment in twenty"},{"speaker":"Ian Anderson","startTime":891.19,"endTime":895.394,"body":"twenty-five and that are continually"},{"speaker":"Ian Anderson","startTime":895.394,"endTime":903.102,"body":"growing these are not your your heavy"},{"speaker":"Ian Anderson","startTime":895.394,"endTime":903.102,"body":"biotech R\u0026D markets as much, and those"},{"speaker":"Ian Anderson","startTime":903.102,"endTime":908.04,"body":"that were flooded with capital during the"},{"speaker":"Ian Anderson","startTime":903.102,"endTime":908.04,"body":"boom in twenty twenty-one, for example."},{"speaker":"Ian Anderson","startTime":908.374,"endTime":914.079,"body":"These are markets uh more diversified"},{"speaker":"Ian Anderson","startTime":908.374,"endTime":914.079,"body":"and historically have more of"},{"speaker":"Ian Anderson","startTime":914.079,"endTime":918.083,"body":"a pharmaceutical, foundation to"},{"speaker":"Ian Anderson","startTime":914.079,"endTime":918.083,"body":"their life sciences employment."},{"speaker":"Ian Anderson","startTime":918.083,"endTime":922.187,"body":"So, you know, these are the historical"},{"speaker":"Ian Anderson","startTime":918.083,"endTime":922.187,"body":"centers of, the pharmaceutical"},{"speaker":"Ian Anderson","startTime":922.187,"endTime":927.359,"body":"industry, obviously Chicago New York"},{"speaker":"Ian Anderson","startTime":922.187,"endTime":927.359,"body":"little bit of New Jersey and um and"},{"speaker":"Ian Anderson","startTime":927.359,"endTime":929.094,"body":"Philadelphia too at the head there"},{"speaker":"Jeff Cranmer","startTime":930.162,"endTime":932.164,"body":"Let's turn"},{"speaker":"Jeff Cranmer","startTime":930.162,"endTime":932.164,"body":"to uh the capital markets."},{"speaker":"Jeff Cranmer","startTime":932.197,"endTime":938.003,"body":"Uh, how is the money affecting these"},{"speaker":"Jeff Cranmer","startTime":932.197,"endTime":938.003,"body":"trends, and what do the capital"},{"speaker":"Jeff Cranmer","startTime":938.003,"endTime":940.406,"body":"markets say about what's to come?"},{"speaker":"Ian Anderson","startTime":941.073,"endTime":943.042,"body":"Yeah, that's one"},{"speaker":"Ian Anderson","startTime":941.073,"endTime":943.042,"body":"thing we do in our research is,"},{"speaker":"Ian Anderson","startTime":943.042,"endTime":944.31,"body":"is that everyone wants to know."},{"speaker":"Ian Anderson","startTime":944.31,"endTime":947.513,"body":"We sh- we share with them the data,"},{"speaker":"Ian Anderson","startTime":944.31,"endTime":947.513,"body":"the current performance, how these"},{"speaker":"Ian Anderson","startTime":947.513,"endTime":949.181,"body":"markets are ebbing and flowing."},{"speaker":"Ian Anderson","startTime":949.415,"endTime":951.784,"body":"of course, the next"},{"speaker":"Ian Anderson","startTime":949.415,"endTime":951.784,"body":"question is, is what's next?"},{"speaker":"Ian Anderson","startTime":951.951,"endTime":953.152,"body":"Where do we go from here?"},{"speaker":"Ian Anderson","startTime":953.485,"endTime":957.156,"body":"So in many cases, what we"},{"speaker":"Ian Anderson","startTime":953.485,"endTime":957.156,"body":"do is we follow the money."},{"speaker":"Ian Anderson","startTime":957.356,"endTime":961.56,"body":"And through our research over the"},{"speaker":"Ian Anderson","startTime":957.356,"endTime":961.56,"body":"last several years there is a, a"},{"speaker":"Ian Anderson","startTime":961.56,"endTime":968.3,"body":"notable leading indicator in not"},{"speaker":"Ian Anderson","startTime":961.56,"endTime":968.3,"body":"only the XBI but also and, and as we"},{"speaker":"Ian Anderson","startTime":968.3,"endTime":972.104,"body":"show in our report venture capital"},{"speaker":"Ian Anderson","startTime":968.3,"endTime":972.104,"body":"funding to the life sciences industry."},{"speaker":"Ian Anderson","startTime":972.404,"endTime":976.742,"body":"I mean, it's, it's very rough, but"},{"speaker":"Ian Anderson","startTime":972.404,"endTime":976.742,"body":"generally speaking, about nine to"},{"speaker":"Ian Anderson","startTime":976.775,"endTime":981.28,"body":"18 months after which we see changes"},{"speaker":"Ian Anderson","startTime":976.775,"endTime":981.28,"body":"in life sciences venture capital"},{"speaker":"Ian Anderson","startTime":981.28,"endTime":985.05,"body":"funding, do we see a change in em-"},{"speaker":"Ian Anderson","startTime":981.28,"endTime":985.05,"body":"uh, a subsequent change in employment."},{"speaker":"Ian Anderson","startTime":985.484,"endTime":988.988,"body":"so we've started to see life"},{"speaker":"Ian Anderson","startTime":985.484,"endTime":988.988,"body":"sciences venture capital"},{"speaker":"Ian Anderson","startTime":988.988,"endTime":990.489,"body":"funding start to tick u-up."},{"speaker":"Ian Anderson","startTime":990.756,"endTime":995.561,"body":"Certainly not a boom so far, it"},{"speaker":"Ian Anderson","startTime":990.756,"endTime":995.561,"body":"has we'd say turned the corner."},{"speaker":"Ian Anderson","startTime":995.561,"endTime":996.829,"body":"It's increasing again."},{"speaker":"Ian Anderson","startTime":997.162,"endTime":1001.5,"body":"And so, the safe statement is, is"},{"speaker":"Ian Anderson","startTime":997.162,"endTime":1001.5,"body":"that we're gonna continue to see"},{"speaker":"Ian Anderson","startTime":1001.567,"endTime":1005.671,"body":"life sciences employment ever so"},{"speaker":"Ian Anderson","startTime":1001.567,"endTime":1005.671,"body":"slightly increase and improve."