The life science world is expanding like never before across the United States, including in New York. Biotech is especially growing as drug companies join startups as well as incubator labs to facilitate new research. A particular sector of the economy that is benefiting from the current popularity of the life science industry is commercial real estate.
During the few years preceding the fall of 2017, employment in the biotechnology research area grew around 27 percent. This is almost four times the growth rate of overall employment during this period, which was 7 percent. Furthermore, venture capitalists invested more than $60 billion in biotech companies from 2014 to 2017.
According to industry experts, real estate is now a critical aspect of medical and scientific research environments focused on collaboration. In fact, several states feature property markets that are drawing the attention of players in the bioscience industry, ranging from Massachusetts to California. Large properties are especially in demand because a decent amount of square footage is needed for laboratory purposes, device manufacturing and office workers.
Considering the current life science growth trend, now appears to be a wise time to invest in commercial real estate properties that can easily accommodate activities in this industry. Understanding how to navigate a commercial real estate deal, though, can be tricky due to the complex nature of such deals. However, an attorney in New York can help investors to make educated decisions during commercial real estate transactions and make sure that their legal rights are not violated during any stages of their proceedings.