The Dallas area has been named a top market for emerging life sciences, according to a new report from CBRE.

CBRE’s 2023 U.S. Life Sciences Outlook report made the determination based on institutions, rapid growth, talent, and size.

The organization had already designated the DFW area as a primary market in February, identifying South Dallas as a new submarket for data centers and noting that construction, enterprise, and “hyperscale activity” in the area had been strong and growing. Last year, the organization recognized the region as having the second-highest percentage of growth in the life sciences job market for the past five years.

“Dallas/Fort Worth’s total life sciences labor pool has grown by 17% since 2019 to more than 26,000 workers, surpassing the national average growth of 13.7%. In the R&D sector, Dallas/Fort Worth ranked third nationally with a 44.5% growth rate over the same period,” said CBRE in the report.

CLICK HERE TO GET THE DALLAS EXPRESS APP

It is no secret that the Dallas-Fort Worth area has become a booming market for the life sciences in the last few years.

Among organizations contributing to the area is Caris Life Sciences, an Irving-based company that recently announced that it had reached nearly $2 billion in funding. Just weeks later, the Dallas-based company NexPoint Development Co. also announced its intentions to transform an office space in Plano into a new facility.

Chelsea Story, vice president of CBRE’s Life Sciences practice in Dallas, said in a statement that the area has all it needs to become a “dominant force in the life sciences sector,” the Dallas Business Journal reported.

“Our region attracted $1.6 billion in life sciences venture capital funding between 2018 and 2022, and the only limitation we have is the demand for life sciences facilities outpacing supply. Life sciences companies want to be in DFW and utilize our growing talent, and as developers continue to build and deliver new space, the sector will continue to grow, said Story, according to the Dallas Business Journal.

An increase in clinical trials also testifies to the growth and advances in the market.

The organization observed that the number of new Phase 2 and 3 clinical trials had increased in the past decade, exceeding 3,000 for the past three years.

Matt Gardner, CBRE’s Americas Life Sciences leader, said that “promising science” is coming that will continue to advance the industry.

“The life sciences industry and the broader economy have hit choppy waters in recent months, but the industry’s most important gauge — the product pipeline — signals sustained, underlying growth. Many metrics have receded from their 2020 and 2021 highs, but they’re still above their pre-pandemic levels,” Gardner continued.