Converging for Cures
Philadelphia Life Sciences has continued to expand and evolve throughout 2020 in important ways that are documented in our newest market report “Converging for Cures.” Continued discovery and an expanding list of pre-clinical and clinical phase treatments have led to significant venture and private equity investment in Philadelphia based drug development along with several major M&A announcements. All of this activity has had meaningful impact on the real estate market, with virtually no vacancy in University City, plans for the development of over 1.5 million square feet of new, purpose-built lab space and a number of existing buildings repositioning themselves to accommodate the immediate unmet demand for lab space in the market.
In Colliers previous market report, we noted that the Philadelphia Cluster lacked coherent organization as a Life Sciences ecosystem. In this newest report, we note how this has changed dynamically with the emergence of clear “neighborhoods” of Life Sciences activity in Philadelphia and a flight path for the continued development and expansion of each of these neighborhoods. In addition, the landscape outside of the City has also seen the emergence of several important centers where life science companies can locate, expand and create vibrant communities.