The cell and gene therapy (CGT) industry is on track to hit a record number of regulatory approvals this year, which could have a direct impact on the commercial real estate industry.
According to Global Data, 582 CGT clinical trials started last year as regulatory approvals of new gene therapy and gene-modified cell therapy products have gained momentum, and the first quarter of this year has already seen an additional 138 clinical trials.
Employment within the industry is skyrocketing too, with the number of CGT-related jobs more than doubling in Philadelphia in the last three years. Greater Philadelphia is also ranked first in the nation for the National Institutes of Health grant funding for CGT, attracting more than $3.8 billion in VC and NIH funding last year.
While the CGT industry is growing at a rapid rate, real estate development tends to happen at a much slower pace, which may have implications for the amount of available space for research and innovation.
“This seismic transformation in the underlying fundamentals of biomanufacturing real estate is having a direct impact on the availability of space, as well as its design, architecture, engineering and financing,” says Roger Humphrey, President, JLL Life Sciences.
Read the full story and learn more about the relationship between CGT and the real estate industry here.