Philly is Riding a Life Sciences Rocket
We’re quickly approaching the two-year mark of the coronavirus pandemic. Aside from the cataclysmic impact on humanity — over 260 million cases and 5.2 million deaths — in many ways the virus has changed the way we react and solve world-wide challenges. The losses have been heartbreaking, but we have also been part of transformations that will have challenged conventional practices and forced the world to consider new options in nearly every aspect of business.
During the earliest stages of the pandemic, the life sciences industry stood together and reacted to one of this era’s biggest threats. These partnerships resulted in the delivery of a coronavirus vaccine in under one year — almost unimaginable considering the fact that testing, manufacturing and distribution are all part of the equation. Right here in Philadelphia, we can take pride in the work conducted by research organizations, like the Wistar Institute and others, that contributed to this amazing world-wide collaboration.
The Philadelphia region and specifically the University City area is part of the amazing growth of Life Sciences across North America. During the height of the pandemic, $70 billion of private and public capital poured into life sciences related companies in the US — a 93% increase in just one year. Philadelphia is now in the top five US markets when it comes to life sciences research and development, with over 1 million sq. ft. in lab space currently under construction. There is little doubt that the Philadelphia region will be a rising star within the epicenter of life sciences growth as the industry shatters records for employment, venture capital funding and lab/research space. It’s happening and it’s happening right here in Philadelphia!
Every day, I have the honor of watching our latest construction project, 3.0 University Place, rise from the corner of 41st and Market. Our 250,000 sq. ft., eight-story lab office building will be topped off in late January of 2022 with completion scheduled for the 4th quarter of 2022. It’s an exciting time for University Place Associates and organizations like The Wistar Institute and Ben Franklin Technology Partners who will be part of the collaborative environment we are building at 3.0.
I look forward to sharing more about our story during future updates.
Partner/President at University Place Associates