Alexandria Real Estate Equities Inc (ARE), the largest life science real estate company, is on track to have a record year in leasing, with its tenants garnering over 50% of FDA approvals last year and 69% to date this year, says Joel S. Marcus, Founder, Chairman and Chief Executive Officer of Alexandria Real Estate Equities, Inc.
“We are on pace to have a record year in leasing. Rental rates in most of the markets are trending upward,” Marcus said. “What’s driving that is record FDA approvals last year, 39 approvals, of which our tenants garnered well north of 50% of those. This year the pace is also pretty brisk, and to-date our tenants have garnered 69%. So it’s a great credit to our underwriting of product approvals and Alexandria tenants.”
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Alexandria Real Estate focuses on assets adjacent to major academic and medical institutions which generate breakthrough technologies in life science, Marcus says, and the company has benefited from a solid year in the industry at the capital markets level.
“Our world of pharma and biotech doesn’t generally make space determinations based on the general economy, they do it on event-driven needs, so if they have a new product or they have a big area that they are going after, that’s when they expand. The industry has probably had the best year in more than a decade at the capital markets level, and in valuations this has been a real boom year,” Marcus said.
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