Demand for life science sustains as supply remains tight

Vacancy rates at Bipolis is at 4% in Q2 2023.

With the tight supply and active expansions of life science firms, vacancy rates of business parks at Biopolis could tighten further, Cushman & Wakefield said in a latest report.

“Over 80% of the upcoming Elementum business park at Biopolis is reported to be pre-committed or in advanced negotiations,” said Cushman & Wakefield.

The next wet lab-ready business park supply in the one-north and Science Park precincts would be 1 Science Park Drive in the next two years.

The property firm advised life science occupiers to lock in their leases early given potential rental increases.

The biotech venture capital investment globally may have declined last year due to interest rates but it remained higher than 2019. This is one of the factors that makes biotech poised for sustained growth.