The Triangle Biotech System is Growing Swiftly

Gov. Roy Cooper warns other metro areas that the Triangle is coming for their Biotech employment whenever he announces North Carolina has enticed another Biotech company to the state, which he has done quite a bit recently. Typically, it refers to the Boston area. However, a new study by real estate services firm Newmark of the country’s most excellent Biotech clusters finds that the Boston area still maintains a significant lead. At the same time, the Triangle has made substantial progress in Biotech.

Boston came out on top in Newmark’s survey of the country’s top life-science clusters, followed by San Francisco and San Diego. According to Newmark, the Triangle is closing in on the top three spots and is currently ranked fourth in the overall standings. Newmark evaluated metro areas based on various factors, including venture capital financing, available lab space, and the proportion of science-related professions.

To get a sense of which metro regions had the most robust momentum, the company looked at increasing real estate investments and new tenant deals over the previous 12 months. And, according to Doug Brock, a director in Newmark’s Raleigh office, the Triangle’s momentum is palpable. But, from Fujifilm Diosynth’s vast Holly Springs complex to Longfellow’s planned eight-story skyscraper in the heart of the Research Triangle Park, all of these projects will take time to complete.

This market, on the other hand, is truly firing on all cylinders. According to Brock, the Triangle’s main benefits are that firms can locate exceptionally skilled workers in the area, and land is significantly cheaper than in more established metro areas. However, he claims that finding new ground to develop in Boston and San Francisco is a significant challenge.