},{"speaker":"Ian Anderson","startTime":1005.838,"endTime":1009.441,"body":"but I will tell you, I just"},{"speaker":"Ian Anderson","startTime":1005.838,"endTime":1009.441,"body":"pulled the latest venture capital"},{"speaker":"Ian Anderson","startTime":1009.441,"endTime":1013.278,"body":"funding data  to the life sciences"},{"speaker":"Ian Anderson","startTime":1009.441,"endTime":1013.278,"body":"industry through the end of June."},{"speaker":"Ian Anderson","startTime":1013.679,"endTime":1016.882,"body":"That venture capital funding"},{"speaker":"Ian Anderson","startTime":1013.679,"endTime":1016.882,"body":"is up thirty-three percent."},{"speaker":"Ian Anderson","startTime":1016.982,"endTime":1019.651,"body":"if you tally it for the first half"},{"speaker":"Ian Anderson","startTime":1016.982,"endTime":1019.651,"body":"of this year, it's up thirty-three"},{"speaker":"Ian Anderson","startTime":1019.651,"endTime":1022.388,"body":"percent this year versus the"},{"speaker":"Ian Anderson","startTime":1019.651,"endTime":1022.388,"body":"first half of twenty twenty-five."},{"speaker":"Ian Anderson","startTime":1022.388,"endTime":1025.557,"body":"So things appear to be moving"},{"speaker":"Ian Anderson","startTime":1022.388,"endTime":1025.557,"body":"in the right direction."},{"speaker":"Ian Anderson","startTime":1025.924,"endTime":1029.194,"body":"And maybe I don't need to tell some"},{"speaker":"Ian Anderson","startTime":1025.924,"endTime":1029.194,"body":"of the-- your, your listeners, but"},{"speaker":"Ian Anderson","startTime":1029.194,"endTime":1034.566,"body":"obviously the XBI matched, may have"},{"speaker":"Ian Anderson","startTime":1029.194,"endTime":1034.566,"body":"even broken, I'm not sure precisely"},{"speaker":"Ian Anderson","startTime":1034.833,"endTime":1036.502,"body":"its record for twenty twenty-one."},{"speaker":"Ian Anderson","startTime":1036.802,"endTime":1039.271,"body":"IPOs are trending the right way, M\u0026A."},{"speaker":"Ian Anderson","startTime":1039.271,"endTime":1043.642,"body":"So there's a whole host of indicators"},{"speaker":"Ian Anderson","startTime":1039.271,"endTime":1043.642,"body":"that seem to suggest that life"},{"speaker":"Ian Anderson","startTime":1043.642,"endTime":1045.277,"body":"sciences employment is gonna get better"},{"speaker":"Selina Koch","startTime":1046.145,"endTime":1048.914,"body":"Can we talk a little"},{"speaker":"Selina Koch","startTime":1046.145,"endTime":1048.914,"body":"bit about how those variables relate"},{"speaker":"Selina Koch","startTime":1048.914,"endTime":1053.118,"body":"to another one we haven't discussed"},{"speaker":"Selina Koch","startTime":1048.914,"endTime":1053.118,"body":"yet, which is lab space vacancies?"},{"speaker":"Selina Koch","startTime":1053.118,"endTime":1056.422,"body":"Because I think if I, if I remember this"},{"speaker":"Selina Koch","startTime":1053.118,"endTime":1056.422,"body":"right, what I saw in your report is that"},{"speaker":"Selina Koch","startTime":1056.488,"endTime":1061.593,"body":"pr- there was a pretty sharp decrease"},{"speaker":"Selina Koch","startTime":1056.488,"endTime":1061.593,"body":"even, maybe even a record low high, I"},{"speaker":"Selina Koch","startTime":1061.593,"endTime":1065.998,"body":"guess, in vacancies um, quite recently,"},{"speaker":"Selina Koch","startTime":1061.593,"endTime":1065.998,"body":"even though the hiring is ticking up."},{"speaker":"Selina Koch","startTime":1065.998,"endTime":1067.232,"body":"So what do you think?"},{"speaker":"Selina Koch","startTime":1067.232,"endTime":1072.271,"body":"Are people still operating as"},{"speaker":"Selina Koch","startTime":1067.232,"endTime":1072.271,"body":"leanly as they can, or is that"},{"speaker":"Selina Koch","startTime":1072.271,"endTime":1073.939,"body":"just gonna follow even later?"},{"speaker":"Selina Koch","startTime":1073.972,"endTime":1074.339,"body":"How do you think"},{"speaker":"Selina Koch","startTime":1074.339,"endTime":1074.673,"body":"about that?"},{"speaker":"Ian Anderson","startTime":1074.74,"endTime":1075.14,"body":"sure."},{"speaker":"Ian Anderson","startTime":1075.24,"endTime":1075.808,"body":"Yeah, yeah."},{"speaker":"Ian Anderson","startTime":1075.874,"endTime":1079.511,"body":"So uh you know, one thing uh you"},{"speaker":"Ian Anderson","startTime":1075.874,"endTime":1079.511,"body":"know, as an aside is that I report I"},{"speaker":"Ian Anderson","startTime":1079.511,"endTime":1082.748,"body":"provide this research and I present"},{"speaker":"Ian Anderson","startTime":1079.511,"endTime":1082.748,"body":"it to many of our professionals in"},{"speaker":"Ian Anderson","startTime":1082.748,"endTime":1086.085,"body":"the commercial real estate industry,"},{"speaker":"Ian Anderson","startTime":1082.748,"endTime":1086.085,"body":"investors, owners of these properties,"},{"speaker":"Ian Anderson","startTime":1086.385,"endTime":1088.32,"body":"in many cases it falls on deaf ears."},{"speaker":"Ian Anderson","startTime":1088.487,"endTime":1093.859,"body":"It's good news, it's wanted to hear, but"},{"speaker":"Ian Anderson","startTime":1088.487,"endTime":1093.859,"body":"a lot of this has not transpired into a"},{"speaker":"Ian Anderson","startTime":1093.892,"endTime":1101.533,"body":"substantial change into what is a very"},{"speaker":"Ian Anderson","startTime":1093.892,"endTime":1101.533,"body":"overbuilt life sciences laboratory sector."},{"speaker":"Ian Anderson","startTime":1101.9,"endTime":1107.739,"body":"We've seen just a slight stabilization"},{"speaker":"Ian Anderson","startTime":1101.9,"endTime":1107.739,"body":"in vacancy of lab space around"},{"speaker":"Ian Anderson","startTime":1107.739,"endTime":1111.61,"body":"the United States, but it is still"},{"speaker":"Ian Anderson","startTime":1107.739,"endTime":1111.61,"body":"arguably as high as it has ever been."