The pandemic has put a spotlight on vaccine research and medical solutions. Investment in biomedical facilities and life sciences are shifting away from more traditional research hubs and created increased demand for lab spaces in a growing number of markets and cities.
As we see an all-time record of $17.8 billion this year for venture capital investment in U.S. life sciences companies and forecasted growth for NIH funding at major academic centers and health care research, the building industry and cities have an opportunity to maximize the impact of these developments.
Today’s life sciences developments expanded from single-use facilities to mixed-use ecosystems. Complex challenges around global wellness, climate impact, economic vitality, social justice, and equitability emphasize the purpose of these developments while raising the bar for what we need them to achieve.
As we face challenges brought to the forefront in 2020, life sciences ecosystems have an opportunity to focus on a triple bottom line of economic, social, and environmental impact.
What can developers do to capitalize on demand for these assets while building more inclusive, resilient communities?