Perhaps now more than ever the world has turned to life sciences to find solutions to some of our biggest challenges. We are pleased to note that Boulder is quickly becoming a primary destination for life sciences, a catch all term that encompasses pharmaceutical research, medical technology, cell therapy, and bioengineering. While markets like Boston and San Francisco have historically been considered biotech hotspots, Boulder is making a name for itself, being primed as the next big market.
Life Sciences and Real Estate
In biotech concentrated markets, lab/office space has seen exponential growth. Commercial lab space in Boston increased by 25% in nearly 5 years. With $66 Billion invested in bioscience from 2014-2017, the sector shows no signs of slowing down, especially with the recent COVID-19 crisis. According to McKinsey, the race to rapidly develop vaccines and treatments has resulted in a scaling up of production and work space.
Innovation and research in life sciences is often dynamic and quickly changing, so large square footage and plenty of flex-space is always in demand, including office space, warehouse space, and laboratory space. The sector is projected to grow mostly at the hands of biotech startups so space needs vary greatly as time goes on. Many of these life sciences companies will buy or lease large properties in anticipation of future growth, even if they’re unsure of how much they’ll need or what they’ll need it for. This flexibility is important to industry professionals as research and findings change frequently.
Why Boulder is the next Life Sciences Innovation Hotspot
Colorado is the third most educated state in the nation due to its high percentage of bachelors and graduate/professional degrees. With institutions like the University of Colorado, NIST, NCAR and NOAH, Boulder already has a rich history of intellectual capital. But when you combine that with its strong startup culture, it makes Boulder an attractive destination for biotech. Last year, an estimated 1,000 biotech related jobs were added to Boulder alone.
Colorado also boasts a favorable tax climate for large corporations as well as a host of startup incubators, think tanks, and local governments that are supportive of STEM-intensive jobs.
And finally, location. Yes, the Rocky Mountains make Boulder a special place, but being located in between the East Coast and West Coast has distribution advantages as well.
Just in time for the Sterling Trio
Set to finish later in 2020, the Sterling Campus consists of three flex / office buildings that are 20,000-40,000 square feet each, with a total of 85,000 square feet available on the campus. The properties are suited well for biotech companies as they offer plenty of space for dynamic growth and multiple uses. The buildings can be designed to accommodate multiple types of buildouts whether that be 100% office space or a combination of office, lab and warehouse space.