Fighting Pandemic Fuels BioHealth Industry Growth in Montgomery County
Montgomery County, Maryland, was a leader in biotechnology before COVID-19 hit, ranking among the highest in the nation for the number of life sciences companies, and the pandemic has only fueled the industry’s growth.
That means more high-paying jobs and demand for research and laboratory-suitable real estate.
There are currently 650 companies operating in the bio-health area in Maryland, including biotechnology and medical device manufacturers. The majority are early-stage companies, but many are now transitioning to later-stage and product manufacturing. Some are well established.
The region is attractive to the industry for several reasons.
“Montgomery County and Maryland have a very educated workforce. Also, in comparison to other markets, the lab rent is inexpensive. And most recently, there has been an influx of venture capital funding and companies moving here,” said Peter Briskman, co-lead of commercial real estate services firm JLL’s mid-Atlantic life sciences practice.
“Grant funding from the National Institutes of Health has also reached a peak, benefiting many of those companies, and public offerings and clinical trails are at an all-time high,” he said.
Click here to read more via WTOP.
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