Getting Into the Heads of Life Science Clients
Demand is robust, but fulfilling the requirements of these tenants is no easy assignment.
Over the past seven years, life science companies have been hiring at an exponential rate, creating both opportunity and unique challenges for commercial real estate brokers who want to succeed in this burgeoning practice area.
Where do life science tenants want to locate?
“Cities like Philadelphia offer an attractive alternative to occupancy costs and access to housing along with a steady pool of talent exiting the local universities,” said Joshua Haber, senior vice president and partner at Binswanger. “Philadelphia sits conveniently along the Washington, D.C., to Boston life science corridor.”
What do life science tenants need in their spaces?
“For lab space, companies tend to look for lab communities where staff can engage with peers, participate in lectures and science-based collaborations,” said Haber. “It’s also important to have close access to amenities for fitness, restaurants, and quality daycare.”
Why is there so much development?
“Life science companies tend to play the long game and are less influenced by near-term changing economic conditions than other industries,” observed Haber. “Increased investments in therapeutic areas such as vaccines, oncology, and cell and gene therapy continue to rise to meet demand.”