},{"speaker":"Ian Anderson","startTime":1111.61,"endTime":1116.215,"body":"It's absolutely the highest it's ever been"},{"speaker":"Ian Anderson","startTime":1111.61,"endTime":1116.215,"body":"for all the records we have going back."},{"speaker":"Ian Anderson","startTime":1116.482,"endTime":1121.053,"body":"But it's gonna take some time for those"},{"speaker":"Ian Anderson","startTime":1116.482,"endTime":1121.053,"body":"good trends to just translate into"},{"speaker":"Ian Anderson","startTime":1121.086,"endTime":1125.424,"body":"making an impact for many of these"},{"speaker":"Ian Anderson","startTime":1121.086,"endTime":1125.424,"body":"people who, who own this lab space."},{"speaker":"Ian Anderson","startTime":1125.424,"endTime":1128.694,"body":"So a vacancy is still gonna be"},{"speaker":"Ian Anderson","startTime":1125.424,"endTime":1128.694,"body":"abundant for a  little while here."},{"speaker":"Selina Koch","startTime":1129.294,"endTime":1129.561,"body":"Okay."},{"speaker":"Selina Koch","startTime":1129.561,"endTime":1133.198,"body":"And this one's not, not in the scope of"},{"speaker":"Selina Koch","startTime":1129.561,"endTime":1133.198,"body":"your report so I'm not sure w-what you'll"},{"speaker":"Selina Koch","startTime":1133.198,"endTime":1140.906,"body":"say about it, but how does uh trends"},{"speaker":"Selina Koch","startTime":1133.198,"endTime":1140.906,"body":"in AI and automation relate to how lab"},{"speaker":"Selina Koch","startTime":1140.906,"endTime":1142.608,"body":"space is going to be used in the future?"},{"speaker":"Ian Anderson","startTime":1143.175,"endTime":1145.644,"body":"That's uh obviously"},{"speaker":"Ian Anderson","startTime":1143.175,"endTime":1145.644,"body":"a billion-dollar question."},{"speaker":"Ian Anderson","startTime":1146.011,"endTime":1148.747,"body":"What I can tell you is,"},{"speaker":"Ian Anderson","startTime":1146.011,"endTime":1148.747,"body":"is that a couple things."},{"speaker":"Ian Anderson","startTime":1148.747,"endTime":1155.154,"body":"One, we have not seen a discernible"},{"speaker":"Ian Anderson","startTime":1148.747,"endTime":1155.154,"body":"impact from AI on lab use."},{"speaker":"Ian Anderson","startTime":1155.521,"endTime":1156.889,"body":"And that's generally speaking."},{"speaker":"Ian Anderson","startTime":1156.889,"endTime":1158.757,"body":"That's looking at data across the country."},{"speaker":"Ian Anderson","startTime":1158.757,"endTime":1162.694,"body":"That's tracking markets from Boston to the"},{"speaker":"Ian Anderson","startTime":1158.757,"endTime":1162.694,"body":"Bay Area to San Diego, so on and so forth."},{"speaker":"Ian Anderson","startTime":1162.895,"endTime":1166.965,"body":"It could be a little bit different in the"},{"speaker":"Ian Anderson","startTime":1162.895,"endTime":1166.965,"body":"Bay Area versus, let's say, Raleigh-Durham"},{"speaker":"Ian Anderson","startTime":1167.099,"endTime":1168.567,"body":"or Philadelphia or something."},{"speaker":"Ian Anderson","startTime":1168.901,"endTime":1174.139,"body":"But on average, we really have not yet"},{"speaker":"Ian Anderson","startTime":1168.901,"endTime":1174.139,"body":"seen a discernible impact from AI on this."},{"speaker":"Selina Koch","startTime":1174.373,"endTime":1174.873,"body":"Interesting."},{"speaker":"Selina Koch","startTime":1174.907,"endTime":1178.677,"body":"So you had a, a one metric in"},{"speaker":"Selina Koch","startTime":1174.907,"endTime":1178.677,"body":"there that was, I think, space per"},{"speaker":"Selina Koch","startTime":1178.677,"endTime":1183.482,"body":"employee maybe, and that seemed"},{"speaker":"Selina Koch","startTime":1178.677,"endTime":1183.482,"body":"to drop quite steeply recently."},{"speaker":"Selina Koch","startTime":1183.782,"endTime":1185.751,"body":"Do you think that could be a factor there?"},{"speaker":"Ian Anderson","startTime":1186.585,"endTime":1187.819,"body":"It absolutely could."},{"speaker":"Ian Anderson","startTime":1187.92,"endTime":1189.087,"body":"It absolutely could."},{"speaker":"Ian Anderson","startTime":1189.087,"endTime":1191.123,"body":"It, it-- and we can speculate on it."},{"speaker":"Ian Anderson","startTime":1191.49,"endTime":1194.86,"body":"so what you're referring to is"},{"speaker":"Ian Anderson","startTime":1191.49,"endTime":1194.86,"body":"that, you know, what we saw in the,"},{"speaker":"Ian Anderson","startTime":1194.86,"endTime":1200.032,"body":"in the boom we just saw companies"},{"speaker":"Ian Anderson","startTime":1194.86,"endTime":1200.032,"body":"taking lots of excess space."},{"speaker":"Ian Anderson","startTime":1200.265,"endTime":1204.269,"body":"As we can imagine, many had"},{"speaker":"Ian Anderson","startTime":1200.265,"endTime":1204.269,"body":"perhaps unrealistic expectations"},{"speaker":"Ian Anderson","startTime":1204.269,"endTime":1208.74,"body":"for growth, overly optimistic, so"},{"speaker":"Ian Anderson","startTime":1204.269,"endTime":1208.74,"body":"they took a lot of excess space."},{"speaker":"Ian Anderson","startTime":1209.174,"endTime":1214.68,"body":"And you could see according to our"},{"speaker":"Ian Anderson","startTime":1209.174,"endTime":1214.68,"body":"research that the amount of space per life"},{"speaker":"Ian Anderson","startTime":1214.68,"endTime":1219.051,"body":"sciences employee in the United States"},{"speaker":"Ian Anderson","startTime":1214.68,"endTime":1219.051,"body":"just started to shoot up decisively."},{"speaker":"Ian Anderson","startTime":1219.318,"endTime":1224.056,"body":"And that peaked around twenty twenty-two"},{"speaker":"Ian Anderson","startTime":1219.318,"endTime":1224.056,"body":"as the tide turned on the industry."