If you haven’t already heard, Reonomy began providing commercial tenant information back in February.
With access to over 11 million commercial tenant records, we’re able to derive interesting market insights on specific sectors – like the biotech industry.
Biotech is a sector that seems to attract perpetual growth as well as notoriety. The industry was recently thrust into the pop-culture limelight after HBO released a documentary focusing on Elizabeth Holmes’ company Theranos. (ICYMI: Theranos was lying about performance and fudging numbers, which ultimately led to its demise).
Despite Theranos’ shortcomings, the biotech industry remains poised to become almost a trillion dollar sector by 2025…
This led us to wonder where all of the biotech commercial real estate activity was happening.
Takeaway 1: California takes the cake.
California is home to over 28% of all biotech tenants in the United States – the highest proportion of any state. As you can see, Silicon Valley and Southern California are leading the charge in terms of distribution.
Takeaway 2: East coast, beast coast.
Takeaway 3: Will the real biotech giants please stand up?
Though the 5 largest biotech companies in the US (Amgen, Gilead Sciences, Celgene, Biogen & Vertex) are headquartered in either California or the Northeast, they still have other research facilities scattered throughout the US such as Texas, Colorado and Missouri.