The Emergence in Life Science Real Estate in Australia
The life sciences sector is expanding rapidly in Australia, with the country being an attractive destination for companies looking to invest in research and development (R&D) in biotechnology, pharmaceuticals, medical devices, and in other related fields. Although this is not a new sector, Life Sciences is rapidly becoming a key real estate asset class for…
According to Aus Biotech’s report ‘Australia’s Life Sciences Sector Snapshot 2022’, there has been a 43% growth in the life sciences sector since 2019 and this trend is set to continue.
The Australian government has taken a proactive approach in promoting innovation within the life sciences sector by implementing policies that encourage R&D investment such as tax incentives, grants and streamlined regulatory approval processes. The government has also encouraged and supported investments in where there is a real estate need for world-class research facilities, an example being the Australian Synchrotron and the Australian Centre for Neutron Scattering which support research and development in life sciences. Furthermore, the government now aims to bring manufacturing in the industry onshore.
In addition, Australia has a highly skilled workforce with expertise in a range of scientific disciplines. Known for its adaptability and creativity, and backed by its strong education system, with world-renowned universities such as the University of Melbourne and the University of Sydney offering programs in the life sciences, Australia is without doubt an attractive destination for companies seeking to develop innovative healthcare solutions.
It goes without saying that the demand for healthcare solutions is growing in Australia due to an aging population as well as the increasing prevalence of chronic diseases such as diabetes and cardiovascular disease. This has created a need for innovative healthcare solutions, which the life sciences sector is well-positioned to provide.
There are currently over 200 life sciences real estate precincts being developed in Australia. The life sciences sector requires specialized real estate for research and development, such as laboratories, clean rooms, and animal facilities. As the sector grows, there is an increasing demand for these types of assets which has led to the development of new purpose-built facilities and the conversion of existing properties into specialized laboratory and research spaces.
To support the growth of the life sciences sector, the Australian government has invested in the development of research parks and clusters. These are areas that bring together companies, research institutions, and other organizations to collaborate on R&D projects. Examples of such research parks include the Biomedical Research Victoria Parkville Precinct in Melbourne and the Biomedical Precinct in Sydney. In addition to this, there are several innovation precincts under current development including Bathurst, Macquarie Park, Newcastle and Armidale to name a few.
We expect an increase in roles in this sector over the coming years, and should you wish to have a further conversation on the sector and / or opportunities in it, please reach out to sally@aurexgroup.com
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Sally Tremlett
Managing Director
+61 2 9159 0600