},{"speaker":"Ian Anderson","startTime":1224.256,"endTime":1227.693,"body":"And since then, what's happened"},{"speaker":"Ian Anderson","startTime":1224.256,"endTime":1227.693,"body":"is, is that companies have started"},{"speaker":"Ian Anderson","startTime":1227.693,"endTime":1229.494,"body":"to get rid of that excess space."},{"speaker":"Ian Anderson","startTime":1229.494,"endTime":1231.597,"body":"They've started to sublease"},{"speaker":"Ian Anderson","startTime":1229.494,"endTime":1231.597,"body":"it to other companies."},{"speaker":"Ian Anderson","startTime":1231.83,"endTime":1234.266,"body":"They've started to downsize, right-size."},{"speaker":"Ian Anderson","startTime":1234.533,"endTime":1235.968,"body":"That's most of the story."},{"speaker":"Ian Anderson","startTime":1236.301,"endTime":1241.173,"body":"But as for AI affecting it, it's"},{"speaker":"Ian Anderson","startTime":1236.301,"endTime":1241.173,"body":"possible, certainly could be a factor."},{"speaker":"Ian Anderson","startTime":1241.406,"endTime":1245.377,"body":"But when I look at actual leases signed by"},{"speaker":"Ian Anderson","startTime":1241.406,"endTime":1245.377,"body":"life sciences companies around the United"},{"speaker":"Ian Anderson","startTime":1245.377,"endTime":1249.615,"body":"States, there's no significant shift"},{"speaker":"Ian Anderson","startTime":1245.377,"endTime":1249.615,"body":"that those leases are getting smaller"},{"speaker":"Selina Koch","startTime":1250.415,"endTime":1250.983,"body":"Good news"},{"speaker":"Jeff Cranmer","startTime":1251.516,"endTime":1255.287,"body":"Ian, another thing you're"},{"speaker":"Jeff Cranmer","startTime":1251.516,"endTime":1255.287,"body":"watching is emerging talent, where"},{"speaker":"Jeff Cranmer","startTime":1255.42,"endTime":1260.559,"body":"folks are studying life sciences at US"},{"speaker":"Jeff Cranmer","startTime":1255.42,"endTime":1260.559,"body":"colleges, universities, what they're"},{"speaker":"Jeff Cranmer","startTime":1260.559,"endTime":1262.461,"body":"studying, where they're studying."},{"speaker":"Jeff Cranmer","startTime":1262.694,"endTime":1263.395,"body":"what have you found?"},{"speaker":"Ian Anderson","startTime":1263.962,"endTime":1265.03,"body":"Well,"},{"speaker":"Ian Anderson","startTime":1263.962,"endTime":1265.03,"body":"there's a couple things."},{"speaker":"Ian Anderson","startTime":1265.03,"endTime":1270.869,"body":"First off uh the bad news is, is that"},{"speaker":"Ian Anderson","startTime":1265.03,"endTime":1270.869,"body":"there are less students focusing on"},{"speaker":"Ian Anderson","startTime":1270.869,"endTime":1275.707,"body":"life sciences disciplines in the latest"},{"speaker":"Ian Anderson","startTime":1270.869,"endTime":1275.707,"body":"academic data, which is the academic"},{"speaker":"Ian Anderson","startTime":1275.707,"endTime":1277.109,"body":"year ending twenty twenty-four."},{"speaker":"Ian Anderson","startTime":1277.109,"endTime":1281.046,"body":"So we have seen over several years,"},{"speaker":"Ian Anderson","startTime":1277.109,"endTime":1281.046,"body":"and there's only so far I went back"},{"speaker":"Ian Anderson","startTime":1281.046,"endTime":1286.285,"body":"in the data, but the trend over many"},{"speaker":"Ian Anderson","startTime":1281.046,"endTime":1286.285,"body":"years, at least the past decade, is an"},{"speaker":"Ian Anderson","startTime":1286.418,"endTime":1291.623,"body":"increasing number of students focused"},{"speaker":"Ian Anderson","startTime":1286.418,"endTime":1291.623,"body":"on degrees again, we can use, say,"},{"speaker":"Ian Anderson","startTime":1291.623,"endTime":1293.625,"body":"generally with life sciences expertise."},{"speaker":"Ian Anderson","startTime":1293.892,"endTime":1297.863,"body":"Generally speaking, that's degrees in"},{"speaker":"Ian Anderson","startTime":1293.892,"endTime":1297.863,"body":"biological and biomedical sciences."},{"speaker":"Ian Anderson","startTime":1298.13,"endTime":1300.999,"body":"But that's steadily been"},{"speaker":"Ian Anderson","startTime":1298.13,"endTime":1300.999,"body":"increasing for many years."},{"speaker":"Ian Anderson","startTime":1301.233,"endTime":1304.77,"body":"The latest data shows that the-- for"},{"speaker":"Ian Anderson","startTime":1301.233,"endTime":1304.77,"body":"the first time in many years, the"},{"speaker":"Ian Anderson","startTime":1304.77,"endTime":1306.438,"body":"number of students actually declined."},{"speaker":"Ian Anderson","startTime":1306.638,"endTime":1309.508,"body":"And it wasn't just the numbers,"},{"speaker":"Ian Anderson","startTime":1306.638,"endTime":1309.508,"body":"th-this wasn't just demographics."},{"speaker":"Ian Anderson","startTime":1309.508,"endTime":1312.844,"body":"If you look at all degrees in the"},{"speaker":"Ian Anderson","startTime":1309.508,"endTime":1312.844,"body":"United States, there is a less"},{"speaker":"Ian Anderson","startTime":1313.111,"endTime":1319.284,"body":"lower share of people focusing on"},{"speaker":"Ian Anderson","startTime":1313.111,"endTime":1319.284,"body":"degrees with life sciences expertise."},{"speaker":"Ian Anderson","startTime":1319.618,"endTime":1321.586,"body":"So that's kind of the, the bad news."},{"speaker":"Ian Anderson","startTime":1321.787,"endTime":1324.956,"body":"if you peel back the layers of the"},{"speaker":"Ian Anderson","startTime":1321.787,"endTime":1324.956,"body":"onion, you, and you look at some"},{"speaker":"Ian Anderson","startTime":1324.99,"endTime":1328.093,"body":"of the degrees people are studying"},{"speaker":"Ian Anderson","startTime":1324.99,"endTime":1328.093,"body":"with a couple things have happened."