9/22/2023 0 Comments Haven at research triangle park![]() The solid relationships between educational and private institutions continues to be an incredible facilitator in the recruitment and retainment of talent, which contributes mightily to an already established workforce pipeline. The region’s strong economic fundamentals, proximity to three Tier 1 universities, world-renowned medical schools and community colleges all contribute to an exceptional workforce. At the same time, employment in R&D and biotechnology experienced the largest growth at 10.5 percent.Īdditionally, the barrier of entry is more cost effectiveness and speed-to-market, with permitting and construction timelines reduced from many of our competing markets. In the combined Raleigh-Durham MSA, life sciences employment grew 7 percent year-over-year between 20. Geographically, there is a platform for growth in which a life sciences company has multiple options and access to expanding areas of demographic progress, unlike major markets such as Boston and San Francisco.ĭespite the challenges of a global pandemic, economic shutdowns and a corresponding shift to remote operations, the life sciences industry in Raleigh-Durham has continued to hire and expand its employment base. Companies that are looking to expand and/or relocate are afforded many advantages not seen in other areas of the country. 4 in the country for life sciences and continues to grow at a rapid pace. Both deals are expected to close in the third quarter. In recent mergers and acquisitions, Amgen is set to purchase ChemoCentryx for $3.7 billion and at $52 per share, the buyout represents a significant premium at $24.11 per share.Īdditionally, Raleigh-based BioDelivery Sciences International entered into a definitive agreement with Collegium Pharmaceutical for a deal valued at $604 million, and Morrisville-based Heat Biologics, a clinical-stage immunotherapy company, has signed an agreement to acquire Elusys Therapeutics. ![]() Additionally, Targan, a biotech company based in Morrisville, will occupy a former 100,000-square-foot vacant Kroger grocery store in Raleigh at a project called Midtown BioCenter. Some of the most promising conversion opportunities include traditional commercial buildings that are anchored by research universities with direct access to a steady pipeline of STEM graduates - an attribute the Triangle region has no shortage of.Ī notable flex-to-life-sciences conversion in Cary is Alloy Properties converting an 18-acre office and industrial property into a 260,000-square-foot life sciences and manufacturing campus called The Press. The Triangle region is also experiencing an uptick in the conversion of office, flex and retail product to lab/R&D space. The project will be built in phases, with the first phase adding three buildings totaling more than 400,000 square feet of dedicated life sciences space. In Morrisville, the town council has given way to extensive development opportunities with an approval of zoning and land use changes that would allow for commercial, multifamily and mixed-use developments in two new districts: the Business Activity Center and the Transit Oriented Development district.Īs a result of the ease in restrictions, one of the largest proposed developments in the Triangle, Spark LS, a $1 billion, 109-acre biotech campus in Morrisville consisting of lab and biomanufacturing space, is expected to break ground in the third quarter. Developers are responding to elevated demand for life sciences product with 8.1 million square feet of proposed projects in the overall Triangle market, 5.7 million square feet of which is outside the RTP.Īs large tracts of land continue to be in high demand, local municipalities are increasingly focused on making it easier for developers to invest in the types of laboratory and research-and-development (R&D) spaces that prominent life sciences companies are seeking. It is evident that investors and developers see great opportunity in both the heart of the Triangle’s urban cores and rapidly growing outlying counties. Also in Sanford, Astellas Gene Therapies delivered a $109 million facility in the second quarter, its first outside California. A subsidiary of Abzena chose Sanford following a nationwide search for its 325-job manufacturing facility. After many years of focusing on the manufacturing industry, Lee County, approximately 40 miles from Raleigh, is becoming a burgeoning hub for life sciences after the expansions of Pfizer’s 230-acre site.
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