Several biotechnology-related commercial construction projects are in progress in the cities of Boston and Cambridge, Massachusetts, and this building activity could serve as a boon to scientific staffing.
A report provided by a Boston-based real estate company indicates that the two cities are experiencing more construction related to biotechnology than any other area in the United States, according to The Boston Globe. The writers of the report came to this conclusion after collecting data on the top 20 markets for real estate.
The report indicates that more than 2 million square feet of the 2.6 million being created in eight commercial projects is related to biotechnology, the media outlet reports.
"These numbers clearly show that we are in the epicenter of the biotechnology industry," Robert Richards, president of the real estate firm, told the media outlet.
Data supplied in the report indicates that Boston is a major destination for biotechechnology-related venture capital (VC) funding, according to the media outlet. Industry firms headquartered in Massachusetts drew $553 million in VC investments during the first six months of 2011, which exceeds the $485 million put into Silicon Valley.
"This is as active as it has ever been," Peter Abair, director of economic development and global affairs at MassBio, a biotechnology industry trade association, told the media outlet.
Abair stated that the surge in activity was caused when "many major pharmaceutical companies went through a difficult restructuring period from 2008 through 2010. But now they have refocused on research and development, and this is a place where the level of biologic and pharmaceutical R&D expertise is very broad and very deep."
The Boston Business Journal reports that outside of the urban centers of the Greater Boston Area, the suburb of Woburn was recently declared a platinum-level "BioReady community" by the Massachusetts Biotechnology Council. The distinction is granted to communities that have streamlined the processes involved with siting and approval of the research and manufacturing facilities used by biotechnology firms.
The trade group has provided the designation to various other Boston area cities including Gloucester, Andover, Framingham and Bedford, according to the media outlet.
Scientific staffing continues to climb in Massachusetts, bolstered by increased funding that is going to the Greater Boston Area and the area's growing presence on the national biotechnology scene.