Life Sciences Fueling Construction Demand
19 May 2021
With demand for biotech and new construction on the rise, we’re proud to say that scientific, medical, and construction companies all succeed here in Grapevine. Here’s to a bright future!
In a time of widespread economic upheaval, the life sciences industry is one of the few whose prospects have changed for the better. Called upon to rapidly develop and distribute an all-important COVID-19 vaccine without sacrificing the research and production of existing drugs, the biotech industry is expanding at breakneck speed.
Currently, around 13.9 million square feet of life sciences research and manufacturing space is under construction in key markets. In the United States, lab space vacancies have dropped to 7.1 percent, while commercial properties are being converted into R&D facilities on a massive scale.