BRONX, NY (March 2022) — Proximity to research hospitals and plug-and-play capabilities are among the top elements of a winning formula for developing life sciences real estate, said Joseph Simone, said Joseph Simone of Simone Development Companies.
“The life sciences sector has a specific set of criteria when considering real estate options,” said Joe Simone. “Life science CEOs aren’t just looking for oversize buildings that can accommodate labs; they need spaces where their employees believe that their personal values and needs are respected.”
Simone Development Companies identified five criteria that all real estate professionals should consider when contemplating a life sciences project:
- Plug-and-play: Buildings with research-ready centralized systems such as air handling, acid neutralization, and backup power provide turnkey expansion opportunities for future lab users.
- Proximity: Some of the nation’s most successful life science innovation corridors are emerging near research hospitals and universities. Life-sciences real estate that is walking or biking distance from such campuses will be favored by start-ups emerging from researchers’ discoveries.
- Amenities: Remote work and the Great Resignation have taught employers that fitness centers, roof terraces, employee lounges and fun meeting spaces foster positive work environments and collaboration for employees.
- Sustainability: Many emerging biosciences are writing sustainability and carbon neutrality into their mission statements. Real estate developers must deliver properties with energy recovery systems and other measures that mitigate laboratories’ large consumption of electricity and other resources.
- Transportation: The technology workforce of today and tomorrow is increasingly concerned about the environment and the impact of automobiles. Wet labs and research facilities built near train stations, bus lines and bicycle lanes will help tenants attract top talent that values a car-free existence.
“In 2021, New York City experienced a record year for laboratory leasing activity,” said Joanna Simone, Principal and President of Leasing and Property Management. “We analyzed the leasing data and concluded that most of the properties were in buildings that incorporated these five elements.”