Christine Mackay

The bioscience market is taking off in Phoenix. The market has more bioscience and healthcare facility product under construction than any other market in the US, according to research from CBRE. In the next 24 moths, there is more than $3.5 billion in capital investment, which equates to 4.4 million square feet of construction activity, planned in the market. This market growth comes on the heels of significant job, population and economic growth in the Greater Phoenix market.

“We're fortunate in Phoenix to host and grow a very modern healthcare infrastructure and a variety of research institutions making significant bioscience and healthcare breakthroughs,” Christine Mackay, director of Phoenix community and economic development at the City of Phoenix, tells GlobeSt.com. “We have scientists and researchers making amazing discoveries in genomic, molecular medicine and curing cancer. Phoenix offers bioscience and biotechnology businesses an affordable, diverse and collaborative environment. The entire spectrum of research, from discovery to development, from growth to delivery; it's all part of the Phoenix bioscience and healthcare community.”

The most significant projects include a $600 million extension of the Mayo Clinic Phoenix campus, which will double in size; a $900 million teaching hospital by the Maricopa Integrated Healthcare System; and 1 million square foot Wexford Bioscience and Technology campus, which recently broke ground. In addition, there is also a $150 million Creighton University Medical School, which is set to break ground in May.