Although Chicago’s overall life-sciences market still lags some of the big players in the country such as San Francisco and Boston, it has become one of the most active markets in terms of new construction, the Chicago Business Journal reported. The Business Journal cited a new report released by CommercialCafe, that ranked Chicago as a top-10 life-sciences market in the U.S., thanks partly to its strong education base.

“Recent development activity in the real estate market showed that there’s also an innovation hub developing here to meet that talent where it grows,” the report said.

CommercialCafe ranked the top 25 U.S. metro areas for life sciences based on comparison on 12 key indicators, with a focus on the local talent pool, life-sciences ecosystem and the life-sciences segment of the office market. Chicago added 1.2 million square feet of life-sciences space between 2018 and 2023, ranking fifth for the most life-sciences square footage added during that time compared to other national hubs.

Pictured: Trammell Crow Company’s Fulton Labs project.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!