Colliers, a commercial real estate services firm, recently did its second annual analysis of the top life sciences hubs in the nation, and Philadelphia is in the top five, writes John George for the Philadelphia Business Journal.
Philadelphia took fourth place on this year’s ranking for the second consecutive year.
The firm credited Philly’s strong real estate inventory and deep talent pipeline for its high rankng.
To compile its rankings, Colliers focused on each region’s ability to support and sustain its life sciences industry. Factors included venture capital funding, biomedical degree completions, and National Institutes of Health (NIH) grants.
Beyond its fourth overall ranking, Philly placed in the top three in four different metrics. They are 2024 life sciences workforce, 2023 biomedical graduates, lowest vacancy rate, and percentage of inventory under construction.
While the region’s life sciences sector has seen mass layoffs over the past three years, Philadelphia has managed to still see some successes.
“Optimism for a rebound in life sciences leasing in Philadelphia at the start of 2024 was fueled by the promise of interest rate cuts, advancing science, and early funding announcements,” Colliers said in its report.
Colliers noted that Philly-area life sciences companies attracted $643 million in venture capital funding in 2024.
Read more about Philly’s strong life sciences sector in the Philadelphia Business Journal.
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