Denver, CO
Denver/Boulder Named 11th-Best Place for Life Sciences Talent in Inaugural CBRE Report
Number of life sciences researchers in Denver/Boulder increased 20% from 2015 to 2020
June 13, 2022
Media Contact
Sara Johnston
Director, Mktg & Comm
The Denver/Boulder area is the 11th-leading market for U.S. life sciences talent, according to a new analysis conducted by CBRE. The inaugural report identifies the 25 top U.S. life sciences labor markets - ranging from established hotbeds like Boston and San Diego to developing hubs like the Denver/Boulder area - illustrating the expanding reach of the fast-growing industry.
The Denver/Boulder market ranked 11th overall but higher in several specific metrics. The region has the second-highest density of bioengineers and biomedical engineers in the U.S., behind only Minneapolis/St. Paul. The number of bioengineers and biomedical engineers grew by 116 percent in Denver/Boulder from 2015 and 2020, giving the area the greatest absolute number of these occupations in the U.S.
The overall number of life sciences researchers in the Denver/Boulder area grew 20 percent from 2015 to 2020, the 11th-fastest growth rate among the 25 leading markets. With 7,860 researchers, Denver/Boulder is the 14th largest U.S. market for life sciences talent.
“The Denver/Boulder region has a deep life sciences talent pool with some of biotech’s biggest names first planting their flag in Colorado decades ago. The region also benefits from the presence of leading medical research institutions, including the University of Colorado Anschutz Medical Campus, and from its highly educated talent pipeline. Colorado frequently ranks among the top five most-educated states in the nation, and Boulder specifically has claimed the top spot in rankings for its concentration of workers in the science, technology, engineering and math fields,” said Erik Abrahamson, a first vice president with CBRE in Boulder specializing in life sciences.
CBRE assessed each market against multiple criteria, including its number of life sciences jobs and graduates, life sciences’ share of each market’s overall job and graduate pool, its number of doctorate degree holders in life sciences, and its concentration of jobs in the broader professional, scientific and technical services professions. The analysis produced CBRE’s inaugural ranking of the leading markets for U.S. life sciences talent.
National Perspective
Job growth in life sciences professions – from bioengineers and biochemists to microbiologists and data scientists – expanded by 79 percent since 2001 to roughly 500,000. In comparison, the overall U.S. job growth rate in that span was 8 percent. That surge in life sciences jobs boosted mainstay markets such as Boston and San Francisco as well as emerging hubs including Nashville, Salt Lake City, Houston and Denver/Boulder.
“There is a conventional view of life sciences that emphasizes large lab markets such as Boston, the Bay Area and San Diego. With this new report, we take a broader view, analyzing life sciences workforces across the U.S. as well as the connection that talent has to how – and where – companies grow,” said Matt Gardner, CBRE Americas Life Sciences Leader.
“It’s also important to keep in mind that the life sciences industry encompasses more than drug development in the lab,” he said. “Major growth drivers for life sciences – even amid market headwinds - include personalized treatment, advanced materials and future foods.”
Another factor reflecting the sector’s growth: the number of U.S. graduates receiving degrees in biological and biomedical sciences reached nearly 164,000 in 2020, twice as many as 15 years earlier. Even with that influx of talent, the unemployment rate for life, physical and social sciences was less than 1 percent as of April 2022.
CBRE’s analysis allows for examination of the 25 markets from various angles. One unexpected finding likely is relevant for expanding companies; Life sciences wages don’t vary geographically as much as those of many other industries do. Yet the market-to-market variance of cost of living means some markets are more affordable for life sciences workers than others. The average wage for a biochemist in Denver/Boulder is $100,886, creating a ratio of 1.69 to the region’s annual cost of living. This ratio is significantly higher than the coastal hubs of the San Francisco Bay Area (with a ratio of 1.28), Los Angeles/Orange County (1.37), San Diego (1.37) and Boston/Cambridge (1.46).
To read the full report, click here.
The Denver/Boulder market ranked 11th overall but higher in several specific metrics. The region has the second-highest density of bioengineers and biomedical engineers in the U.S., behind only Minneapolis/St. Paul. The number of bioengineers and biomedical engineers grew by 116 percent in Denver/Boulder from 2015 and 2020, giving the area the greatest absolute number of these occupations in the U.S.
