Skender VP Brian Kane Moderates Bisnow “State of Life Sciences” Panel Discussion at Chicago Summit

How is the Chicago life science market developing to compete with the industry’s coastal hubs?

On January 23, Skender’s Brian Kane moderated a panel at the Bisnow Chicago Life Science Summit, which explored this question and discussed the past, present and future of the city’s life science market. The panel was made up of Amy Lin of the Advanced Research Projects Agency for Health; Dr. Suzet McKinney of Sterling Bay; Gary Pachucki of IBT Group; Rob Korslin of Harrison Street; Max Zwolan of JLL; and Singerman Real Estate’s Neil Ostrander.

While the high interest rate environment has certainly slowed life sciences development in the last couple years, signs from the Fed indicate that rates may have hit their peak. As a result, panelists predicted that deal flow in the Chicago life science market would begin moving again once leasing interest and capital picks up in larger markets like Boston, San Francisco and San Diego.

The panelists agreed that Chicago — with its comparatively low cost of living, access to public transportation and close proximity to several large universities — is well-positioned for growth in life science, so long as life science tenants are supported through their growth lifecycles by their landlords. While commercial real estate is often a somewhat transactional experience, in the life science industry, relationships really matter.

In order for life science companies to thrive in Chicago, they need 24/7 from the owners and operators of the buildings they inhabit. From providing space for growth to ensuring that access to critical power isn’t disrupted even during inclement weather, life science tenants in the city are looking for landlords who are willing and able to both understand and provide for their unique needs.