While traditional office tenants have retrenched from making long-term leasing decisions and are searching for ways to cut back on square footage during the pandemic, life science companies have been signing leases across the region – from Blue Bell and King of Prussia to University City and Center City.
These companies have emerged as a bright spot in an otherwise quiet, unsettled office market. They are striking long-term deals on spaces that provide a combination of offices and labs, which are in short supply, high demand and growing as a result of the region becoming a center for cell and gene therapy and other life sciences firms. The sector represents more than 800 companies and 56,000 employees in the Philadelphia region.
“What we’re really talking about is a primary industry, and Philadelphia’s position with regard to that industry and what makes it a desirable location,” said John Gattuso, CEO of Gattuso Development Partners, at a recent Philadelphia Business Journal forum called the “Quest for Lab Space” that looked at the growing market for this specialized real estate.
Read more at Philadelphia Business Journal