Dallas Area Poised As A Growing Hub For Life Sciences Industry
Dallas-Fort Worth is among the life sciences hubs in the nation that are positioned for major growth, according to a new report from real estate services and investment firm CBRE.
According to the report, DFW is one of the emerging hotspots for the life sciences industry and has benefited from the sector’s momentum across the nation.
CBRE said that a number of indicators suggest robust expansion for the industry. For starters, venture-capital funding for U.S. life sciences companies saw an 86 percent increase for the year, ending in September, to the tune of $15.8 billion. And, life sciences lab space under construction in the sector’s five largest U.S. markets expanded to 6 million square feet last year, a 101 percent increase.
In its report, CBRE said it focused on the human life sciences industry, which consists of manufacturing, testing and research-and-development work in biotechnology, pharmaceuticals, and medical devices. The top established life sciences hubs were analyzed and ranked according to four main criteria for each market: the number of scientists in key industry categories, the industry funding for local life sciences companies, size and long-term growth of the life sciences workforce, and inventory of industry lab space.
Between 2014-2017, Dallas-Fort Worth was the seventh fastest growing life sciences market in the nation. With two biological science higher education programs ranked in the top 100, according to U.S. News & World Report, Dallas-Fort Worth is now ranked 11th for producing new life sciences talent.
There are also three hospitals in North Texas that are ranked in the top 100, the report said, that bolsters the relationship between medical research institutions and life sciences innovation.
“The DFW area is an attractive market for companies in the life sciences industry,” CBRE Vice Chairman Jeff Ellerman said in a statement. “There is an enormous amount of high-tech talent in the area, which helps support the cross pollination between tech and life sciences.”
That makes North Texas attractive for companies.
“When you combine the growing market with available talent, it becomes a no-brainer for large companies in the pharmaceutical and medical technology sectors to choose North Texas for their headquarters,” Ellerman said.
Source: Dallas Innovates
