As the life science industry continues to expand, so does the demand for state-of-the-art laboratory facilities. When it comes to finding the perfect life science facility for your business, it can be challenging to navigate the ever-changing commercial real estate market. Whether you are a small start-up or an established corporation, here are the top 7 life science facility real estate tips to consider.
1. Location and Accessibility One of the most critical factors to consider when looking for a life science facility is its location and accessibility. You want to ensure that the facility is close to key amenities, such as universities, hospitals, and research institutions. In addition, the facility should be easily accessible for employees, clients, and suppliers.
2. Infrastructure and Amenities The life science industry requires specialized infrastructure and amenities to operate effectively. When looking for a facility, pay attention to the infrastructure and amenities such as CO2 storage, cleanroom space, fume hoods, and specialized electrical and plumbing systems, to name a few.
3. Compliance and Regulations Compliance and regulations in the life science industry are stringent, and it is essential to ensure that the facility meets all the necessary regulatory requirements and standards. Be sure to consider things like waste disposal regulations, fire safety laws, biohazardous waste management, and more.
4. Customization and Flexibility Your business needs may evolve over time, so it is important to find a facility that is customizable and flexible. Ensure that the facility offers the flexibility to scale up or down its space if needed to accommodate changing business needs.
5. Lease Terms Before signing a lease agreement, be sure to carefully consider the lease terms and the associated costs. Take the time to read through the terms carefully and ask questions to ensure that you fully understand what you are committing to.
6. Reputation and Experience The reputation and experience of the real estate broker can also be critical when looking for a life science facility. It is recommended to work with a broker with experience in the life science industry to ensure they understand the specific needs and requirements of your business.
7. Plan Ahead It is essential to start the search for a life science facility early to ensure you have ample time to find the right match. Be sure to develop an extensive plan, timeline, and budget beforehand and consider all the factors necessary to guarantee success.