Inside: Explosive Growth of Life Sciences Sector Comes with Challenges//Retrofitting Office Space to Attract Life Sciences Companies
Site & Facility Planning
Insider
Thursday, August 25th, 2022
Accelerated Demand for Life Sciences Space

The outbreak of the novel coronavirus in 2020 has accelerated growth and funding for new drugs and technologies. In fact, private equity firms invested nearly $70 billion in life sciences and medical devices last year. American Investment Council CEO Drew Maloney said in an interview, “What COVID brought was probably a bigger focus on healthcare gaps and needs… and I think you saw more money going into this sector as a result of a new focus on exposing some of the challenges we have in the healthcare system.”

This increased investment has, in turn, brought increased demand for life sciences space, especially in markets that are mature, like Boston, San Francisco, and New York City, where an existing skilled labor pool already exists. At the same time, new markets are quickly gaining traction and attracting new investments as some firms are finding the established markets too pricey in terms of labor costs or lacking their required space. Each of these variables must be considered.  

There’s also the question of whether an existing or purpose-built facility is the right choice. Leasing space in traditional office buildings can provide a solution for life sciences companies with dry lab needs, as well as those involved in cell and gene therapies and R&D. However, existing space may not work for wet labs where scientists work with biological materials that rely on specialized systems for air filtration, plumbing, waste disposal, life safety, and fire protection. Finally, any facility decision must take into account not just what is needed today but also how the facility’s layout can be adapted to future needs as the life sciences company’s needs evolve.

Deb Boucher, Vice Chair, Cushman & Wakefield Jason D'Orlando, Senior Managing Director, Cushman & Wakefield
Although opportunities abound, companies in the life sciences sector are also facing numerous challenges — from accessing skilled labor to deciding whether to build out or retrofit existing space. Read More.
John O'Reilly, Managing Director, Unispace Life Sciences Aisling Crowley, Head of Client Relations & Strategy, Unispace Life Sciences
In the life sciences industry, business is booming; here’s how office buildings can satisfy the sector’s unflagging demand for space. Read More.

NYC has all the makings of an innovation hub. Driven by the city’s unmatched diversity of talent and innovation, LifeSci NYC is a $1B City initiative to support the industry and establish NYC as a global leader in life sciences.

Be a part of the NYC way of life sciences. 

More Life Sciences on Area Development
Marc Beauchamp, President & CEO, CAI Global
The government’s strategy to ensure the growth of its life sciences sector, along with the country’s high-quality talent and low operational costs among other advantages, makes Canada the place to invest in the LSHT sector. Read More.
Catherine Scangarella , Chief Business Development Officer, Choose New Jersey
The rise of cell and gene therapy (CGT) demands a strong supply chain, manufacturing operations, and specialized talent. Read More.
Roger Humphrey, Division President, Life Sciences, JLL
If you have a new biomanufacturing site in the works, you can open doors to a productive, compliance-forward facility with these strategies. Read More.
This newsletter was sent to <<Email Address>> by Area Development.
We send Site & Facility Planning newsletters to Area Development readers who opted in at http://www.areadevelopment.com/ or on a mailed/faxed subscriber card. If you wish to unsubscribe from receiving our Site & Facility Planning newsletters you may use the "unsubscribe" link below. Or, click the "update preferences" link to revise your preferences.
Area Development · 30 Jericho Executive Plaza · Suite 400 W · Jericho, NY 11753 · USA
Copyright (c) 2022 Halcyon Business Publications, Inc.