Growing prominence of Life science industry impacts Real Estate development growth globally : CBRE Report

The growing prominence of the life sciences industry has significantly impacted the growth of real estate development globally, with more than 35 million sq. ft. of lab/research and development (R&D) properties under construction last year, said CBRE, world's leading real estate consulting firm, in its report 'Global Life Sciences Atlas,' released on Wednesday.

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While U.S. markets top the world's largest life sciences R&D centres, other mainstays can be found in Asia-Pacific (Hyderabad, Beijing, Shanghai, Greater Tokyo), Canada (Toronto, Montreal) and Europe (Cambridge, U.K., Paris), the report revealed.

As per the report, innovation, evolving healthcare needs, and demographic shifts are driving increased demand across the pharmaceutical, biotech, and med-tech industries, the report stated.

Globally, leading hubs such as Boston-Cambridge, the San Francisco Bay Area, Beijing, Shanghai, and Cambridge (UK) are shaping the next wave of life sciences growth.

In the Asia-Pacific region, Beijing, Shanghai, Singapore, and Greater Tokyo have emerged as the largest markets for life sciences labs and R&D space, it said.

As per the findings, Hyderabad emerged as a prominent global centre of life sciences manufacturing activity in India.

In the APAC region life sciences landscape, India has a leading position, driven by the expansion of pharmaceutical, biotech and medical devices companies.

The report pointed out that Hyderabad is the key contributor and largest life sciences manufacturing and R&D cluster, undertaking research, training, and manufacturing.

The Hyderabad city accounts for nearly one-third of the country's pharmaceutical production, one-fifth of its pharmaceutical exports, and one-third of global vaccine output.