The Pandemic Helped Fuel Philly’s Already Growing Life Sciences Sector, CBRE Report Shows
While the world watched the science industry research and battle the COVID-19 pandemic, the Philadelphia region slid into a higher ranking on the top U.S. life sciences market, a report by real estate firm CBRE shows.
The region placed eighth among the country’s top life sciences clusters in 2019, and this year, it rose to seventh place. It’s ranked above New York City, Seattle and Los Angeles, but falls just short of New Jersey, Raleigh-Durham and the Washington D.C.-Baltimore areas, with Boston-Cambridge and the San Francisco Bay Area topping the list.
The ranking is determined by assessing the region’s life sciences job base, the amount of lab space inventory and the amount of funding it attracts from venture capitalists and the National Institutes of Health.
Philadelphia had one of the biggest increases in jobs between 2018 and 2019 — 5.7% compared to 4.2% nationally — the report showed. It also saw a huge increase in funding: $791 million in life sciences in VC dollars and $1.1 billion in NIH funding in the fiscal year 2019.
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