Amid widespread critical materials shortages and increases in the costs of construction and skilled labor, the life sciences industry stands out for how severely it has been impacted.
"Right now, life science projects, including new builds and refits, are dealing with material lead times that stretch from four weeks to nearly two years for critical components," said Jason D'Orlando, senior managing director and life and technology science lead, Americas, with Cushman & Wakefield.
This is happening even as the life sciences industry has proved to be one of the bright spots in the office sector, with demand for lab space remaining solid. In the past two years, the industry has accounted for more than one out of four new projects, according to CommercialEdge's August 2023 National Office Report.
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