Ennead Partner Peter Schubert was recently featured in a Bisnow article about the burgeoning life sciences market and the growing demand for lab space in the LA area.
“The real estate market for the life sciences is following trends established by the tech industries in Playa Vista, creative industries like the Hayden Tract in Culver City and the entertainment industry in Hollywood,” he said. "There are also life sciences hubs in the village-like communities of El Segundo, Pasadena and Thousand Oaks. All are dense and desirable communities where people can live and work, minus one of the nation’s worst commutes.
Along with walkability, these areas have something else that life sciences companies want: buildings ripe for adaptive reuse. He said LA’s trove of 20th-century buildings and light industrial facilities are ready-made for research, with their robust building frames, high floor-to-floor clearances and large floor plates. “They’re perfect for accommodating labs and for drawing the talent that wants to work there," he said. "Because retrofits are faster than building from scratch, developers can get spaces to market more quickly.
“LA’s naturally creative environment is the consummate petri dish for the exchange of ideas between technology companies, entertainment, the life sciences and creative industries,” he said. “In addition to stimulating the development of more labs, the concentration of life sciences companies might very well spur wellness communities, the perfect complement to a city where the artistic, entertainment and lifestyle industries rub shoulders and flourish.”
Read the full article here.