Posted Jun 16, 2020, 1:28 AM
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Join Date: Oct 2007
Location: ATX-HTOWN
Posts: 18,353
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Perhaps coincidentally....
Bisnow: Houston’s Life Sciences Industry Needs Spec Space
Quote:
Houston’s healthcare industry has acted as a steady, lucrative and mostly recession-proof offset to the city’s volatile oil and gas sector. But when it comes to the life sciences, growth has been surprisingly slow. The biggest hurdle for life sciences in Houston today isn’t venture capital funding or corporate interest. It is the lack of suitable office and laboratory space, experts said at a Bisnow webinar Thursday.
Life science companies often can’t use typical medical office product because they require specialized spaces that have heavier infrastructure for electrical systems, larger floor plates, lab benches, certain floor-to-ceiling heights, and advanced air filtration. Ideally, scientists and researchers also would have little distance between the lab and office space, to make it easy to carry out their work. There has been very limited speculative development of products aimed at life sciences in Houston, largely because of its specialized nature.
In addition, the needs of a life sciences company can shift rapidly and dramatically, depending on its success. Justin Brasell, executive vice president of Transwestern’s Healthcare Advisory Services Group, said that when a life sciences company acquires funding, it swings into action immediately, and doesn’t necessarily have time to wait for a space to be built. “When these folks get funding, they can't wait two years to get a building built-to-suit or something that's more tailored to their needs,” Brasell said. “They get funding, and they're on a clock. This money is expensive, they've got to go, they're got to start clinical trials. They have to hire people, they've got to recruit. So they're really focused on that."
There is already about 7M SF of life sciences-focused research and development space in Houston. That’s without The Ion and TMC3 projects, which promise to boost that footprint significantly in the next decade. Both are being built within the 610 Loop and are expected to attract small and large private sector tenants.
Read more at: https://www.bisnow.com/houston/news/...medium=Browser
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