Access to talent is paramount in site selection across all regions. According to our survey of the Savills global network, access to talent is ranked as ‘extremely important’ in the US, where there is fierce competition for in-demand workers amid historically low unemployment. Looking ahead, a strong national uptick in STEM graduate education is likely to support American talent pools.

‘Access to Gen AI talent specifically’ was rated seventh overall, a factor which is prioritised similarly across all regions, registering at a somewhat higher level in the US specifically.

In addition to sourcing quality office and laboratory space, the survey also reveals that life science companies are prioritising well-amenitised sites in accessible and attractive environments. The right location and workplace is viewed as a strategic asset to drive recruitment, retention, and employee wellbeing.

Access to public transport networks is ranked fifth overall, prioritised more by European and Asia-Pacific occupiers where the availability and adoption of public transport is more widespread. This preference also reflects the promotion of environmentally friendly travel, with employee commutes captured in Scope 3 emissions for ESG reporting. More broadly, occupiers are also assessing the risk of extreme weather-related interruptions on transport routes.

Access to R&D is the location factor rated sixth overall, and is more highly prized in North America. In the recently challenging funding market, larger companies have looked to strategic acquisitions to drive growth. Alongside the rise of corporate-sponsored incubators, big industry players have increasingly selected sites with strategic access to accelerators. Occupiers also benefit greatly from the ability to cross-pollinate ideas and collaborate across the value chain in a diverse life science ecosystem.

Also of note was the survey responses from Singapore, which flagged the interest in multi-use developments that encompass office, lab space, residential, and retail. These developments remove the necessity for commuting altogether, a potential security against future pandemics.

Environmental impact is one of the top ten most important factors considered in site selection. Here, Europe is significantly ahead of the rest of the world, with Asia-Pacific and North America lagging behind but catching up.

In Asia-Pacific, the Australian markets together with Singapore scored environmental impact more highly. In Singapore, the government is focused on creating new centres of excellence that prioritise the environment.

One such example is the Punggol Digital District, which employs at-scale sustainable practices in energy and water efficiency, material and waste management, environmental planning, low-energy buildings, and transport. With integrated passive design strategies alongside advanced mechanical and electrical systems, the district will achieve 35% reduction in operational carbon emissions yearly, equivalent to taking 4,000 cars off the road.

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