The life sciences industry was growing before 2019. Then COVID hit, and things took off.
Within the space, a relatively immature sector called biomanufacturing is exploding today, according to Spencer Levy, chairman of Americas Research for CBRE and senior economic advisor for CBRE on the company's Weekly Take podcast. Biomanufacturing uses biological systems to construct commercially-relevant biomaterials to add to medicine, industrial applications and the food and beverage industry.
"The [number of] companies that actually have approved gene therapeutics, earlier this year was less than 10," says Steve Purpura, vice chairman of the Boston Consulting Team for CBRE, also a participant on the podcast. "So there are less than 10 of these companies that have shifted into an actual manufacturing stage of their therapies. And so we've seen a significant uptick in demand for this new type of space. It's all-new, and it's so important."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
