As for which emerging overseas markets will benefit from life-science growth, in addition to the countries mentioned above, Sullivan names only Eastern Europe as another possibility, but he says Puerto Rico, formerly a pharmaceutical manufacturing stronghold, could enjoy a comeback. "Puerto Rico has always been viewed as a very favorable location, and they are trying to maintain that base," he comments. "But there's been a significant turnover due to globalization and shifting tax laws." Its location close to the US mainland probably won't matter much, he adds, because unlike appliances, cars and other common consumer products, the small size and weight of pharmaceuticals make rising long-distance freight costs of minimal concern.

Though many observers view life-science structures as office buildings, Sullivan emphasizes they are very much industrial product. "From the outside many of these buildings look like office space, but all the functionality of major industrial activity is still there," he explains "Don't go by exterior appearances. When you're dealing with biotech and pharmaceuticals, typically 50% or more of the space is dedicated to R&D. You need loading docks, trade elevators, laboratory space and, most importantly, building systems that go way beyond offices."

The reason so many life-science buildings look classier than most industrial properties, he tells Globest.com, is their location in high-profile urban neighborhoods adjacent to major universities, where planning and zoning regulations mandate higher aesthetic values. While the additional $10 to $20 a sf costs for improved aesthetics would not make sense in standard warehouse or manufacturing buildings costing $100 a sf to build, he says they're hardly noticeable in the stratospheric budgets of life-science projects.