The life-science industry is leading economic growth, and in turn real estate development, throughout the Philadelphia region, according to a new report from market insight firm CBRE.
The sector, which includes pharmaceuticals, biotechnology and medical-device manufacturing, has seen significant growth due to an aging U.S. population and increases in public and private funding.
“Many solid trends support strong growth going forward for the life-sciences sector, especially in major R&D markets,” said Ian Anderson, CBRE director of research and analysis and lead author of the report. “The Philadelphia region is particularly well-positioned with a strong industry presence in University City, the Route 202 corridor, and the Navy Yard, among others. The market for lab space in these submarkets offers several secular growth drivers and constrained supply.”
CBRE noted that the sector lost one third of its drug manufacturing employment between 2001 and 2016, but it gained jobs in urban centers such as Philadelphia’s Navy Yard and University City.
The full report is available here: http://www.cbre.us/research-and-reports/2018-US-Life-Sciences-Report?utm_source=press-release&utm_medium=media&utm_content=usa&utm_campaign=2018-US-Life-Sciences-Report