Biomedical

Vermeulens has released its market outlook report for the first quarter of 2021. Key points include:

Greatland Realty Partners began construction in April of 2021 on Revolution Labs in Lexington, Mass. Designed by SGA, the three-story, 180,000-sf life sciences building will provide leasable laboratory and office facilities for biomedical and pharmaceutical companies.

The International Society for Pharmaceutical Engineering has announced the 2021 Facility of the Year Awards category winners. The awards include:

Life sciences developer IQHQ began construction in April of 2021 on the $1 billion Fenway Center in Boston. Created in collaboration with Meredith Management, the biomedical research hub will be situated over the Massachusetts Turnpike on an air rights deck. The amenity-rich campus will include two towers offering 960,000 sf of leasable lab and office space, 10,000 sf of ground-floor retail, and an automated parking garage.

The University of Warwick completed construction in March of 2021 on the £33 million Interdisciplinary Biomedical Research Building in Coventry in the United Kingdom. Designed by Hawkins\Brown and Fairhursts Design Group, the 75,000-sf facility provides flexible open labs for up to 300 researchers in neuroscience, cell biology, disease models, and microbiology and infection.

Sanofi will begin construction in fall of 2021 on a vaccine manufacturing facility in Singapore. Representing an investment of $477 million over five years, the structure will comprise a central hub housing several fully digitalized modules that allow production of three to four vaccines simultaneously. Designed for maximal flexibility, the next-generation factory will integrate multiple technology platforms based on different cell types, allowing the delivery of specific vaccines to be prioritized according to public health needs.

Promega Corporation opened the 283,000-sf Kornberg Center in April of 2021 in Fitchburg, Wis. Designed by Ramlow/Stein and SmithGroup, the three-story facility provides advanced laboratories for core product and technology development in cellular and molecular biology, biochemistry, genetic identity, clinical diagnostics, and scientific applications.

Arizona State University and Wexford Science+Technology opened the PBC Innovation Center on the Phoenix Biomedical Campus in March of 2021. Strategically collocating academic investigators with private companies to foster collaboration and discovery, the 225,000-sf facility provides wet and dry lab environments, offices, meeting spaces, and retail amenities.

Foghorn Therapeutics completed construction in March of 2021 on its 60,000-sf headquarters in Kendall Square in Cambridge, Mass. Spanning three renovated floors in the 500 Technology Square building, the collaborative facility provides leading-edge environments to support crucial biomedical research including chemistry and biology labs, open offices, conference rooms, and huddle rooms. TRIA designed the fast-track project, which was built by Wise Construction with R.W.

Brandywine Realty Trust began construction in March of 2021 on the $287 million West Tower at Schuylkill Yards in Philadelphia. The 28-story, 570,000-sf structure will provide 200,000 sf of laboratory and office space for biomedical and life sciences companies, as well as 9,000 sf of retail space and 326 luxury apartments. On the ninth floor, a 29,000-sf lifestyle club will offer a sophisticated fitness center, a swimming pool, lounges, conference rooms, and co-working venues.

Vibalogics is creating a 110,000-sf facility for the production of oncolytic viruses, viral vector vaccines, and viral vector gene therapy products in Boxborough, Mass. Supporting late-phase clinical and commercial manufacturing operations, the highly flexible structure will include 2,000-liter bioreactors, multiple cGMP production suites, offices, warehouse space, and labs for research, development, and quality control. The $150 million project involves the renovation of an existing R&D building previously occupied by Cisco Systems.

Texas Biomedical Research Institute is planning to construct the $10 million Nonhuman Primate Animal Facility in San Antonio. The 45,000-sf building will provide the Southwest National Primate Research Center with additional laboratories and animal housing environments, enabling TBRI to double its population of rhesus macaques. The United States currently faces a shortage of nonhuman primates for biomedical research, with the COVID-19 pandemic highlighting the need for animal models to test the safety and efficacy of new therapies, vaccines, and diagnostics.

The life sciences sector is experiencing an era of unprecedented growth driven by a surge in both public and private funding combined with a post-pandemic sense of urgency and market opportunity. According to a report released by Newmark in January 2021, more than 36 million sf of new construction is expected to be delivered in the nation’s top 14 life science markets, as life science investments more than triple. While demand for life science and biotech facilities has been growing steadily over the past decade, the COVID-19 crisis heightened national awareness around the need for increased research, diagnostic, and domestic manufacturing capabilities. Investors are also seeing significant potential in the future of personalized medicine, genomics, and other life science-related fields, as emerging technologies and research disciplines converge.

Vermeulens has released its market outlook report for the fourth quarter of 2020. Key points include:

Construction Prices: Remain flat through Q4 of 2020, with one in ten projects showing cost reductions with strong contractor coverage across the board.

Fed Watch: The Federal Reserve continued monetary stimulus.

Architectural Billings: Q4 has returned to growth in inquiries; however, three quarters of billing declines in 2020 will result in a lower volume for the first half of 2021.

The University of British Columbia is planning to construct the CAD$136 million School of Biomedical Engineering Building on the Point Grey campus in Vancouver. The 151,305-gsf facility will accommodate teaching and research labs, collaboration spaces, meeting rooms, and offices. Featuring innovative learning venues for undergraduate and graduate programs, the building will provide classrooms, a 250-seat lecture hall, and a central atrium for informal learning and interaction.