Сектор недвижимости в области наук о жизни: вызовы и возможности

The COVID-19 pandemic has had a significant impact on the real estate markets, particularly life science and life science incubators, globally. The real estate sector that has been affected the most is office. Due to the effects of the COVID-19 pandemic on the economy, demographics, capital markets, real estate markets, and science itself, institutional investors have had to rethink their property and portfolio allocations and adjust these allocations to reflect the reality of current and future market conditions. The capital markets were significantly affected by the COVID-19 pandemic shock. Due to the rapid development of new biotechnology, funds have flowed into this industry significantly, and significant capital flows have targeted the life science and life science incubator space. Markets that have seen significant investment in companies and real estate assets have existing life science clusters and continue to see agglomeration economies of scale. These markets are targets for global institutional investors. For example, the top life science clusters in the United States are located in Northern California/Silicon Valley, Boston-Kendall Square MA, Research Triangle Park NC, Austin-Houston TX, Oxford-Cambridge-Manchester-Liverpool UK. Within the life science property sector, an emerging subsector has developed along with coworking trends. Life science incubators create significant value for scientists in developing and delivering their products. These incubators allow for the outsourcing of the real estate component of their operations and provide them with ready access to lab facilities, saving them time and money. They also provide interrelated resources, such as expertise, advice, capital, and a supportive ecosystem. Being located in these life science clusters, specifically in Silicon Valley, gives these companies access to public and private equity, venture capital, and other sources of needed investment. This is reflected in the number of life science and other business incubators within the submarket. As life science firms grow, they can expand in place within the incubator space or expand in an adjacent or related location. Firms can also expand and contract as needed based on their business strategy. The acceleration in the establishment of these firms and the absorption within the life science incubator space is being driven by new economics and commercialization trends within the life science sector, as reflected in the speed to market for their products. This rapid deployment model attracts significant capital flows into scientific research and development (R&D), focusing on the product market and execution of exit strategies to drive successful capital events. This is reflected in attractive returns on costs, investments, and assets. These exits are also motivated by tax legislation and implications. These capital and investment flows are reflected at the life science market level through high concentrations and growth rates in Science, Technology, Engineering, and Mathematics (STEM) employment on a global basis. This research focuses on life science market research in the San Francisco Bay Area and its subsequent submarkets. The San Francisco Bay Area is one of the largest life science clusters and incubator spaces in the United States, and incubators are becoming the next driving force for life science projects. The concentration of innovation and talent in the San Francisco Bay Area life science ecosystem makes it the top location for firms and scientists, creating a competitive advantage over other life science clusters.