Commercial Realtor (and blogger extraordinaire) Coy Davidson provided his take on the life sciences from a real estate perspective:
The life science market had an IPO once every three days in 2020, setting a new record for IPO launches that easily surpassed the previous high-water mark of 73 in 2018. This has raised tremendous amounts of capital that is driving demand for lab and life science space. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feet and 405,000 square feet, respectively. Across the top markets, 1.8 million square feet were absorbed.
"Houston," he continues, "has the largest share of its inventory underway, at 1.8 million square feet, or 21% of the existing market. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center." Davidson elsewhere calls TMC Houston's secret weapon.
The $1 billion development is slated to break ground on Phase I in second quarter of 2021 with occupancy beginning in the fourth quarter of 2022.
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