Key Takeaways from CREW San Diego: Capturing growth in life sciences real estate market
A new era is emerging in life sciences. Breakthroughs in genomic science are propelling further research and development, which are, in turn, driving science and technology real estate demand.
These users demand a lot from their workspaces. Speakers at a recent CREW San Diego luncheon shared information about how the commercial real estate market can understand and meet those demands. HED's Tracy Morran captured the key takeaways.
Headlining the event were Susie Harborth, executive vice president of business operations for Breakthrough Properties; engineer Nicholas Spath, project manager with Glumac; and architect Matt Brady, a principal with HED.
Takeaway 1:
San Diego is one of the top three markets in the U.S. for life sciences, and Harborth expects it to stay that way. "The fundamentals are very strong, and we're just beginning," she said. "We're in the second inning of the game."
In addition to an already robust industry, San Diego is attracting and growing new industries within life sciences, including agri-technology, said Brady. "This sector of the industry was mostly in North Carolina, but we have a lot of talent that's attracting it," he said.
Takeaway 2:
Even if economic markets soften and some people get out of life science real estate, Harborth said the fundamentals are still there and will continue to attract investors.
"The science is revolutionary," she said. "We're curing cancer. This science will always be funded. It's a very nascent industry, and that will translate into more demand for space."
With recent supply chain difficulties, San Diego may also benefit from pharmaceutical manufacturing that's getting re-shored and from a growing biotechnology products R&D market.
Whether it's a conversion or a new build, the CREW audience was eager to hear from the panel about what these life science users look for when leasing space.
