Philadelphia’s Emergence as Life Sciences Hub Creates Mad Dash For Lab Space

By: Jamie Rash, Regional Director, Keystone Development + Investment

Talk about a spark.

When Spark Therapeutics announced plans at the end of last year to develop a $575 million gene therapy manufacturing plant in Philadelphia, it ignited the city’s evolution into a destination for the largest, most innovative life sciences firms in the world.

Over $1 billion in venture capital (VC) investment is pouring into more than 50 Philadelphia life sciences companies that employ some 20,000 people, generating unprecedented demand for lab space. Supply is limited — even with 1 million square feet of lab space in development — and this supply shortage is driving some developers to capitalize on the demand by converting existing building stock.

Jamie Rash, Keystone Development + Investment

Moving Beyond Meds & Eds

Philadelphia is a long-reputed “meds and eds” city, meaning it’s home to anchor institutions of higher learning and world-leading medical facilities that are known for innovation and opportunity. These institutions are major drivers of economic growth throughout the city.

Read the full article at: rebusinessonline.com