By Mary Smith

Hughes Marino co-founder David Marino says Boston, Raleigh-Durham, North Carolina, Seattle, San Francisco, and San Diego are the big five biotech markets. However, additional cities could emerge as future biotech hot spots.

“Having done this for three decades, I’ve seen other fits and starts in other places,” says Marino. “Florida and Texas have tried. And you’ll get a handful of companies that go there, but they tend to be more medical device, materials, or diagnostics companies than true biotech,” Marino said.

That’s because the process is nuanced. The right players need to be in place, like a highly learned talent pool and the right amount of space to put that talent in.

“They’ll use government incentives, discounted land, or other financial inducements to try to get someone to come there,” he said of various companies’ efforts. “However, this is an industry that likes to cluster and collaborate, and that takes critical research institutes, educational institutions, and existing players to [cooperate with] in order to germinate and grow.”

Perhaps Nashville, Tennessee, will be next. Music City saw a boom of 35,000 life science-related jobs between 2015 and 2020. Fueled by educational powerhouses such as Vanderbilt University Medical Center and the National Institutes of Health, life science has been increasing funding in the region, with Vanderbilt University and Vanderbilt University Medical Center reaching a $1 billion milestone in research funding this past April.

“Vanderbilt researchers are among the most accomplished in the world, contributing in significant ways to solving the most complex scientific and medical challenges of today while also charting important new pathways of discovery for tomorrow,” Daniel Diermeier, chancellor of Vanderbilt University, says on the school’s website. “Reaching this funding benchmark affirms Vanderbilt’s place among the world’s foremost research institutions and inspires new levels of aspiration as we look ahead to the future.”

Boston could be another up-and-coming life science player. Boston Real Estate Times reported that Boston’s life science market topped 3 million square feet of leasing during Q2. 

Globest.com said Boston is just getting started when it comes to ruling biotech, with an additional 23.8 million square feet of upcoming projects underway in the city famous for its baked beans and Fenway Park.

The city ranks sixth for life science educational attainment, thanks to its 840,000 residents over age 25 who hold at least a bachelor’s degree in science, engineering, or related fields.

Life Science Clusters Have Been Popping Up in Other Areas Across America

A 2022 Life Sciences Research Outlook Report by global commercial real estate services company JLL assessed metrics like funding and talent of potential future life science hot spots. It found that the greater Washington, D.C., area and Baltimore, Philadelphia, New Jersey, New York City, and Salt Lake City are heating up.

While many clusters have seen great successes in preleasing, available space has also jumped from over 10 million square feet to nearly 25 million square feet, according to JLL. The company reports that leases have been up since …read more

Source:: Social Media Explorer

Author: Aaron