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Working just three blocks apart in Phoenix’s burgeoning downtown Central Avenue corridor, Layton Construction Co. teams are simultaneously completing two high-rise projects that will collectively add almost 2.5 million sq ft of mixed-use residential, student housing, office and retail space.
A life sciences real estate building boom is sweeping the nation, driven by sharp increases in health-related VC funding, promising new therapies from pharmaceutical companies and a shortage of available space, particularly in emerging markets. Investment in U.S. life sciences real estate increased 62% in 2021, according to a report from commercial real estate firm CBRE. Investment in the sector has grown by 111% since 2018 and another 10% increase is forecast for 2022, with much of that new investment going to ground-up development.
A downtown Phoenix redevelopment project that has been years in the making is nearing the start of construction, with early preconstruction activity on Central Station expected to begin in the first quarter of 2022.
Houston's heavy investment in the life sciences is helping to attract outside venture capital.
Cushman & Wakefield awarded leasing for 30-story life sciences tower FacebookTwitterEmail 1of3 Medistar is developing Horizon Tower, a 485,000-square-foot life sciences building at Texas A&M Innovation Plaza at Main Street and Holcombe Boulevard. Cushman & Wakefield will provide agency leasing services.Medistar Show MoreShow Less 2of3 The Texas A&M University System plans to build a complex in the Texas Medical Center with a 19-story building for student housing, an 18-story academic building for its engineering medicine program and a 30-story medical office building called Horizon Tower.Cour...