Life Science Companies Emerging as Bright Spot in Otherwise Quiet Local Office Market

By
With traditional office tenants looking for ways to cut back on square footage amid the pandemic, life science companies remain a bright spot on the local market. Image via ZGF Architects.

With traditional office tenants looking for ways to cut back on square footage amid the pandemic, life science companies have emerged as a bright spot on the local office market, writes Natalie Kostelni for the Philadelphia Business Journal.

From Blue Bell to King of Prussia, these companies have been signing long-term deals on spaces that offer a winning combination of offices and labs. Such spaces are short in supply and high demand but are slowly growing in the area as the region slowly transforms into a center for cell and gene therapy as well as other life sciences firms.

The recently inked deals include ThirdLaw Technologies leasing 4,808 square feet in Blue Bell. The company moved into the same building as KorGene, a company that is developing molecular diagnostics that has expanded its existing space by 8,259 square feet.

Meanwhile, WuXi Biologics has signed a lease for 33,000 square feet at Discovery Labs in King of Prussia. It is expecting to add 100 jobs in the region by the end of this year.

Read more about the local office market at the Philadelphia Business Journal by clicking here.

Stay Connected, Stay Informed

Subscribe for great stories in your community!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
Advertisement