},{"speaker":"Ian Anderson","startTime":1328.093,"endTime":1331.096,"body":"One, it seems to be that people"},{"speaker":"Ian Anderson","startTime":1328.093,"endTime":1331.096,"body":"are a little less interested"},{"speaker":"Ian Anderson","startTime":1331.129,"endTime":1335.6,"body":"in biology ever so slightly in"},{"speaker":"Ian Anderson","startTime":1331.129,"endTime":1335.6,"body":"some of the biological sciences."},{"speaker":"Ian Anderson","startTime":1335.834,"endTime":1342.607,"body":"And you can see a, you can see a shift"},{"speaker":"Ian Anderson","startTime":1335.834,"endTime":1342.607,"body":"towards pharmaceutical sciences and more"},{"speaker":"Ian Anderson","startTime":1342.607,"endTime":1348.38,"body":"clearly towards bioinformat-informatics"},{"speaker":"Ian Anderson","startTime":1342.607,"endTime":1348.38,"body":"and biomath, and probably some"},{"speaker":"Ian Anderson","startTime":1348.38,"endTime":1352.451,"body":"of those degrees that are more"},{"speaker":"Ian Anderson","startTime":1348.38,"endTime":1352.451,"body":"appropriate for the AI revolution."},{"speaker":"Ian Anderson","startTime":1352.751,"endTime":1354.586,"body":"so that's, that's one thing you see."},{"speaker":"Ian Anderson","startTime":1354.92,"endTime":1358.223,"body":"Another thing we've noticed too"},{"speaker":"Ian Anderson","startTime":1354.92,"endTime":1358.223,"body":"is that, you know, we get back"},{"speaker":"Ian Anderson","startTime":1358.223,"endTime":1361.393,"body":"to these, these secondary markets"},{"speaker":"Ian Anderson","startTime":1358.223,"endTime":1361.393,"body":"that have been doing better in"},{"speaker":"Ian Anderson","startTime":1361.393,"endTime":1363.061,"body":"terms of life sciences employment."},{"speaker":"Ian Anderson","startTime":1363.362,"endTime":1368.433,"body":"We're also seeing that more graduates"},{"speaker":"Ian Anderson","startTime":1363.362,"endTime":1368.433,"body":"with life sciences experience are"},{"speaker":"Ian Anderson","startTime":1368.467,"endTime":1374.473,"body":"coming from colleges outside of"},{"speaker":"Ian Anderson","startTime":1368.467,"endTime":1374.473,"body":"Boston, San Francisco, and San Diego."},{"speaker":"Ian Anderson","startTime":1374.84,"endTime":1378.076,"body":"One piece of research we did was"},{"speaker":"Ian Anderson","startTime":1374.84,"endTime":1378.076,"body":"we went back and we looked at"},{"speaker":"Ian Anderson","startTime":1378.076,"endTime":1383.148,"body":"twenty twenty twelve, and we looked"},{"speaker":"Ian Anderson","startTime":1378.076,"endTime":1383.148,"body":"at the number of PhDs graduating"},{"speaker":"Ian Anderson","startTime":1383.582,"endTime":1385.384,"body":"with life sciences expertise."},{"speaker":"Ian Anderson","startTime":1385.55,"endTime":1389.454,"body":"And out of the top fifty schools"},{"speaker":"Ian Anderson","startTime":1385.55,"endTime":1389.454,"body":"graduating these PhDs, about"},{"speaker":"Ian Anderson","startTime":1389.454,"endTime":1394.359,"body":"ten%, nine point six percent were"},{"speaker":"Ian Anderson","startTime":1389.454,"endTime":1394.359,"body":"graduating from schools out of uh"},{"speaker":"Ian Anderson","startTime":1394.359,"endTime":1396.495,"body":"the Bay Area, Boston, or San Diego."},{"speaker":"Ian Anderson","startTime":1396.862,"endTime":1400.999,"body":"When we look at the latest data, it's"},{"speaker":"Ian Anderson","startTime":1396.862,"endTime":1400.999,"body":"not a huge shift, but the latest data"},{"speaker":"Ian Anderson","startTime":1400.999,"endTime":1406.271,"body":"shows only eight point four percent of"},{"speaker":"Ian Anderson","startTime":1400.999,"endTime":1406.271,"body":"those PhDs were coming from colleges or"},{"speaker":"Ian Anderson","startTime":1406.271,"endTime":1408.273,"body":"universities in those top three markets."},{"speaker":"Ian Anderson","startTime":1408.607,"endTime":1412.244,"body":"Long story short is we see this,"},{"speaker":"Ian Anderson","startTime":1408.607,"endTime":1412.244,"body":"this broadening of the pie where"},{"speaker":"Ian Anderson","startTime":1412.244,"endTime":1416.982,"body":"life sciences talent is not only"},{"speaker":"Ian Anderson","startTime":1412.244,"endTime":1416.982,"body":"growing, but where it's emerging from."},{"speaker":"Ian Anderson","startTime":1417.282,"endTime":1421.987,"body":"And more of that talent, ever so"},{"speaker":"Ian Anderson","startTime":1417.282,"endTime":1421.987,"body":"slightly, is coming a little bit"},{"speaker":"Ian Anderson","startTime":1421.987,"endTime":1425.791,"body":"less out of colleges in, again, the"},{"speaker":"Ian Anderson","startTime":1421.987,"endTime":1425.791,"body":"Bay Area, Boston, and San Diego,"},{"speaker":"Ian Anderson","startTime":1425.791,"endTime":1429.628,"body":"and it's coming out of places like"},{"speaker":"Ian Anderson","startTime":1425.791,"endTime":1429.628,"body":"Chicago, New York, Philadelphia."},{"speaker":"Ian Anderson","startTime":1429.795,"endTime":1434.099,"body":"And even beyond that, it's coming from"},{"speaker":"Ian Anderson","startTime":1429.795,"endTime":1434.099,"body":"places like Gainesville or Ann Arbor,"},{"speaker":"Jeff Cranmer","startTime":1434.232,"endTime":1436.668,"body":"Yeah, I did see,"},{"speaker":"Jeff Cranmer","startTime":1434.232,"endTime":1436.668,"body":"I did see Gainesville on there."},{"speaker":"Ian Anderson","startTime":1437.102,"endTime":1437.335,"body":"Yeah"},{"speaker":"Jeff Cranmer","startTime":1437.335,"endTime":1438.703,"body":"U of F. All right."},{"speaker":"Jeff Cranmer","startTime":1438.837,"endTime":1443.074,"body":"Well let's wrap things up with a ranking."},{"speaker":"Jeff Cranmer","startTime":1443.074,"endTime":1447.379,"body":"Again, we're speaking"},{"speaker":"Jeff Cranmer","startTime":1443.074,"endTime":1447.379,"body":"to Ian Anderson of CBRE."