– The Georgetown Company and Beacon Capital Partners are developing a new life sciences facility in Manhattan, which will be the first of its kind in over a decade.
– Biopharma companies are looking for smaller spaces that still offer location, education, and transportation advantages.
– The life sciences real estate market has seen a slowdown in demand due to the end of the COVID-19 pandemic rush, but is expected to rebound with increased demand from early-stage companies.
– The national pipeline of life sciences space being built is three times larger than it was in 2019, with most of the new developments located in the largest regional clusters.
– Smaller biotech companies are increasingly looking for spaces of up to 30,000 square feet, and developers are keen to attract them.
– New York City is expected to see continued growth in the life sciences sector, given its transportation accessibility and growing critical mass of institutions and companies.
– Talent markets in some of the largest regions for life sciences activity are becoming tapped out, leading growing companies to explore emerging markets in regions such as Houston, Atlanta, Denver/Boulder, and Indianapolis.
– Financing deals for early-stage life sciences companies have slowed, resulting in slower growth trajectories and companies seeking smaller spaces.
– The initial public offering (IPO) market is expected to bounce back in 2024, leading to increased demand for space in the life sciences real estate market.
