The following is an excerpt from the op/ed penned by MassBio CEO & President Kendalle Burlin O’Connell for Banker & Tradesman, originally published in their September 24, 2023 edition.
Being at full capacity has been a deterrent for national and international companies looking to locate or expand their footprint in Massachusetts. We now have a great opportunity to work with state partners to recruit large biopharma companies, offering them exactly what they need when they need it (right away) as they scale their workforce needs.
We know that supply and demand in a competitive industry is a fine balance. An extended period where supply far outweighs demand would present its own challenges for our industry and yours. But a temporary phase of more accessible and available lab, manufacturing and business space presents a prime chance for more biotech companies to grow and thrive here.
To be sure, we face real challenges when it comes to growing our leadership position in biotech, especially with issues like housing, infrastructure and transportation that won’t be solved overnight. In order to maintain our well-earned status as a global leader, we must lean on our enduring strengths like talent and diversity, as well as our newly-established inventory of purpose-built space.
We know vacancy signs can make our friends in commercial real estate uneasy. But in the biotech world, we know discomfort can sometimes lead to the best long-term outcomes, especially when the fundamentals remain sound. As we’ve said all along, we’re not afraid of taking big swings, just like you.