A '"Spark of Opportunity" Emerges in Philadelphia
Understanding the Philadelphia Life Sciences Cluster
Philadelphia is consistently a top 10 Life Sciences Cluster in the country, routinely ranking between 4th and 8th depending on the criteria and weighting of the study. There are multiple factors which account for Philadelphia’s strong ranking and several factors that have kept Philadelphia trailing the leading Life Sciences Clusters.
To date, the Philadelphia Life Sciences real estate market has been largely decentralized without clearly defined centers across the market. Historically, many of the local emerging life sciences companies have incubated at the University City Science Center and then exited into the broader regional market.
Many landed along the 202 Corridor in Chesterbrook, Great Valley or Eagleview. There has never been a coherent set of submarkets with a concentration of life sciences companies in the Philadelphia region other than University City, the 202 corridor and the Northeast Extension. Beyond that there have been scattered pockets across Montgomery, Chester, Delaware, and Bucks Counties.
This report presents how forces are taking shape that will transform Philadelphia’s formerly decentralized market to a more coherent, attractive and competitive market nationally.
What You'll Learn As You Read
- The exact composition and nature of the Philadelphia Life Sciences real estate market.
- The factors which account for Philadelphia’s strong life sciences industry foundation and the reasons Philadelphia has trailed other regional clusters.
- What is CAR T-cell therapy? Learning its local origins and how it is a driving force in the current demand within life sciences real estate.
- Identification of a “spark of opportunity” for Philadelphia to become a magnet for emerging Life Sciences companies.
- As a life sciences company looking to advance technologies from bench to marketplace, how have recent real estate dynamics impacted this process?
- For owners, landlords and developers looking for opportunity in the life sciences market what “mindshifts” are needed to attract and serve the tenant base while mitigating risk?