},{"speaker":"Jeff Cranmer","startTime":1447.612,"endTime":1448.713,"body":"everybody loves rankings."},{"speaker":"Jeff Cranmer","startTime":1448.747,"endTime":1449.881,"body":"I particularly do."},{"speaker":"Jeff Cranmer","startTime":1450.248,"endTime":1454.853,"body":"I know you have yours, Ian, for"},{"speaker":"Jeff Cranmer","startTime":1450.248,"endTime":1454.853,"body":"optimal pools of existing and"},{"speaker":"Jeff Cranmer","startTime":1454.853,"endTime":1456.788,"body":"emerging life sciences talent."},{"speaker":"Jeff Cranmer","startTime":1456.955,"endTime":1461.593,"body":"Now, I'm kind of gonna guess Boston,"},{"speaker":"Jeff Cranmer","startTime":1456.955,"endTime":1461.593,"body":"San Francisco are near the top."},{"speaker":"Jeff Cranmer","startTime":1461.86,"endTime":1463.595,"body":"Are there any surprises in the list?"},{"speaker":"Jeff Cranmer","startTime":1463.728,"endTime":1464.963,"body":"How did the ranking shake out?"},{"speaker":"Ian Anderson","startTime":1465.297,"endTime":1467.933,"body":"Yeah So there's a"},{"speaker":"Ian Anderson","startTime":1465.297,"endTime":1467.933,"body":"couple things, just as a quick,"},{"speaker":"Ian Anderson","startTime":1468.066,"endTime":1470.235,"body":"backdrop to the way we rank this."},{"speaker":"Ian Anderson","startTime":1470.268,"endTime":1475.073,"body":"So we rank these markets, these"},{"speaker":"Ian Anderson","startTime":1470.268,"endTime":1475.073,"body":"optimal talent pools for life"},{"speaker":"Ian Anderson","startTime":1475.073,"endTime":1479.978,"body":"sciences for the life sciences"},{"speaker":"Ian Anderson","startTime":1475.073,"endTime":1479.978,"body":"industry, based upon the volume."},{"speaker":"Ian Anderson","startTime":1480.212,"endTime":1480.412,"body":"Okay?"},{"speaker":"Ian Anderson","startTime":1480.412,"endTime":1484.649,"body":"The number of people with certain life"},{"speaker":"Ian Anderson","startTime":1480.412,"endTime":1484.649,"body":"sciences professions, where they are."},{"speaker":"Ian Anderson","startTime":1485.016,"endTime":1488.72,"body":"The number of graduates with"},{"speaker":"Ian Anderson","startTime":1485.016,"endTime":1488.72,"body":"life sciences expertise coming"},{"speaker":"Ian Anderson","startTime":1488.72,"endTime":1490.088,"body":"out of colleges, universities."},{"speaker":"Ian Anderson","startTime":1490.255,"endTime":1494.626,"body":"We also track the density or the"},{"speaker":"Ian Anderson","startTime":1490.255,"endTime":1494.626,"body":"concentration in these different markets."},{"speaker":"Ian Anderson","startTime":1494.826,"endTime":1499.397,"body":"So yeah, as you said, in our rankings,"},{"speaker":"Ian Anderson","startTime":1494.826,"endTime":1499.397,"body":"this is the fifth time we've done"},{"speaker":"Ian Anderson","startTime":1499.397,"endTime":1503.068,"body":"this report, and again, leading the"},{"speaker":"Ian Anderson","startTime":1499.397,"endTime":1503.068,"body":"pack, not-- maybe not surprisingly,"},{"speaker":"Ian Anderson","startTime":1503.068,"endTime":1504.503,"body":"are Boston and San Francisco."},{"speaker":"Ian Anderson","startTime":1505.036,"endTime":1510.609,"body":"I have to say that every year I-- when"},{"speaker":"Ian Anderson","startTime":1505.036,"endTime":1510.609,"body":"I look at the data it is really shocking"},{"speaker":"Ian Anderson","startTime":1510.742,"endTime":1514.913,"body":"the… Not only the number of some of"},{"speaker":"Ian Anderson","startTime":1510.742,"endTime":1514.913,"body":"these key occupations, but the density"},{"speaker":"Ian Anderson","startTime":1514.946,"endTime":1518.75,"body":"that come out of Boston which obviously"},{"speaker":"Ian Anderson","startTime":1514.946,"endTime":1518.75,"body":"gives it this number one ranking."},{"speaker":"Ian Anderson","startTime":1519.05,"endTime":1521.52,"body":"for example I think it's bioengineers."},{"speaker":"Ian Anderson","startTime":1521.52,"endTime":1525.957,"body":"The number of bioengineers, biological"},{"speaker":"Ian Anderson","startTime":1521.52,"endTime":1525.957,"body":"technicians in Boston when you compare"},{"speaker":"Ian Anderson","startTime":1525.957,"endTime":1529.528,"body":"it to other markets around the United"},{"speaker":"Ian Anderson","startTime":1525.957,"endTime":1529.528,"body":"States, it's just-- it's almost"},{"speaker":"Ian Anderson","startTime":1529.528,"endTime":1533.431,"body":"jarring to see how many they have and"},{"speaker":"Ian Anderson","startTime":1529.528,"endTime":1533.431,"body":"how dense they are in that market."},{"speaker":"Ian Anderson","startTime":1533.732,"endTime":1535.834,"body":"But, so yeah, Boston and"},{"speaker":"Ian Anderson","startTime":1533.732,"endTime":1535.834,"body":"San Francisco at the top."},{"speaker":"Ian Anderson","startTime":1536.034,"endTime":1539.971,"body":"What I think is a little unusual to people"},{"speaker":"Ian Anderson","startTime":1536.034,"endTime":1539.971,"body":"when they see this ranking are some of the"},{"speaker":"Ian Anderson","startTime":1539.971,"endTime":1541.806,"body":"other markets that are ranked very highly."},{"speaker":"Ian Anderson","startTime":1541.806,"endTime":1546.444,"body":"So the Washington-Baltimore region"},{"speaker":"Ian Anderson","startTime":1541.806,"endTime":1546.444,"body":"New York-New Jersey Los Angeles-Orange"},{"speaker":"Ian Anderson","startTime":1546.444,"endTime":1547.779,"body":"County, and maybe Philadelphia."},{"speaker":"Ian Anderson","startTime":1547.812,"endTime":1550.015,"body":"All those markets are"},{"speaker":"Ian Anderson","startTime":1547.812,"endTime":1550.015,"body":"ranked above San Diego."