Shawn Stiles, JLL EVP in Los Angeles.
JLL recently released its Life Sciences Outlook and GlobeSt.com checked in with multiple west coast markets on how they think their particular market benefits from the region having multiple life science hubs. We chatted with Shawn Stiles, JLL EVP in Los Angeles; Grant Schoneman, JLL SVP in San Diego; Mike Deatley, JLL VP in Denver; Christan Basconcillo, JLL Research Manager in the San Francisco Bay Area; and David Cantwell, JLL EVP in Orange County, CA.
GlobeSt.com: How does your market benefit from the West Coast having multiple life science hubs?
Stiles: I think that the West Coast in general benefits from having multiple life-science hubs as life science firms up and down the coast continue to partner together and do work together as a region. Los Angeles in particular benefits as typically Los Angeles is a more affordable market compared to San Diego, San Francisco/Bay Area and/or Seattle. This affordability, coupled with the huge presence of 25 universities and research institutes, our huge labor base and or incredibly attractive lifestyle is attractive to many life science firms.
Schoneman: San Diego does experience some “trickle down” from San Francisco, with companies electing to have a location in both markets or some deciding to move their operations from San Francisco to San Diego. But overall, we generally don't see a direct benefit to the San Diego biotech market being on the west coast along with the San Francisco and Seattle hubs. Most of the growth in San Diego comes organically or from larger pharmaceutical companies having a R&D presence here in San Diego.
Deatley: In the 1980's San Francisco launched the West Coast into national spotlight of all things life sciences. It spread to now well-established hubs like Orange County, LA and Seattle who have long-held the attention of large biotech and pharmaceutical companies, attracting investors and talent alike. As vacancy rates continue to plummet and rents skyrocket, companies have begun to search elsewhere. Centrally-located and well-educated, Colorado has become a popular option. JLL's latest report shows that Colorado has recorded an increase in employment in all sectors of the life sciences industry.
Basconcillo: The clustering of hubs around established companies allows the Bay Area to tap into talent and innovation from more than one market locally. I mention talent a lot because it represents the future of the industry. Companies can pull experienced scientists both locally and from other markets, which helps grow our local hub organically versus headhunting from the company next door.
Cantwell: The Orange County life sciences market benefits from the West Coast having extensive human and capital resources available to start ups through mature, profitable companies. Additionally, synergy is extremely important in the life sciences world. It is advantageous to be located in the same region as other life sciences hubs to further research and development standards.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
