At a little over $18, New Jersey has the lowest per-foot rent of lab space of the cities tracked by Cushman & Wakefield.
To put the figure in context, lab space in Seattle, a two-hour flight north of San Francisco, is around $26. The figure has increased almost 68% over the past decade. Horizon has not said how much it is paying for the facility, but the nature of the South San Francisco property market means it is likely to have been able to find similar space in other cities for less money.Ĭushman & Wakefield, which provides real estate services to biopharma, puts the average price of a square foot of lab space in San Francisco at around $60. The facility is covered by a lease that runs through to January 2030. Bioanalytical method development will also take place at the site. Recently, Horizon opened a 20,000-square-foot facility in the biotech hotspot that will feature space to perform formulation and process development for its manufacturing operation. Horizon is among the area’s latest residents. Genentech, the biotech that helped launch the industry, began life in the area and today is joined by more than 200 other companies that occupy 11.5 million-square-feet of facility space. South San Francisco claims to be the home of the largest biotech cluster in the world. Tabletting, coating & ancillary equipment.Excipients, raw materials and intermediates.APIs (active pharmaceutical ingredients).
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