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JLL Life Sciences Report Ranks Atlanta as a Strategic Location
ATLANTA, February 18, 2013 — With a series of key brand-name drug patents set to expire in 2013, deadlines collectively referred to as the “patent cliff,” life sciences companies are bracing themselves for a revenue drop some estimate could reach $30 billion. One industry response to the cliff is the geographic reshuffling and right-sizing of the North American life sciences industry occurring in comparatively smaller metropolitan areas as these cities rise in industry influence. Jones Lang LaSalle’s (JLL) annual 2012 Life Sciences Cluster Report chronicles this shift in a ranking of industry clusters—areas in which life sciences intellectual capital, funding and facilities are concentrated. Cities that are rising in influence offer a workforce, academic community and public sector focused on R&D productivity and areas of opportunity within the sector, such as biologic biosimilar drug research and production.
Atlanta is ranked as an emerging market (No. 21 in the nation) in the 2012 Jones Lang LaSalle Life Sciences Cluster Report, according to weighted scores for total employment in high-tech research and hospital/medical fields; life science establishments; National Institutes of Health (NIH) funding; and venture capital funding.
Local Research Universities, Incubator Programs Continue to Spur Growth Across the state of Georgia, there are more than 900 bioscience companies, and lawmakers and economic developers are teaming to foster a favorable corporate climate for growth in the life sciences sector.
“With this strong base of bioscience and medical device companies, plus world-class research institutions such as Georgia Tech, Emory University and the CDC, Atlanta offers the key resources needed for life sciences businesses to succeed,” said David Shonk, Senior Vice President, Project Development Services, in Jones Lang LaSalle’s Atlanta office. “Georgia is also known for its pro-business climate, and life sciences companies in Atlanta and across the state enjoy a variety of incentives, including tax credits, job training, grants and property tax relief.”
In Atlanta, access to multiple incubator programs and top research institutions is helping spur growth:
Midtown and Northlake are two key life sciences submarkets helping to drive the growth of the life sciences sector in Atlanta:
The 2012 report compares the top 10 U.S. markets for life sciences with the top 2011 trends, along with detailing the following emerging trends:Atlanta is listed among emerging clusters including Chicago, Denver, central /southern Florida, and Indianapolis (also covered in the 2011 report. New emerging clusters added to the 21-city ranking in 2012 include: Westchester / New Haven, Ohio, Salt Lake City, Dallas/Fort Worth, Wisconsin and Michigan).
National Life Sciences Corporate Real Estate TrendsThree key factors have helped both the established and emerging clusters to achieve success during rapidly changing times in the life sciences industry: middle-market growth, the need for access to innovation and the offering of economic incentive packages to fuel life sciences sector expansion.
Right-sizing and consolidation by multi-national pharmaceutical companies in the United States have led to opportunity for middle-market corporations, as many former single-institution research campuses are now thriving, multi-tenant life sciences centers. This transformation is benefitting clusters located outside the nation’s largest metropolitan areas, because they offer lower overall costs of occupancy, yet retain premium access to academic resources and an educated workforce.
The importance of access to a thriving and diverse community focused on innovation has never been greater. According to Deloitte’s 2012 The Future of the Life Sciences study, “Significant revenue growth is unlikely to be achieved organically, mergers and acquisitions will continue, and partnerships/alliances will emerge as an important means of revenue generation. Companies will need to leverage the fact that partnerships will be ubiquitous and may include cross-sector partnerships and collaborations with payers as well as academia.”
While not offering the critical mass of the established clusters, emerging U.S. life sciences concentrations are stepping up their economic development and public-private partnership activities to attract life sciences organizations.
A PDF of the report can be downloaded here: http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/ResearchDetails.aspx?ItemID=10401
Jones Lang LaSalle has a team of real estate and facility management experts dedicated to helping life sciences companies optimize and manage their real estate portfolios. The firm provides a comprehensive range of facilities management services to the life sciences community covering 70 million square feet of research, manufacturing and commercial space. Jones Lang LaSalle’s industry leading full-service platform includes: integrated facilities management, engineering and operations, energy and sustainability, transaction advisory services, lease administration, project management and a new platform for integrating laboratory services, Labwell.
A leader in the real estate outsourcing field, Jones Lang LaSalle’s Corporate Solutions business helps corporations improve productivity in the cost, efficiency and performance of their national, regional or global real estate portfolios by creating outsourcing partnerships to manage and execute a range of corporate real estate services. This service delivery capability helps corporations improve business performance, particularly as companies turn to the outsourcing of their real estate activity as a way to manage expenses and enhance profitability.
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page. Bookmark it here: http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspxAbout Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47 billion of real estate assets under management. For further information, www.jll.com.
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