Within the span of just ten years, the Triangle’s biotech sector has seen a remarkable expansion, doubling its laboratory space and welcoming a surge of new talent, solidifying its standing among investors and industry leaders.

The Big Picture:

Esteemed biotech centers like Boston now view the Triangle as a formidable competitor, as highlighted in a recent Boston Globe feature. This shift is attributed to the Triangle’s skilled workforce and its cost-effective environment for business operations, including affordable land, construction, utilities, lab facilities, and housing.

Why It Matters:

The biotech industry has been a driving force behind the Triangle’s economic development, propelling Research Triangle Park to national prominence. The region offers a wealth of high-paying opportunities, ranging from advanced degree holders in science to community college graduates in pharmaceutical roles.

By the Numbers:

As of 2022, the life sciences sector employed approximately 40,000 individuals in the Triangle, marking a significant growth from the previous decade. Lab and R&D spaces expanded from 4.4 million to 9.3 million square feet between 2016 and 2023. Notably, nearly 30 life sciences firms, including Fujifilm Diosynth and Eli Lilly, have committed $8.9 billion to the area, promising close to 7,000 new jobs.

Zooming In:

At the heart of the Triangle’s biotech boom is Research Triangle Park, currently undergoing a $1.5 billion development. The park’s influence extends throughout the region, with downtown Durham emerging as a startup hub and new pharmaceutical manufacturing sites developing from southern Wake County to Sanford. Both Chapel Hill and Raleigh are experiencing a rise in lab construction.

Major Projects:

• Spark Life Science in Morrisville, poised to offer 1.5 million square feet of lab and manufacturing space.

• Pathway Triangle, a 1 million square foot manufacturing campus by King Street Properties.

• Via Labs, Hub RTP’s upcoming lab high-rise.

• Fujifilm Diosynth’s $2 billion campus in Holly Springs, set for completion in 2025.

Between the Lines:

The region’s growth is fueled by the presence of three top-tier research universities, which collectively secured $1.9 billion in NIH funding in 2023.

Threat Level:

Despite the boom, rising vacancy rates and potential funding slowdowns pose challenges to the industry’s momentum.

However:

JLL has recognized the Triangle as the leading biomanufacturing market in the nation, noting its construction pipeline’s solid foundation.

What’s Next:

Novo Nordisk is poised for expansion in the Triangle, with new land acquisitions and permit filings signaling future growth.