Intelligent Investment
Denver-Boulder Market
Global Life Sciences Atlas
April 11, 2025 5 Minute Read
Overview
- Denver-Boulder is one of the nation’s most important life sciences clusters and the center for life sciences in the Mountain region of the U.S.
- Denver-Boulder has 3.3 million sq. ft. of life sciences lab/research and development (R&D) space. Recent softer demand, similar to other markets, and new speculative space has increased vacancy in the past two years.
- Denver-Boulder life sciences companies secured roughly $2.5 billion—the 21st-largest amount in the world—of venture capital funding between 2019-2024.
- Supporting Denver-Boulder’s life sciences ecosystem are leading universities (University of Colorado) and renowned health care institutions (National Jewish Health).
- In FY 2024 the National Institutes of Health (NIH) allocated more than $462 million to organizations in Denver-Boulder for healthcare and life sciences initiatives.
Submarkets
- Colorado has two core clusters of life sciences: Boulder County and the Fitzsimons Innovations Community.
Industry Presence
- More than 25,000 people work in Denver-Boulder’s life sciences industry, with more than 12,000 people in life sciences R&D roles, the 12th largest workforce in the nation.
- Denver-Boulder life sciences companies secured almost $335 million of venture capital funding last year, exceeding 2023 ($309 million).
Life Sciences Venture Capital Funding
Figure 1: Denver-Boulder Life Sciences Venture Capital Funding
Life Sciences Market Stats
Figure 2: Inventory Lab/R&D
Development Pipeline or Activity
Figure 3: Lab/R&D Space Under Construction
Key Trends/Big News
- The rebound in funding has triggered more tenant activity, with several notable expansions on the horizon.
- Two large subleases by expanding companies accounted for the uptick in Q4 leasing activity.
- An easing construction pipeline will bring supply and demand closer to equilibrium in 2025.
Featured Project:
- 5505 Central—delivered Q3 2024—in Flatiron Park, a master-planned business park located in Boulder.
- Total RSF: 63,701 sq. ft.
- Agilent Technologies
- AGC Biologics
- Biodesix
- Cambrix
- Corden
- Enveda
- KBI Biopharma
- Loxo/Eli Lilly
- Medtronic
- Standard Bio/SomaLogic
- National Jewish Health
- University of Colorado
- University of Denver
Global Life Science Markets
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The Houston life sciences cluster benefits from world-class healthcare institutions and research universities as well as a significant depth of talent.
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Los Angeles is one of the nation’s most important life sciences clusters, supported by world-class healthcare institutions and research universities.
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San Diego is one of the top three U.S. life sciences clusters. More than 89,000 people work in the local industry, over 17,000 of whom are in life sciences research and development (R&D) roles.