The overall number of life sciences researchers in the Denver/Boulder area grew 20 percent from 2015 to 2020, the 11th-fastest growth rate among the 25 leading markets. With 7,860 researchers, Denver/Boulder is the 14th largest U.S. market for life sciences talent.
“The Denver/Boulder region has a deep life sciences talent pool with some of biotech’s biggest names first planting their flag in Colorado decades ago. The region also benefits from the presence of leading medical research institutions, including the University of Colorado Anschutz Medical Campus, and from its highly educated talent pipeline. Colorado frequently ranks among the top five most-educated states in the nation, and Boulder specifically has claimed the top spot in rankings for its concentration of workers in the science, technology, engineering and math fields,” said Erik Abrahamson, a first vice president with CBRE in Boulder specializing in life sciences.
CBRE assessed each market against multiple criteria, including its number of life sciences jobs and graduates, life sciences’ share of each market’s overall job and graduate pool, its number of doctorate degree holders in life sciences, and its concentration of jobs in the broader professional, scientific and technical services professions. The analysis produced CBRE’s inaugural ranking of the leading markets for U.S. life sciences talent.
| Rank | Market | Score | Rank | Market | Score |
| 1 | Boston/Cambridge | 138 | 14 | Atlanta | 103.5 |
| 2 | Washington, D.C./Baltimore | 129.8 | 15 | Worcester, MA | 102.6 |
| 3 | San Francisco Bay Area | 126.2 | 16 | Dallas/Fort Worth | 102 |
| 4 | New York/New Jersey | 124.3 | 17 | Sacramento | 101.8 |
| 5 | San Diego | 120.3 | 18 | Austin | 101.5 |
| 6 | Raleigh-Durham | 114.8 | 19 | Salt Lake City | 101.4 |
| 7 | Los Angeles/Orange County | 113.8 | 20 | New Haven, CT | 100.8 |
| 8 | Philadelphia | 113.5 | 21 | Portland, OR | 100.7 |
| 9 | Seattle | 109.4 | 22 | Miami | 100.7 |
| 10 | Chicago | 107.6 | 23 | Nashville | 100.6 |
| 11 | Denver/Boulder | 106.9 | 24 | Albany, NY | 100.3 |
| 12 | Minneapolis/St. Paul | 106.4 | 25 | Pittsburgh | 100 |
| 13 | Houston | 104.1 |
National Perspective
Job growth in life sciences professions – from bioengineers and biochemists to microbiologists and data scientists – expanded by 79 percent since 2001 to roughly 500,000. In comparison, the overall U.S. job growth rate in that span was 8 percent. That surge in life sciences jobs boosted mainstay markets such as Boston and San Francisco as well as emerging hubs including Nashville, Salt Lake City, Houston and Denver/Boulder.
“There is a conventional view of life sciences that emphasizes large lab markets such as Boston, the Bay Area and San Diego. With this new report, we take a broader view, analyzing life sciences workforces across the U.S. as well as the connection that talent has to how – and where – companies grow,” said Matt Gardner, CBRE Americas Life Sciences Leader.
“It’s also important to keep in mind that the life sciences industry encompasses more than drug development in the lab,” he said. “Major growth drivers for life sciences – even amid market headwinds - include personalized treatment, advanced materials and future foods.”
Another factor reflecting the sector’s growth: the number of U.S. graduates receiving degrees in biological and biomedical sciences reached nearly 164,000 in 2020, twice as many as 15 years earlier. Even with that influx of talent, the unemployment rate for life, physical and social sciences was less than 1 percent as of April 2022.
CBRE’s analysis allows for examination of the 25 markets from various angles. One unexpected finding likely is relevant for expanding companies; Life sciences wages don’t vary geographically as much as those of many other industries do. Yet the market-to-market variance of cost of living means some markets are more affordable for life sciences workers than others. The average wage for a biochemist in Denver/Boulder is $100,886, creating a ratio of 1.69 to the region’s annual cost of living. This ratio is significantly higher than the coastal hubs of the San Francisco Bay Area (with a ratio of 1.28), Los Angeles/Orange County (1.37), San Diego (1.37) and Boston/Cambridge (1.46).
To read the full report, click here.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.