Surge in Demand Fuels Increase of 1.6 Million Square Feet in Montgomery County, Maryland''s Life Sciences Lab Inventory
ROCKVILLE, Md. , July 12, 2021 |PRNewswire| -- Montgomery County, Maryland , home of the National Institutes of Health (NIH), the Food and Drug Administration (FDA) and more than 480 life sciences companies, continues its momentum as a magnet for new life sciences development with a major surge in leasing and investment. With rising demand and just 5.2% availability for the county''s existing lab space, an additional 1.6 million square feet (SF) of lab space is in developmentjoining the current 10.6 million SF of total lab inventory already in Montgomery County. The anchor of the 4 th largest life sciences hub in the United States , Montgomery County''s I-270 corridor''s life sciences leasing is increasing at a rapid pace, including companies like MaxCyte, TCR 2 , Vigene Biosciences, On Demand Pharmaceuticals and Adaptive Phage Therapeutics. According to Pete Briskman , Executive Managing Director of JLL, price is a major factor: "Compare our rents to the top three. We are nearly half what those rents are in Boston and San Francisco .
Surge in Demand Fuels Increase of 1.6 Million Square Feet in Montgomery County, Maryland''s Life Sciences Lab Inventory
ROCKVILLE, Md. , July 12, 2021 |PRNewswire| -- Montgomery County, Maryland , home of the National Institutes of Health (NIH), the Food and Drug Administration (FDA) and more than 480 life sciences companies, continues its momentum as a magnet for new life sciences development with a major surge in leasing and investment. With rising demand and just 5.2% availability for the county''s existing lab space, an additional 1.6 million square feet (SF) of lab space is in developmentjoining the current 10.6 million SF of total lab inventory already in Montgomery County. The anchor of the 4 th largest life sciences hub in the United States , Montgomery County''s I-270 corridor''s life sciences leasing is increasing at a rapid pace, including companies like MaxCyte, TCR 2 , Vigene Biosciences, On Demand Pharmaceuticals and Adaptive Phage Therapeutics. According to Pete Briskman , Executive Managing Director of JLL, price is a major factor: "Compare our rents to the top three. We are nearly half what those rents are in Boston and San Francisco .