Opportunity Post Uncertainty
Despite continued cautiousness of the capital markets there have been bright lights in 2024. Over 210,000 SF of deal volume has been transacted in Q3 and capital raises have already surpassed what was achieved in 2023.
Scientific advancement in Philadelphia is still going strong - with rising recognition for researchers, steady funding, expanding institutional R&D and growing clinical trials at the highest level since 2021. Conversations with commercialization officers reflect excitement about the quality and quantity of investigations underway inside academic institutions.
There is an exceptionally healthy incubator ecosystem in Philadelphia that has tripled in size over the past 2.5 years, nurturing small and capital constrained companies, offering the potential to grow.
Currently there is 1.75 MSF of surplus life sciences inventory. Colliers’ conservative estimates forecasts absorption of 592,000 SF in 2025. Absorption is expected to further increase over the next 3 years, allowing sidelined projects to reengage by 2026.
Please read our full report for market details and outlook.
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By the Numbers
Philadelphia ranks #4 in Life Sciences metrics when stacked up against the other Life Sciences clusters in the United States.
$1.31B
NIH Funding
$4.2B
Capital Investments
490K SF
New Institutional Research Facilities
Key Factors Shaping
the 2-3 Year Horizon
As we look ahead to 2025 and beyond, Colliers is following seven factors that will have meaningful impact on the growth of the Philadelphia Life Sciences cluster, the absorption of existing life sciences real estate inventory and the future development of new purpose-built product:
Election
2024
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2024 Life Sciences Report
Philadelphia Research Report
1.16MSF
In Development
Capital Markets
Changing Development & Investment Model
Innovation in Advanced Therapeutics
Adoption of AI in R&D
Accelerators/ Incubators
Manufacturing/ CDMO
Contact Us
Joseph Fetterman Executive Vice President +1 215 928 7541 joseph.fetterman@colliers.com
Rose Penny Market Research Director +1 215 928 7505 rose.penny@colliers.com
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