Life Sciences Fueling Construction Demand

9 Jun 2021

In a time of widespread economic upheaval, the life sciences industry is one of the few whose prospects have changed for the better. Called upon to rapidly develop and distribute an all-important COVID-19 vaccine without sacrificing the research and production of existing drugs, the biotech industry is expanding at breakneck speed.

Currently, around 13.9 million square feet of life sciences research and manufacturing space is under construction in key markets. In the United States, lab space vacancies have dropped to 7.1 percent, while commercial properties are being converted into R&D facilities on a massive scale.

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