The Life Science Industry Explained
The life science industry includes companies and organizations that deal with the research, development, and manufacturing of products that seek to improve life on earth in general. Some of the life science industry sub-industries include the development of medications, biotech, and medical devices. Pharmaceuticals have come into the world spotlight over the last couple of years as vaccines were developed to fight COVID-19. Biotech involves using natural processes to create food, medicine, or other products. Medical devices are developed to help doctors, nurses, and other healthcare professionals treat patients. The value of these industries topped $2 billion before the pandemic, and significant growth is expected going forward.
How Life Sciences Can Be a Boon to New York Commercial Real Estate
As commercial real estate in New York continues to evolve, the life science industry has found fertile ground in spaces that used to be offices and warehouses around the city. Life sciences require significant capital, which is available in New York, as is top-level talent. The city and other organizations offer grants as well as tax incentives to life science companies that are looking to make New York home.
While there are many incentives, it is important to understand the costs to retrofit commercial spaces. One example is an overhaul of current HVAC systems, as labs need cleaner environments than a typical office space. The present and future of life sciences look to be a shot in the arm for New York commercial real estate.
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