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Burgeoning Life Sciences Sector Could Help Reshape Chicago Real Estate Post-Pandemic
Chicago’s burgeoning life sciences sector may help reshape the city’s commercial real estate coming out of the pandemic, the Chicago Business Journal reported. “I don’t think I’ve seen the level of activity and energy that we’ve seen here over the past two years,” John Conrad, president and CEO of the Illinois Biotechnology Innovation Organization, told the Business Journal.
The city’s existing infrastructure is a draw, including nearly one million square feet of lab space in development or already delivered. Chicago is also home to several research universities, a growing talent pool and less expensive real estate than either coast. The life sciences sector set a new local record for venture capital in the fourth quarter of 2022.
As a result, JLL’s Max Zwolan told the Business Journal, “We’re seeing more active groups in the market right now and more sizable deals that are going to get signed this year.”
Pictured: Sterling Bay’s 2430 N. Halsted.
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