COVID-19 has indisputably hampered the realm of commercial real estate across the world; it also, paradoxically, generated a novel opportunity for life science real estate and its progressive evolution over the course of the pandemic. Pyrinas recognises this widespread pandemic as a wake-up call over the prevailing shortage of life science research spaces. Several pharmaceutical companies from the US also reveals insufficiency over access to and supply of biotech laboratories and research bases (Berr, 2020), thereby influencing the status of global cure-search. In this newsletter, we discuss how COVID 19 has reshaped the real estate landscape globally into a propitious asset and the promising growth of life science real estate in a long-term prospect.
New Trends under Pandemic:
Implications and Potentials on Real Estate
The pandemic has facilitated the cultivation of new trends with potentials on transforming real estate market trend. For instance, there has been a significant impact on all aspects of people’s lives with a third of world’s population across the world now living under some sort of lockdown quarantine. Demand for online shopping and home office space has increased tremendously, and ongoing trend for the densification of work and living space is now under scrutiny. This raises awareness from market players in evaluating valuation and market potentials of real estate development (Sucoff and Welch, 2020).