BURGEONING BIOSCIENCES

As the U.S. population continues to age, the need for medical care and research has only grown — and so has the need for space to house existing and new companies conducting them. The result has been a surge in development and investment in laboratories and research and development facilities across the U.S. With rising interest rates increasing the cost of capital, growth has slowed in 2023, but it’s clear that the life sciences sector will remain healthy for some time to come, as you can see by the numbers.

0.5%

Life science properties’ percentage of total investment activity in real estate in Europe in 2020 (Ernst & Young, “Life Science Real Estate: the real estate asset class of the future”)

34.9 million

The amount of laboratory square feet that has been leased from 2020 to 2022 (JLL, “2022 Life Sciences Lab Real Estate Outlook”)

19.0%

The growth life sciences real estate inventory from 2019 to 2022 (Cushman & Wakefeld, “2020 March Life Sciences Update”)

4.9 million

The amount of life sciences square feet across Manhattan, Brooklyn and Queens (Colliers, “2023 Life Sciences Report”)

72%

The percentage of life sciences venture capital funding allocated to the United States (LaSalle Investment Management, “Global Life Sciences Real Estate Opportunities 2022”)

181.7 million

The total square footage of life science laboratories and research and development sites in the U.S. (CBRE, “2023 Life Sciences Outlook”)