Madison’s life sciences market larger than expected

Whether one uses the term life sciences, biotech, or biohealth, facilities that make up Greater Madison’s “bio” market have more square footage than the same markets in several of the nation’s largest metropolitan areas, including New York, Atlanta, and Houston, according to the first Madison-focused “Life Science Real Estate Market Report” published by Broadwing Advisors.

With an inventory of 4.8 million square feet of lab space in 89 lab facilities, Madison also has a much lower life science market vacancy (2%) than most large markets, a sign that it has avoided overbuilding even though more than 40% of local industry growth has occurred during the past 10 years.

Yet there are some aspects of the local market that could be improved, especially the development of a more robust population of mid-sized companies, according to Craig Stanley, founding principal of Broadwing Advisors. Broadwing is a commercial real estate advisory service that has worked with local life sciences firms such as Aldevron, Exact Sciences, and Nimble Therapeutics...

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RSK: It has been almost 2 years since Velocity Station has come on board. I wonder if anyone knows where they are at in finding tenants?

Ken Notes: We have some great space and even better companies. URP and WARF plus the potential of URP II Madison is the place for Life Sciences...