Demand for lab space has increased dramatically with the COVID-19 pandemic, according to the Wall Street Journal.
It adds that demand for such space was already high before 2020 and that it is expected to continue even if SARS-CoV-2 infection rates decline, as government and venture capital investment in science is high. At the end of 2021, the Journal says that more than 31 million square feet of life-sciences space was under development, an increase from 19 million square feet at the start of the year. This, it says, includes both new construction and the conversion of existing buildings.
The Journal adds that this demand isn't restricted to the traditional bioscience hubs of Boston, San Francisco, and San Diego, but also includes cities once thought to be up-and-coming in the space like Los Angeles, Denver, Boulder, Chicago, and Houston.
It cautions, though, that life science development comes with risk as the spaces are more expensive as they require special ventilation and other systems and that many tenants may be start-ups still seeking to make a mark.