October 16, 2020
The ongoing COVID-19 pandemic has accelerated momentum in the U.S. life sciences industry, especially amid the race to produce a vaccine for the virus. This has meant more growth for metros like Boston, which ranks first on CBRE’s list of the largest U.S. life sciences markets in its new report on the sector.
CBRE gathered Boston’s top ranking from a number of metrics:
Boston institutions receive more funding from the National Institutes of Health than any other market, Boston has the most laboratory space of any market and more than 50 Boston-area companies can apply their science and technology to efforts and products for combatting COVID-10. Boston is also the second fastest growing market for life sciences jobs and the second largest recipient of venture capital investment for life sciences, behind only the San Francisco Bay Area in both cases.
“Interest in the life sciences sector from developers, investors and financial backers already was strong in recent years, and the unfortunate arrival of COVID-19 brought even more attention to the sector,” said Steve Purpura, vice chairman of CBRE’s Life Sciences Practice in the Northeast U.S. “The Boston-Cambridge area remains the leading U.S. life-sciences market due to its long established base of research universities, skilled workforce and ample supply of lab space.”
Pictured above: The Cambridge Crossing development in Cambridge is slated to contain 11 acres of open green space, 2.1 million square feet of science and tech space, 2.4 million square feet of residential and 100,000 square feet of retail.
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