2021 brought a record-setting level of investment in life sciences with nearly $150 Billion of private and public funding, according to Cushman Wakefield and the National Institute of Health (NIH). The life sciences industry is growing more rapidly than ever over the past decade and COVID-19 has only furthered the strength and potential of the industry. The development of innovative technologies and therapeutics, the increased need for localized biomanufacturing, and continued aging of the population have and should continue to be driving forces of the growth of the industry.
The capital inflow for life sciences is causing a shortage of commercial real estate uniquely designed to support the life sciences industry. As the historically premier clusters such as Boston, San Francisco Bay area, and San Diego, see unprecedented demand for square footage, the industry is poised for a paradigm shift into secondary cluster markets making the DFW area a “no brainer” for Life Science development.
In a report authored by commercial real estate firm JLL, Dallas-Fort Worth (DFW) ranks eighth on the list of cities with potential to reach life science market maturity, according to the Emerging Life Science Markets Index. Ethan Garner, JLL’s Senior Vice President and DFW region lead, wrote “I look forward to what the future holds for life sciences in Dallas and the surrounding areas. We’re receiving national, institutional-grade attention in a highly specialized and rapidly growing sector of real estate.”
DFW continues to climb in the rankings in the three main categories determining the top emerging markets: momentum – the size of the life sciences employment base in the Dallas area, wage positioning, and the industry’s momentum; talent – the educational attainment, requisite skills, and diversity of Dallas’ workforce; and potential – the forecasted growth of the market’s performance.