What are the largest life sciences markets in APAC?

This sector is attracting high-ticket real estate developments.

The growing prominence of the life sciences industry has sparked a wave of real estate development globally, with Beijing and Shanghai leading global life sciences construction activity with more than 13.7 million sq. ft. combined, according to a new report from CBRE.

CBRE analyzed many of the key life sciences markets across the globe and found that, overall, most demand drivers are improving. Global venture capital investment in life sciences companies last year exceeded the 2019 total by 43%. In-progress construction of lab space globally totaled more than 35 million sq. ft. last year.

“Beijing, Shanghai, Singapore, and Greater Tokyo are the largest life sciences markets in the Asia Pacific region,” said Paul Peeters, Senior Director, APAC Head of Life Sciences, Advisory & Transaction Services, for CBRE. “While China leads the world in in-progress lab construction, India is emerging as an attractive life-sciences manufacturing hub. We witness strong growth momentum of the life sciences industry in the region.”

CBRE found different markets and countries moving to the forefront of various categories of the life sciences industry.

Existing Lab Space

The largest global markets by square footage of lab and research & development space are Boston (56 million sq. ft.), San Francisco (43.6 million) and San Diego (27.3 million). The largest markets outside of the U.S. are No. 4 Beijing at nearly 22 million sq. ft. and No. 7 Shanghai at nearly 13 million sq. ft.

Lab Construction

Chinese markets have by far the most lab and R&D space under construction as of last year’s fourth quarter: 7.4 million sq. ft. in Beijing and 6.4 million sq. ft. in Shanghai. Boston is a distant No. 3 at 3.9 million sq. ft.

The London area has emerged as the most active European market. The 2.7 million sq. ft. under construction there ranks fourth-most globally (in a tie with San Francisco).

Patent Applications

While the U.S. generates the most patent applications for biotechnology, pharmaceuticals, and medical technology, China and South Korea have more momentum, with patent growth of 379% and 134%, respectively, since 2014. However, those growth rates are from much smaller base amounts than the U.S.

Venture Capital

The U.S. claimed 67% of global venture capital funding for life sciences in last year’s fourth quarter, up from 59% in 2023. Next are China at 8%, the U.K. at 7% and Switzerland at 3%.

Shanghai is the world’s sixth-most-active center for global life sciences venture capital investment, and Beijing, at tenth, together accounted for more than $1.7 billion in 2024.