While many industries have struggled since the start of the COVID-19 pandemic, this hasn’t been the case for pharmaceutical, biotechnology, and life science companies. The demand for specialized and advanced healthcare solutions was already increasing due to an aging population, but quickly accelerated once there was a need for a vaccine. As more companies continued to emerge in the industry, so have the number of new leases signed.
At CompStak, not only are the lease comps tied to this sector in high demand, but we have also seen a dramatic increase in the number of comps received in this industry since the beginning of the pandemic.
Some of the trends include:
- The Bay Area has seen the largest increase in new comps added since the start of the pandemic.
- Over 23,000 new Pharmaceutical, Biotech, and Life Science lease comps were received since April 2020, adding 300 million square feet.
- Brooklyn Hospital's lease, executed in July 2020, was the most unlocked Pharmaceuticals, Biotech, and Life Sciences comp.
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