Check out the news section of LifeSci NYC for more on the various projects the initiative is getting involved in. It might inspire some ideas to look for in your neck of the woods.
NYC is not alone in seeking life sciences investment
The mayor says the NYC venture is a bid to make the Big Apple the public health capital of the world. It has competition in its bid to be the next big life sciences hot spot -- Boston, for starters. There, according to a recent Wall Street Journal article, venture capitalists have pumped $7.2 billion into local life science companies so far this year.
And in San Francisco, Kilroy Realty (NYSE: KRC) broke ground last week on a $940 million life science project, offering smaller investors an opportunity to get directly involved by buying shares of this office real estate investment trust (REIT).
Another popular choice is Alexandria Real Estate Equities (NYSE: ARE), a specialist in such properties nationwide that has a long record of outstanding performance and is landlord to most of the makers of the COVID-19 vaccine.
The Millionacres bottom line
The push into life sciences by economic development agencies builds on a decades-long trend of government assistance in multiple forms -- from direct awards to property tax breaks -- as an incentive for companies to set up shop.
They also offer opportunity for investors either through the companies themselves, their landlords, or the surrounding real estate, especially in areas and properties eligible for additional breaks, such as opportunity zones.
To help kick off your own research, you can always check out this life sciences emerging markets index from JLL. By its calculations, using a variety of educational attainment and other economic and demographic measures, the markets with the top scores for potential are in descending order: Charlotte, North Carolina; Seattle; Denver; Austin, Texas; and Nashville, Tennessee.