U.S. cities take top five places as global science cities
Boston, San Francisco and Seattle have emerged as the premier global locations for life sciences, according to Savills’ Science Cities 2021 research report. The ranking, which uses metrics including investment into health, research and development, real estate costs, funding environment, and business environment, as well as lifestyle indicators, shows cities in the United States claimed the top five spots.
Given the specialized property requirements of life sciences firms, demand is outstripping supply in some markets, with high development and fit-out costs a barrier to some.
The costs of leasing these facilities vary widely by city. Boston’s lab rents, at $103 per square foot, are at a 50 percent premium over offices in the city. With a mix of growing startups and large, expanding companies, Boston has high occupier demand and lab-space vacancies are low.
“It’s clear industry growth in the life sciences sector is rapidly outstripping real esta