},{"speaker":"Ian Anderson","startTime":1550.148,"endTime":1553.652,"body":"So people ask like, \"How does that"},{"speaker":"Ian Anderson","startTime":1550.148,"endTime":1553.652,"body":"happen?\" And it actually, it happens"},{"speaker":"Ian Anderson","startTime":1553.652,"endTime":1558.857,"body":"just due to the pure numbers, sheer"},{"speaker":"Ian Anderson","startTime":1553.652,"endTime":1558.857,"body":"numbers of people with life sciences"},{"speaker":"Ian Anderson","startTime":1558.857,"endTime":1562.561,"body":"occupations or graduates with life"},{"speaker":"Ian Anderson","startTime":1558.857,"endTime":1562.561,"body":"sciences expertise coming out of"},{"speaker":"Ian Anderson","startTime":1562.727,"endTime":1565.397,"body":"LA, New York Philly, for example."},{"speaker":"Ian Anderson","startTime":1565.397,"endTime":1568.366,"body":"So, and that helps give those"},{"speaker":"Ian Anderson","startTime":1565.397,"endTime":1568.366,"body":"markets a bit of an edge."},{"speaker":"Ian Anderson","startTime":1568.567,"endTime":1572.571,"body":"And so, you know, when we mention to"},{"speaker":"Ian Anderson","startTime":1568.567,"endTime":1572.571,"body":"our clients and where they need to"},{"speaker":"Ian Anderson","startTime":1572.571,"endTime":1577.309,"body":"access talent to grow their businesses,"},{"speaker":"Ian Anderson","startTime":1572.571,"endTime":1577.309,"body":"I mean, I-- what we say is you"},{"speaker":"Ian Anderson","startTime":1577.309,"endTime":1580.745,"body":"just can't overlook the, the sheer"},{"speaker":"Ian Anderson","startTime":1577.309,"endTime":1580.745,"body":"numbers coming out of those markets."},{"speaker":"Ian Anderson","startTime":1580.745,"endTime":1585.317,"body":"I mean, we know, you know, you wanna go to"},{"speaker":"Ian Anderson","startTime":1580.745,"endTime":1585.317,"body":"San Diego or the Bay Area or, or Boston."},{"speaker":"Ian Anderson","startTime":1585.317,"endTime":1590.355,"body":"But if you are overlooking the people that"},{"speaker":"Ian Anderson","startTime":1585.317,"endTime":1590.355,"body":"are coming out of uh what have you, Penn,"},{"speaker":"Ian Anderson","startTime":1590.355,"endTime":1595.994,"body":"UCLA Columbia or some of the existing"},{"speaker":"Ian Anderson","startTime":1590.355,"endTime":1595.994,"body":"talent, you may be overlooking that."},{"speaker":"Ian Anderson","startTime":1596.328,"endTime":1598.663,"body":"Last thing I'll just say"},{"speaker":"Ian Anderson","startTime":1596.328,"endTime":1598.663,"body":"is some of the surprises."},{"speaker":"Ian Anderson","startTime":1598.797,"endTime":1601.566,"body":"A lot of that stays"},{"speaker":"Ian Anderson","startTime":1598.797,"endTime":1601.566,"body":"fairly static each year."},{"speaker":"Ian Anderson","startTime":1601.566,"endTime":1603.802,"body":"I mean, the data doesn't"},{"speaker":"Ian Anderson","startTime":1601.566,"endTime":1603.802,"body":"change significantly."},{"speaker":"Ian Anderson","startTime":1604.002,"endTime":1606.204,"body":"But we do see these"},{"speaker":"Ian Anderson","startTime":1604.002,"endTime":1606.204,"body":"up-and-comers in the data."},{"speaker":"Ian Anderson","startTime":1606.471,"endTime":1607.439,"body":"A couple of them."},{"speaker":"Ian Anderson","startTime":1607.439,"endTime":1612.177,"body":"First Madison, Wisconsin continues"},{"speaker":"Ian Anderson","startTime":1607.439,"endTime":1612.177,"body":"to impress us you know, it's"},{"speaker":"Ian Anderson","startTime":1612.177,"endTime":1614.879,"body":"not a huge metropolitan area,"},{"speaker":"Ian Anderson","startTime":1612.177,"endTime":1614.879,"body":"but its concentration of certain"},{"speaker":"Ian Anderson","startTime":1614.879,"endTime":1616.615,"body":"life sciences researchers there."},{"speaker":"Ian Anderson","startTime":1617.115,"endTime":1618.583,"body":"Dallas is another one."},{"speaker":"Ian Anderson","startTime":1618.85,"endTime":1624.756,"body":"Salt Lake City is one with considerable"},{"speaker":"Ian Anderson","startTime":1618.85,"endTime":1624.756,"body":"momentum Pittsburgh as well, and then"},{"speaker":"Ian Anderson","startTime":1624.889,"endTime":1629.06,"body":"Miami-Fort Lauderdale, which isn't on--"},{"speaker":"Ian Anderson","startTime":1624.889,"endTime":1629.06,"body":"probably on the, on the radar of, of many."},{"speaker":"Ian Anderson","startTime":1629.094,"endTime":1635.0,"body":"But Miami not only shows up perhaps,"},{"speaker":"Ian Anderson","startTime":1629.094,"endTime":1635.0,"body":"a surprising number of emerging talent"},{"speaker":"Ian Anderson","startTime":1635.1,"endTime":1637.702,"body":"graduates, but existing talent as well."},{"speaker":"Ian Anderson","startTime":1637.969,"endTime":1641.473,"body":"And they've also had a considerable"},{"speaker":"Ian Anderson","startTime":1637.969,"endTime":1641.473,"body":"amount of investment over the past"},{"speaker":"Ian Anderson","startTime":1641.473,"endTime":1645.21,"body":"year or two, venture capital investment"},{"speaker":"Ian Anderson","startTime":1641.473,"endTime":1645.21,"body":"into that region too, which might cause"},{"speaker":"Ian Anderson","startTime":1645.243,"endTime":1646.945,"body":"that sector there to grow even further"},{"speaker":"Selina Koch","startTime":1647.312,"endTime":1648.747,"body":"Salt Lake"},{"speaker":"Selina Koch","startTime":1647.312,"endTime":1648.747,"body":"City one is interesting."