Local commercial real estate markets are thriving as a number of Philadelphia start-ups search out more affordable space in the suburbs due to the coronavirus pandemic, writes Joseph N. DiStefano for The Philadelphia Inquirer.
WuXi Biologics, a recent spin-off from China-based contract gene- and cell-therapy maker, has decided to place up to 100 employees at Discovery Labs in King of Prussia. The company already employs 600 at its Philadelphia Navy Yard buildings.
Among the reasons for the addition of the Discovery Lab location, WuXi spokesperson Shi Ruyi cited “the talented workforce” in the surrounding area, where pharma giants such as Merck and GlaxoSmithKline employ thousands.
There “our neighbors are Frontage and Takeda and DSM Biomedical,” said Rich Fitzgerald, Immunome chief financial officer.
According to Joerg Ahlgrimm, Discovery Labs president, suburban sites offer “affordable space and a great talent base,” with “a lot of parking” for manufacturing workers.
“These people are on-site, they work in shifts, and that is often easy to achieve in a suburban location,” he added.
Read more about local office markets at The Philadelphia Inquirer by clicking here.
You Might Also Like