Location plays a crucial role in the success and growth of your organization. When it comes to choosing the ideal place for your life science or biotech company, Philadelphia emerges as a compelling choice for a myriad of reasons, including its status as an established life sciences hub, well-connected infrastructure, a talented workforce, and cost advantages. Read on to learn why Philadelphia is the perfect destination for your company and how CIC Labs + Innovation Campus in Philadelphia can help pave the way for your growth.
Philadelphia: Where Opportunities Abound
A Thriving Economy and Workforce
Philadelphia is the fourth-largest metro area in the Northeast, boasting a Gross Regional Product of $515 billion. The city’s workforce of 3.2 million comprises highly skilled talent across key industries, including biotech and life sciences, energy, manufacturing, technology, and financial services, all of which are needed for a successful and supportive ecosystem. Home to roughly 130 post-secondary schools1, Philadelphia also cultivates a talent pool that ranks among the highest in the United States, providing a rich resource for recruitment and collaboration.
One of Philadelphia’s greatest advantages is its strategic location. Situated in the heart of the Northeast Corridor, it easily connects to major East Coast cities. With five international airports within driving distance, including Philadelphia International Airport, and three major shipping ports along the Delaware River, the city offers unrivaled access to global markets. Moreover, Philadelphia is home to the fastest-growing port and the largest refrigerated port in the United States2, making it an ideal choice for companies with international logistics and distribution needs.
A Hub for Life Sciences Talent
According to CBRE, Philadelphia ranks sixth in the United States for the best market for life sciences talent. With a thriving ecosystem of universities, research institutions, and healthcare facilities, the city has cultivated a highly skilled and specialized workforce dedicated to advancing the life sciences and biotech sectors. Philadelphia is also at the forefront of cell and gene therapy research and manufacturing, cementing its status as a global hub in these fields. With a supportive ecosystem, cutting-edge research facilities, and collaborative networks, the city offers an unparalleled environment for companies specializing in these groundbreaking technologies.
At CIC Philadelphia, we witness this growth daily and recently welcome an influx of new life sciences clients to our Labs + Innovation Campus, many of which are international companies looking to grow in the United States; such as Ori Biotech, Eureka BioTech, and several others.
Compared to other major life sciences hubs in the United States, the cost of living in Philadelphia is notably lower3. This translates to more competitive operational costs and greater affordability for your employees. Philadelphia’s affordability, combined with its robust quality of life, makes it an attractive destination for both your business and your team members. Philadelphia’s appeal is further enhanced by its status as a Keystone Opportunity Zone (KOZ). This designation comes with state and local tax abatements, providing tax incentives that can significantly reduce your company’s financial burden during its early growth stages.
CIC Labs + Innovation Campus in Philadelphia: A Turnkey Solution
Located in the heart of Philly’s University City, CIC Labs + Innovation Campus in Philly offers turnkey lab and office spaces that provide all the resources necessary for companies to work, grow, and innovate. Our lab spaces are customizable, full-service, and high end. Additionally, we offer flexible terms, allowing your space to adapt to your needs and growth. Through partnerships with industry-leading lab equipment manufacturers, including Thermo Fisher Scientific, Eppendorf, Miltenyi Biotec, and more, our labs are fully equipped. In addition state-of-the-art equipment and partnerships with top lab equipment manufacturers, being a part of a CIC Labs + Innovation campus means you’re surrounded by like-minded researchers and lab startups.
In fact, our clients have raised $1.66 billion, and we’re proud to support them with everything they need to focus on their mission. Learn more about how we can help your company grow in our recent webinar, “Pave the path to growth at CIC Labs + Innovation Campus in Philadelphia” below or schedule a tour.
1 Includes colleges, universities, technical & vocational schools. Sources: National Center for Education Statistics, Integrated Postsecondary Education Data System; The Chamber of Commerce for Greater Philadelphia. Data as of April 2023.
2 Select Greater Philadelphia, Philadelphia Chamber of Commerce
3 Bureau of Economic Analysis, Regional Price Parities by State and Metro Area; The Chamber of Commerce for Greater Philadelphia. Data as of April 2023