Demand for new buildings for life science research and study exceeds supply. Constructors are even changing markets to get in on the action. What’s the rush?
According to industry experts, the demand for lab sciences buildings, spurred by the pandemic, just can’t keep up with supply. Part of the challenge is that lab science facilities have very particular and detailed needs. So, while we stare at empty office buildings in cities across the country, retrofitting them is often impossible. Among the needs that make conversion difficult are chemicals—and their safe storage, ventilation and fireproofing requirements, extra power—and emergency generators too. As industry experts point out, unlike the office building sector, vacancy rates for existing life sciences buildings have been virtually zero. Sounds like build time! Construction Dive reports:
“As we look forward, there’s nothing in our data that shows any change in the positive momentum that we’re seeing,” said Ian Anderson, senior director of research at CBRE, during a recent online forum focused on life sciences real estate strategies. “This is like the boom in warehouses, e-commerce and data centers.”
There’s been overwhelming demand in all markets, and markets predicted to take longer to fill are ahead of schedule, said Adam Milne, chief operating officer at BioLabs…. For example, New York City is growing into one of the premier life science hubs in the U.S., and can be as competitive as Cambridge, Massachusetts, or San Diego…New York has all the things it needs to take off as a life science cluster, such as academic institutions, medical centers and access to venture dollars.
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New York Construction Report notes that building has also begun on Hofstra University’s $75 million Science and Innovation Center in Hempstead, Long Island.
Meanwhile, Skanska has just signed a $448 million contract with the New York City Economic Development Corporation to construct a massive new public health lab in Harlem. Replacing an outdated lab further downtown, the new structure will include five lab floors, five administrative floors, an auditorium and a training lab.
Come on! There must be something you are itching to build. Let’s get you moving with The Partnership Account® from Colonial Surety Company. Then, you can go after lots more new projects with speed and confidence — knowing your bidding and financial information is secure.
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Colonial is built on reliability, affordability and dependability. Founded in 1930, we have proven long-term financial stability; we’re licensed in every single state in the U.S.; we are listed by the U.S. Treasury as an approved surety; and we’re rated “A” Excellent by A.M. Best – an accolade of which we are extremely proud. Let’s Partner!