Philadelphia Recognized as One of Nation’s Top Markets for Life Sciences

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Commercial real estate advisory firm Newmark has recognized Philadelphia as one of the top life sciences real estate markets in its 2020 year-end report, writes Laura Brzyski for Philadelphia Magazine.

The city of brotherly love and sisterly affection landed in sixth place on the list of 14 centers for innovation and growth. Philadelphia is preceded by Boston/Cambridge, the San Francisco Bay Area, San Diego, Raleigh/Durham, and Seattle.

The city earned a market cluster score of 60.5 which was based on four categories, including market maturity, market momentum, market innovation, and future growth.

Philadelphia scored highest in market momentum and market innovation. According to the report, this can be attributed to its “rich concentration of colleges and universities, renowned healthcare institutions, and a strong legacy of pharmaceutical manufacturing.”

Newmark also noted that the city had its highest number of initial public offerings in the life sciences sector last year. It is now expected to receive more venture capital funding in the coming few years.

Philadelphia scored lowest for future growth, even with more than a million square feet of lab space currently under construction in the area.

Read more about the top markets for life sciences at Philadelphia Magazine by clicking here.

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