More than 1.6 million square feet of additional lab space is in development in Montgomery County as an increasing number of life sciences companies want to relocate to the County and companies already in operation seek to expand. The County currently has 10.6 million square feet of lab space with just 5.2 percent of current availability, according to the Montgomery County Economic Development Corporation.
Montgomery County is home more than 480 life sciences companies and some of the major government agencies including the National Institutes of Health (NIH) and the Food and Drug Administration.
The anchor of the fourth largest life sciences hub in the United States, the County’s I-270 corridor’s life sciences leasing is increasing at a rapid pace with companies including MaxCyte, TCR², Vigene Biosciences, On Demand Pharmaceuticals and Adaptive Phage Therapeutics.
“Compare our rents to the top three [regional sciences hubs],” said Pete Briskman, executive managing director of JLL. “We are nearly half what those rents are in Boston and San Francisco. There’s a reason why people want to come here.”
The COVID-19 health crisis put an international spotlight on Montgomery County as local companies such as Novavax, Qiagen, Altimmune and Emmes became leaders in COVID-19 vaccines, therapies and testing. In 2020 alone, close to $8 billion in Federal, private and foundational funding was invested in life sciences companies with a Montgomery County presence for coronavirus vaccine research and other immunotherapeutic developments. Four of the top 10 recipients of Operation Warp Speed for coronavirus vaccine research are in Montgomery County.
Life science breakthroughs extend beyond the pandemic: three Montgomery County companies—Supernus, United Therapeutics and Aurinia—were responsible for developing 17 percent of FDA-approval pharmaceuticals in the first quarter of 2021.
“The County is fast becoming an international Immunology Capital, drawing companies from across the country and around the world,” said Benjamin H. Wu, MCEDC president and CEO. “Global leaders choose the area for our highly educated workforce and proximity to NIH and the FDA.”
Montgomery County companies have access to more than 40,000 life science workers. The County ranks No. 1 for percentage of residents with a masters, Ph.D., or other advanced degree among counties with more than one million people.
A recently launched Memorandum of Understanding between the county and academia, including the University System of Maryland and Montgomery College, will provide new opportunities for students to gain workplace experience and participate in cutting edge research.
