Article documents Research Triangle’s advantages in life sciences
The Raleigh-Durham area drew $5.5 billion in funding from the National Institutes of Health from 2020 to 2022. It also has nine million square feet of lab space.
As organizations like Life Science Tennessee and Launch Tennessee work to further develop the life science sector in the Volunteer State, a recent article in WRAL TechWire documents the advantages that greatly benefit the Research Triangle region of North Carolina.
“While the competitive posture of the Research Triangle’s life sciences industry was prominent before the pandemic, the region’s abundant talent has made it a leading national destination for companies in gene therapeutics, clinical discovery, and biomanufacturing in the early 2020s,” writes Lawrence Bivins.
He notes that, while the region lacks the population base of Boston, San Francisco, or other major biotech hubs, it is competitive in drawing life sciences jobs, firms, and research funds. Raleigh-Durham drew $5.5 billion in funding from the National Institutes of Health (NIH) from 2020 to 2022, about 82 percent of North Carolina’s total NIH draw in those years. Private venture funding into Research Triangle-based life sciences firms spiked to more than $350 million in 2021 before falling back to a more typical $100 million a year later.
CBRE | Raleigh, a joint venture by Dallas-based CBRE and local principals, tracks the industry’s space in two categories: R&D labs and biomanufacturing facilities. As of Q1 2023, the region’s inventory of lab space totaled nine million square feet, with an additional 680,000 square feet under construction. Investor-owned lab space in Raleigh-Durham, in fact, has doubled since 2016, CBRE | Raleigh’s data show. The region’s biomanufacturing space has long been dominated by large owner occupants, but the supply of investor-owned space has grown rapidly in recent years to 1.4 million square feet with another 1.3 million square feet currently under construction.
The full article can be found here.
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