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Real Estate Journal — Commercial Office Properties — November 22 - December 12, 2019 — 7C
M id A tlantic
C ommercial O ffice P roperties By Matthew Seward, Cushman & Wakefield The Impact of Life Sciences in Baltimore, Maryland
E ducational institutions, the healthcare indus- try and federal govern-
an existing 340,000 s/f. of space which is 100% leased, and em- ploys more than 1,000 people with the capability for future growth • Catalent currently em- ploys 500 people and recently expanded into 290,000 s/f. of space for its contract devel- opment and manufacturing operations • Personal Genome Diagnos- tics has acquired about $140 million in funding and is look- ing to add an additional $20 million for its research in vitro diagnostic genome testing. The company employees over 200
people and occupies 51,000 s/f. in Baltimore Johns Hopkins University and the University of Mary- land are leading the charge when it comes to advanc- ing life sciences. Both have made countless contributions and have implemented vital programs that will not only advance the industry but will ensure that the current and future workforce is equipped with the knowledge, technol- ogy and workspace necessary to propel the industry forward. Johns Hopkins’ life science program is ranked 6th in the
world and the University of Maryland’s system is also viewed as one of the best in the nation. A few of the contribu- tions from these institutions include: • $451 million secured by 31 Johns Hopkins University FastForward U startups in follow-on funding in fiscal year 2018. FastForward U provides training and resources to em- power emerging student entre- preneurs to develop ideas and disruptive technologies into successful startups • Johns Hopkins Tech Ven- tures secured 1,645 Patents
in 2018, ranking seventh amongst all schools • $110 million was raised by Johns Hopkins’ CancerSEEK in partnership with Thrive Earlier Detection to commer- cialize a cancer-detecting blood test. The test could make it easier to detect various cancers at early stages • Baltimore City Community College’s Life Science Institute program offers a biotechnol- ogy program outside of the ivy league power house while being located inside the Uni- versity of Maryland BioPark continued on page 24C
ment agen- cies — often referred to as “Eds, Meds a n d F e d s ” — have long been identi- fied as the core drivers of Baltimore’s
Matthew Seward
economy, and the life sciences industry continues to gain mo- mentum as an engine of growth for Charm City. This growth is due in part by the support that life sciences companies are receiving from Baltimore’s largest universities. With the advancement of commercial- ization efforts at Johns Hop- kins and the University of Maryland, and the continued medical breakthroughs from companies spinning out of these institutions, the demand for lab space is outpacing the supply. Over the past two years, 325,000 s/f of lab space has been leased in the Baltimore area. This has propelled com- mercial real estate, which has forced the industry to focus on providing expertise in this type of workplace product, but more importantly speaks to the im- pact that life sciences is having on the Baltimore region. Baltimore’s lower cost of liv- ing compared to Washington DC, Boston and New York/ New Jersey, along with its world-class universities and research institutes, has also created the perfect environ- ment for growing life science companies. There are currently 4,443 people employed by the top 10 life science companies in the greater Baltimore area. There are a few major projects and expansions that are con- tributing to the overall growth of the life science industry: • The Science & Technology Park at Johns Hopkins in East Baltimore is a dynamic mixed- use community and includes 688,000 s/f. of state-of-the-art research and development space, which is 100% leased and employs more than 1,000 people. There is a 200,000 s/f building being planned, which will also contribute to the Park’s future growth • There is a proposed new 330,000 s/f R&D building at the University of Maryland’s BioPark in Baltimore’s down- town westside. The park has
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