Focus
A health crisis gives life to life sciences
Building Design + Construction – January 17
In its 2021 report titled “Life Sciences on the Rise,” Cushman & Wakefield projects that as much as $90 billion in public and private capital will have poured into the life sciences sector in North America in 2021, a 29% increase over the $70 billion invested in 2020, which itself was 93% higher than the previous year. Citing EvaluatePharma research, JLL estimates in its 2021 “Life Sciences Real Estate Outlook,” that life sciences R&D is expected to expand to $221 billion by 2024, versus $188 billion in 2020, and that estimate doesn’t include vaccines.
|
News
Local sustainability pushes leave energy-hungry lab buildings seeking efficiency
Bisnow – January 20
According to CBRE, there is an explosion in lab construction with 21 million square feet of speculative development in the works nationwide. This comes as municipalities across the country are seeking to slash carbon emissions and have considered or passed bills limiting energy usage in large commercial structures. Two of the most watched examples, Boston’s Building Emissions Reduction and Disclosure Ordinance and New York City’s Local Law 97 would, by 2030 and 2024, respectively, require large commercial buildings to start showing significant emission cuts or face fines.
San Diego life science rents up 34% in 2021
GlobeSt.com – January 31
The San Diego life science market had a record year in 2021. The market sector recorded 34% rent growth and more than 1 million square feet of leasing activity in both the third and fourth quarter, according to the fourth quarter report from JLL. In 2021, there were 139 life science leases completed in the San Diego market, representing a total of four million square feet, a 51% increase in transactions and an 80% increase in square footage from 2020.
State budget proposal includes research and development tax credits
San Mateo Daily Journal – January 11
Governor Gavin Newsom in January released his initial proposal for California’s 2022-23 budget. Assembly Speaker pro Tem Kevin Mullin, D-South San Francisco, was grateful the governor proposed restoring research and development tax credits to help more than 200 life sciences companies in his district maintain competitive advantages. He said the state must take more steps to address economic uncertainty for residents, including finding more funding for people and small businesses who need it most.
Help wanted in biomanufacturing
Chemical & Engineering News – February 7
Over the past year, private companies, industry groups, and academic institutions have made a concerted effort to expand the pool of qualified biotechnicians. Established companies have embraced apprenticeships as a way to train workers, while community colleges have launched degree programs and weeks-long boot camps. Despite those efforts, many companies say more training is needed to avoid a major bottleneck in the years ahead.
|
Deals
Life science player ups its footprint with manufacturing expansion
Biospace – January 27
FUJIFILM Diosynth Biotechnologies is continuing to expand its manufacturing footprint. In January, the company announced it is acquiring Atara Biotherapeutics' cell therapy manufacturing facility in Thousand Oaks, California for $100 million. Fujifilm’s acquisition of the Atara space came a little more than a month after the company announced a $300 million expansion of its single-use manufacturing campus in College Station, Texas.
From strip mall to life sciences: Alexandria puts $125M toward biotech hub
The Real Deal – January 19
Pasadena-based Alexandria Real Estate Equities has paid $125 million for a San Diego strip mall it aims to turn into a major life sciences campus, shopping center, and business hotel. Alexandria bought the 13.9-acre Costa Verde Center from Regency Centers, a Florida-based real estate firm. Both companies have teamed up to finance a mixed-use campus at 8560 Genesee Ave.
Downtown Los Angeles office complex to be converted to life sciences campus
Urbanize Los Angeles – January 10
A 1980s office complex next to the 110 freeway in Downtown Los Angeles is slated for a conversion to a life sciences campus, reports CoStar. BEP Helix, a company run by local biotech investor Ben Pouladian, is reportedly purchasing the leasehold interest in Park DTLA, the five-building, 280,000-square-foot office park at 2nd and Figueroa Streets. Following the conversion, the property would be rebranded as Helix LA.
|