Creating Specialized Life Science and Lab Space in New York City
Traditionally, the life science real estate industry has been defined by the convergence of science, medicine and commercialization in global efforts to improve human health. With the completion of the Human Genome Project in 2003, the growth in this segment of life sciences has accelerated with a strong emphasis on Precision Medicine, targeted personalized cancer treatment and Precision Wellness. All of these areas combine a focus on genomics and biology with other technologies such as wearable technologies, big data and artificial intelligence. With twelve of the leading academic institutions and medical centers in the world, New York City is poised to be a leader in this field.
While the development of new drugs and personalized medical treatment is still a major driver of the industry, future growth will also come from new technological developments such as synthetic biology, which holds the promise for the future of biological manufacturing as well as the development of applications across a broad range of industries such as energy, agriculture, healthcare, chemicals, materials and bioremediation. New York City is uniquely positioned to be a leader in this field, having pioneered the nexus between biology, design and new materials. New York City institutions have recruited scientific leaders in this field to advance research and attract a growing number of companies who are commercializing new products created from engineering biology.
Given these and other drivers, the life science industry in New York is primed for rapid growth, but constrained by a lack of available, affordable laboratory space in locations that allow a “clustering” effect, offering synergies where research, investment and technology transfer can take place to spawn new companies. The shortage of supply is further complicated by a lack of knowledge and understanding amongst the New York real estate community about the potential for the market, the specialized infrastructure required by life science companies, and the financial components of development and lease transactions for life science companies.
The Symposium is NYC Builds Bio+’s flagship event and was launched in 2018 as a catalyst for driving targeted life science initiatives in New York City. All proceeds from the Symposium will be dedicated to supporting NYC Builds Bio+, New York’s premier not-for-profit association connecting commercial life science opportunities to the City’s real estate development community.