The report, "Life Sciences Sector Drives Real Estate Growth," was produced by Cushman & Wakefield's research professionals Maria Sicola, Rick Cleveland and Mark Urbanowicz and is based on published and proprietary market data with input and additional analysis from principals of the firm's newly formed Global Life Science Practice Group.
Cushman & Wakefield's Global Life Science Practice Group brings together brokerage specialists and consulting partners to meet the specific requirements of companies in the life sciences industry. Members of the group have developed broad expertise in the life sciences arena, demonstrating an understanding of the industry and its specific needs,how the industry interacts with government agencies for funding and incentives, and an ability to help clients identify and implement real estate solutions that support core financial and operating strategies.
According to Sicola, executive managing director and head of Cushman & Wakefield research services in the US, major findings of the report point to strength in the life science sector overall, "including an abundance of capital earmarked for expansion and increased corporate activity, as well as the emergence of life science clusters in selectUS markets that have attracted significant numbers of firms to specific locations." All of this, says Sicola, accounts for "a noticeable increase in demand for properties catering to life sciences--from investors and companies."
The report notes that the life sciences sector has benefited from strong demographics, including the aging baby-boomer population in the US, technological advances in research and development and increases in prescription drug spending. These trends are positioning life science assets for long-term growth, according to the report, based on sector growth and the fact that life science firms typically sign long-term leases.
The report also cites growing investment demand for life science properties. In 2006, 227 life science related assets traded for a total of $5.1 billion, up from $601 million in 2002, according to data compiled by Real Capital Analytics. San Francisco remains the nation's top life science market, with up to 30 million sf of inventory. The report also looks at major life science hubs including San Diego and the Greater Philadelphia metropolitan region, as well as developing life science markets including the New York metro area and its surrounding suburbs, suburban Maryland, Raleigh-Durham, NC, Puerto Rico, Seattleand Metro Los Angeles.
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Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
