Much of the conversation on changing workplace dynamics has focused on office space, but lab space has been equally as impacted. Like many other organizations, life sciences companies are facing stiff competition for top talent and are increasingly in search of ways to differentiate themselves. A premier, future-focused workplace is one way they can achieve that.
According to our recently released Life Sciences Workplace Insights Report, there are three key trends shaping the future of the industry:
- Out of necessity, companies are getting more creative in location selection: Locally, it is no hidden secret that East Cambridge has become one of the most expensive, and most in-demand lab markets in the country, which means companies are being forced to find space elsewhere to accommodate their needs. Second Ave in Waltham has proven to be a highly viable option, with the likes of Exosome Diagnostics and Bioverativ (a spin-out of Biogen) recently taking up space there. And this isn’t just happening in Greater Boston. Similar trends are taking shape around other major cities including San Francisco, New York and Philadelphia.
- Unique amenities improve the employee experience for scientists and other key hires: No surprise here that amenities matter to lab tenants as much as they do to office tenants. From conference rooms to fitness centers and even smaller meditation rooms, amenity-rich facilities are a must in recruiting and retaining the younger, highly skilled employees life science companies need as Baby Boom scientists retire
- Rising costs are being offset by gains in workplace efficiency, flexibility and productivity: Forward-looking life science organizations are embracing new kinds of workplace design. Some organizations are creating adaptable laboratories with plug-and-play research equipment, moveable benches and multiple access points for utilities to accommodate different kinds of research. Labs are also being constructed with plenty of natural light to open sight lines and open the mind to new possibilities.
To learn more about these three key trends, we encourage you to download our new Life Sciences Workplace Insights report.