"Each cluster has a different specialty and occupies its own point along the maturity spectrum, providing a diverse range of options for investors and occupiers alike," said Roger Humphrey, executive managing director of JLL Life Sciences. "But they do share a major commonality. Each cluster features a highly-educated workforce and ties to the research community, which in turn attracts a steady stream of multi-sourced investment that creates a need for institutional real estate."

Other drivers for growth in the hubs beyond COVID-19 research includes more millennials seeking to increase their earning potential, and the upcoming expiration of a suite of patents that will create an opportunity for mid-tier life sciences companies to pursue new profit sources, according to the report. Many new products are also curative instead of therapeutic, boosting the marketing potential.

"Conditions are ideal for maximum profitability arising from innovative new pharmaceuticals and medical devices," said Audrey Symes, Research Director, JLL Healthcare and Life Sciences. "Meaningful advances within the life sciences industry, such as machine learning, are creating new sources of workflow and thus real estate demand. This combination of simulative factors sets up the life sciences industry to expand at an unprecedented pace, both in terms of manufacturing and patient demand."