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Focus
Commercial Property Executive – October 27
Despite concerns about the overall economy, inflation, higher interest rates, and a potential shortage of qualified labor, the life sciences sector “is poised for further growth and consistent demand in the years ahead,” according to new Cushman & Wakefield research. Asking rents are up by an average of 67% since 2015, and inventory has grown by 29% across the multiple markets that Cushman & Wakefield tracks. While Seattle (27.2%) and San Diego (31.3%) saw double-digit rent growth from the end of 2021 through the second quarter, three U.S. markets saw asking rents fall from year-end levels, such as the Francisco Bay area (-3.3%). Still, rents are higher than at year-end 2019. Overall vacancies are low in most markets and below 10% in six U.S. markets, including Los Angeles (1.8%), Seattle (3.8 %), and San Diego (5.7%).
News
Construction Dive – October 5
An increased emphasis on housing multiple, complex manufacturing processes in the same building is fueling growth in modularization in life science construction, according to a survey from life science construction specialist CRB gathering responses from nearly 500 life science industry leaders. Multimodal facilities allow companies to shift their operations without relocating, which aids in employee retention. They also provide the stability that many users desire in order to stay in place and focus on their business rather than on real estate.
Bisnow – November 1
Recent shifts in the economics of lab development, expansion of the industry to smaller markets, and the pressing demand for lab space has made former retail, industrial, and manufacturing sites key for larger life sciences development. Examples of biotech-focused adaptive reuse can be found across the country. In California, downtown San Diego’s Horton Plaza Mall will be converted into Campus at Horton, a 1 million-square-foot urban campus with 40% of the office space turned over to life sciences tenants. Alexandria Real Estate Equities plans to convert a San Bruno mall into a biotech megacampus. Los Angeles has seen a spate of industrial-to-life sciences conversions as well.
Deals
GlobeSt.com – November 7
The Irvine Company wants to build the largest life science office complex in Orange County in Irvine, next to UC Irvine. The company is planning four office and research buildings encompassing 532,000 square feet at its UCI Research Park at 100 Innovation Drive, according to the Orange County Business Journal. Each building will feature lab-ready offices for medical, healthcare, and biotech tenants.
The Real Deal – October 17
Gilead Sciences wants to ramp up drug research in Foster City by converting a combined 250,000 square feet of offices and planned offices into research laboratories. The change is part of a 15-year remake of the 72-acre campus, moving from 600,000 square feet of low-slung buildings to 2.5 million square feet of offices, labs, cafeterias, manufacturing, storage, meeting rooms, and a gym.
Connect CRE – October 25
Oxford Properties Group has purchased and arranged a long-term leaseback of Ionis Pharmaceutical’s 18.4-acre life science campus and corporate headquarters in Carlsbad. The three-building, 250,000-square-foot facility was traded for $258 million.
Bisnow – October 21
Alexandria Real Estate is gearing up to redevelop The Shops at Tanforan in San Bruno into its latest mixed-use development centered around life sciences. The company paid $328 million for the property last year. Alexandria’s plan would redevelop an existing Target store on the site, replacing it with a new 158,000-square-foot Target and incorporating the existing Century at Tanforan movie theater at the new location.
Fierce Biotech – October 6
Almost three years after signing the lease, Amgen is opening its second-largest R&D facility, representing a significant pharma footprint in San Francisco. The new site will focus on the development of medicines in three core treatment areas: cancer, inflammatory disease, and cardiometabolic disorders.
Endpoints News – October 11
The gene editing biotech Metagenomi has opened a GMP manufacturing facility on its 50,000-square-foot campus in Emeryville. The facility, which will have two clean rooms and a modular design, will aim to produce the biotech’s gene editing tools as well as scale up the production of nucleases for either partnered or in-house therapeutic programs.
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