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Pandemic Ramps Up Already-Strong Life Sciences Demand
The pandemic has accelerated momentum in the U.S. life sciences industry, particularly amid the race to produce a COVID-19 vaccine, CBRE reported. Lab space vacancies are near all-time lows in many markets, while development isn’t quite keeping pace with demand.
“Interest in the life sciences sector from developers, investors and financial backers already was strong in recent years, and the unfortunate arrival of COVID-19 brought even more attention and capital into the sector,” said Steve Purpura, who leads CBRE’s life sciences practice in the Northeast.
He continued, “That has boosted the market for lab space across the U.S., not only in the industry’s flagship markets like San Francisco, Boston and San Diego but also in emerging research centers such as New York City, Philadelphia, Raleigh-Durham and Seattle.”
The report notes that investors continue to consider lab and R&D space to be slightly more valuable on average than conventional office space.
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