National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Life Sciences Industry Shows Signs of Resilience in Current Economic Slowdown
Several metrics during the current economic slowdown point to resilience in the U.S. life sciences industry and the real estate that houses it, CBRE reported. These factors include a growing total of clinical trials for new drugs, persistent job growth, more federal funding and ample cash reserves for the industry’s larger companies.
CBRE forecasts that cumulative square footage of lab space in the largest 13 U.S. life sciences markets, already having expanded by 47% in the past five years, will increase by another 22% within the next two years to 220 million square feet as projects currently under construction are completed. Nearly a third of that space is pre-leased.
“The life sciences industry and the broader economy have hit choppy waters in recent months, but the industry’s most important gauge – the product pipeline – signals sustained, underlying growth,” said Matt Gardner, CBRE’s Americas life sciences leader.
- ◦Development
- ◦Economy
