Local Real Estate Developers Primed for Another Life Sciences Triumph

Local Real Estate Developers Primed for Another Life Sciences Triumph

Revitalizing Philadelphia’s life sciences market hinges on a new catalyst, according to local real estate developers. Spark Therapeutics, a local gene therapy company, exemplified the potential impact of a single firm’s success on real estate development. Following its acquisition by Roche for $4.8 billion in 2019, Spark expanded to over 800 employees and initiated real estate projects, nearly reaching a million square feet of office, lab, and manufacturing space. However, a prolonged period of subdued venture capital investment has hampered the ability of other life sciences startups to emulate Spark’s trajectory, dampening demand for new space and slowing ongoing or planned life sciences developments.

*Article courtesy of Philadelphia Business Journal

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