Life Sciences Fueling Construction Demand
June 14, 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.
This biotech boom is providing a vital lifeline to the construction industry. Due to the impact COVID-19 has had on various industries, plummeting contracting demand has led to the loss of roughly $60.9 billion in GDP, as construction jobs dropped to 6.5 million across the U.S. By embracing the current demand for life sciences facilities, developers can not only thrive in difficult times, but also play a role in speeding the world’s recovery from COVID-19.