‘No parallel’ for Future of Work in Triangle’s life science sector, economy

Editor’s Note: The WRAL TechWire “Future of Work” series, supported by commercial real estate firm JLL and other partners, continues.

Earlier this month, series took an in-depth look at the demand for land, which can now be described as “insatiable,” while developers look to shore up their land positions. That’s especially the case in the industrial sector, the topic of the special report and in-depth Q&A, and, increasingly, the life science and biopharmaceutical sector, which the series investigates this week. Join a WRAL TechWire LinkedIn Live discussion on Tuesday, May 17 at 11 a.m.

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RALEIGH – The Triangle’s life science sector is booming, and the successes of each decade have compounded with time to position the region, and the state, as one of the top regions in the nation, and across the globe.

Throughout 2021, there were 19 major expansion, relocation, or new facility projects in the life science, biotechnology, and biopharmaceutical sectors that were announced across North Carolina, with nearly $4 billion in investment planned.

In addition to the investment coming into the state from companies expanding or relocating, an estimated 4,800 jobs may emerge, just from those 19 announcements alone, boosting the regional and state economy, according to the North Carolina Biotechnology Center.

WRAL TechWire will discuss the state of the region’s life science sector and the increasing demand for commercial real estate to suit life science use in an exclusive LinkedIn Live broadcast tomorrow, Tuesday, May 16, at 11 a.m.

Biotech’s big year in NC: Nearly $4B in investment, more than 4,800 jobs in 2021

Regional strengths attracting investment

Those announcements included ones from FUJIFILM Diosynth Biotechnologies, which will open a new biopharmaceutical manufacturing plant in Holly Springs. The company plans some $2 billion in investment, and when the facility opens, it will be the largest end-to-end cell culture production plant in North America. And they’re already hiring to expand manufacturing capacity in the region.

“Identifying a place to locate a biomanufacturing project of this magnitude hinges on the availability of highly trained people, a top-notch business climate, and a hyper-collaborative ecosystem, all within a strong, diverse life sciences cluster,” Bill Bullock, senior vice president of economic development and statewide operations with the North Carolina Biotechnology Center, said in a report about biotech’s big year.

“That place is North Carolina,” said Bullock.

$2B Fujifilm Diosynth Biotechnologies plant moves closer to reality in Holly Springs

‘Unquestionable strength’

It’s not just FUJIFILM Diosynth Biotechnologies, either. Amgen announced it would invest in a facility in Holly Springs last year, as well. In a statement, Amgen called the planned facility a “permanent home” in Holly Springs, and noted it would invest some $550 million and pay workers an average salary of nearly $120,000 annually.

These examples, and others, demonstrate the region’s strength in biopharmaceutical manufacturing, said Travis McCready, executive director of life science markets for JLL, in an interview with WRAL TechWire.

“There is no other market in the United States that has such unquestionable strength in biomanufacturing,” said McCready.

After Eli Lilly selected a site within the former GlaxoSmithKline campus for a $474 million manufacturing plant in 2020, the company went on to acquire another 102 acres of land in Research Triangle Park, then announced earlier this year that it would construct a $1 billion manufacturing plant in Concord.

Invitae Corporation to invest $114.6M, create 374 jobs in Morrisville

Demand increasing

The list goes on:

Abzena announced in 2021 that it would join other biopharmaceutical companies in Sanford, investing $213 million in a biomanufacturing plant.
Shanghai-based CARsgen Therapeutics plans to invest $157 million to establish a Durham facility that will employ 200 people by the end of 2026.
Thermo Fisher Scientific, which recently bought Wilmington-based PPD for $17.4 billion, announced three separate facility projects totaling more than $350 million in investment and expected job growth of 700 workers in Mebane, Greenville, and Asheville.
Medical genetics testing company Invitae is establishing an east coast facility in Morrisville, investing nearly $115 million with plans to hire as many as 374 workers.

And with the continued strength of the region and of the state, when it comes to the life sciences, there’s also increasing demand for life science and laboratory space, which McCready noted is at an all-time high.

“For better or for worse, Raleigh-Durham has no parallel,” said McCready. The region’s continued strength in biopharmaceutical manufacturing, said McCready, “is both the region’s secret weapon and its greatest weakness.”

What’s next in Future of Work series: The ‘unquestionable strength’ of the Triangle

This editorial package was produced with funding support from JLL and other partners. WRAL TechWire retains full editorial control of all content.

The series launched here, and the second report discussed high demand. Next, the series explored the relationship between work spaces, work places, and the current labor market. The following weeks, we’ve investigated specific sectors of the real estate market, and this week’s focus is on the life science sector.