},{"speaker":"Selina Koch","startTime":1648.747,"endTime":1655.253,"body":"I kind of wonder if um having a kind of"},{"speaker":"Selina Koch","startTime":1648.747,"endTime":1655.253,"body":"cutting-edge AI company Recursion there"},{"speaker":"Selina Koch","startTime":1655.286,"endTime":1660.492,"body":"as a local acts as like a catalyst or"},{"speaker":"Selina Koch","startTime":1655.286,"endTime":1660.492,"body":"if there's some other bigger factors"},{"speaker":"Ian Anderson","startTime":1661.292,"endTime":1663.795,"body":"Well, there, there's"},{"speaker":"Ian Anderson","startTime":1661.292,"endTime":1663.795,"body":"uh there's a couple things there."},{"speaker":"Ian Anderson","startTime":1663.795,"endTime":1667.699,"body":"I mean, yeah, I mean, you know, some of"},{"speaker":"Ian Anderson","startTime":1663.795,"endTime":1667.699,"body":"these Western metros I know I'm using"},{"speaker":"Ian Anderson","startTime":1667.699,"endTime":1671.603,"body":"that term a little loo-loosely, but"},{"speaker":"Ian Anderson","startTime":1667.699,"endTime":1671.603,"body":"obviously have a heavier tech presence."},{"speaker":"Ian Anderson","startTime":1671.87,"endTime":1674.539,"body":"The med tech industry"},{"speaker":"Ian Anderson","startTime":1671.87,"endTime":1674.539,"body":"is stronger there too."},{"speaker":"Ian Anderson","startTime":1674.739,"endTime":1679.377,"body":"But also although it is a bit of a jump,"},{"speaker":"Ian Anderson","startTime":1674.739,"endTime":1679.377,"body":"but historically, at least during the"},{"speaker":"Ian Anderson","startTime":1679.411,"endTime":1684.482,"body":"boom there was some overflow of Salt"},{"speaker":"Ian Anderson","startTime":1679.411,"endTime":1684.482,"body":"Lake City being a, somewhat of a more"},{"speaker":"Ian Anderson","startTime":1684.482,"endTime":1686.918,"body":"favorable alternative to the Bay Area too"},{"speaker":"Jeff Cranmer","startTime":1687.519,"endTime":1687.786,"body":"Hmm."},{"speaker":"Selina Koch","startTime":1688.153,"endTime":1689.988,"body":"We should give"},{"speaker":"Selina Koch","startTime":1688.153,"endTime":1689.988,"body":"a shout-out to Seattle, Jeff."},{"speaker":"Selina Koch","startTime":1690.088,"endTime":1692.49,"body":"it's just behind San"},{"speaker":"Selina Koch","startTime":1690.088,"endTime":1692.49,"body":"Diego in the rankings."},{"speaker":"Selina Koch","startTime":1692.524,"endTime":1692.824,"body":"I don't know"},{"speaker":"Selina Koch","startTime":1692.824,"endTime":1696.194,"body":"if that surprises anybody, but we"},{"speaker":"Selina Koch","startTime":1692.824,"endTime":1696.194,"body":"recently held, or BioCentury held a"},{"speaker":"Selina Koch","startTime":1696.194,"endTime":1700.298,"body":"Grand Rounds conference there, which"},{"speaker":"Selina Koch","startTime":1696.194,"endTime":1700.298,"body":"the point of that conference is to focus"},{"speaker":"Selina Koch","startTime":1700.298,"endTime":1702.367,"body":"at the academia industry interface."},{"speaker":"Selina Koch","startTime":1702.667,"endTime":1706.471,"body":"So University of Washington, Allen"},{"speaker":"Selina Koch","startTime":1702.667,"endTime":1706.471,"body":"Institute, lots of talent in Seattle"},{"speaker":"Jeff Cranmer","startTime":1706.504,"endTime":1706.771,"body":"Yeah."},{"speaker":"Jeff Cranmer","startTime":1707.072,"endTime":1708.339,"body":"And next year we're going to Houston"},{"speaker":"Selina Koch","startTime":1708.873,"endTime":1710.675,"body":"We're going to"},{"speaker":"Selina Koch","startTime":1708.873,"endTime":1710.675,"body":"Houston, also in the rankings"},{"speaker":"Ian Anderson","startTime":1710.942,"endTime":1711.209,"body":"Yeah"},{"speaker":"Jeff Cranmer","startTime":1711.409,"endTime":1712.243,"body":"sounds great."},{"speaker":"Jeff Cranmer","startTime":1712.243,"endTime":1717.215,"body":"Well, we've been speaking with Ian"},{"speaker":"Jeff Cranmer","startTime":1712.243,"endTime":1717.215,"body":"Anderson, Senior Director, Head of US"},{"speaker":"Jeff Cranmer","startTime":1717.215,"endTime":1723.288,"body":"Life Sciences and Healthcare Research"},{"speaker":"Jeff Cranmer","startTime":1717.215,"endTime":1723.288,"body":"at CBRE, the commercial real estate"},{"speaker":"Jeff Cranmer","startTime":1723.288,"endTime":1728.46,"body":"services company, and this month's"},{"speaker":"Jeff Cranmer","startTime":1723.288,"endTime":1728.46,"body":"sponsor of BioCentury This Week podcast."},{"speaker":"Jeff Cranmer","startTime":1728.727,"endTime":1730.161,"body":"Ian, thanks for joining us"},{"speaker":"Ian Anderson","startTime":1730.662,"endTime":1731.763,"body":"Thank you"},{"speaker":"Ian Anderson","startTime":1730.662,"endTime":1731.763,"body":"very much for having me."},{"speaker":"Ian Anderson","startTime":1731.763,"endTime":1732.597,"body":"Great speaking with you"},{"speaker":"Jeff Cranmer","startTime":1732.897,"endTime":1733.298,"body":"Excellent."},{"speaker":"Jeff Cranmer","startTime":1733.398,"endTime":1738.203,"body":"And we'll be back next week on"},{"speaker":"Jeff Cranmer","startTime":1733.398,"endTime":1738.203,"body":"the BioCentury This Week podcast"},{"speaker":"Voice Talent","startTime":1739.137,"endTime":1742.14,"body":"BioCentury would"},{"speaker":"Voice Talent","startTime":1739.137,"endTime":1742.14,"body":"like to thank CBER for supporting"},{"speaker":"Voice Talent","startTime":1742.14,"endTime":1744.109,"body":"the BioCentury This Week podcast."},{"speaker":"Voice Talent","startTime":1744.609,"endTime":1749.247,"body":"To learn more about how CBER's"},{"speaker":"Voice Talent","startTime":1744.609,"endTime":1749.247,"body":"unmatched expertise, resources, and"},{"speaker":"Voice Talent","startTime":1749.247,"endTime":1754.686,"body":"connections empower life sciences"},{"speaker":"Voice Talent","startTime":1749.247,"endTime":1754.686,"body":"companies, visit cber.com/lifesciences"}]}