Metrics during the current economic slowdown indicate resilience in the U.S. life sciences industry and its real estate, according to CBRE’s report. Factors driving this trend include an increasing number of clinical trials for new drugs, sustained job growth, more federal funding and ample cash reserves for larger companies within the sector.
CBRE predicts that cumulative square footage of lab space in 13 major U.S life sciences markets will expand by 22% over two years to 220 million square feet as projects currently under construction are completed – with nearly a third already pre-leased prior to completion date.
“The product pipeline signals sustained underlying growth despite choppy waters seen recently across both the life sciences industry and broader economy,” said Matt Gardner, CBRE’s Americas Life Sciences Leader.”
