As JLL has worked to build out its network of biotech brokers across the United States, the firm figured it needed a larger presence in the Research Triangle of North Carolina around Raleigh, one of the country's largest hubs for that type of research and development.
The brokerage has hired veteran life science broker Eric Forshee to launch a practice group for JLL in that market. Forshee joined JLL as an executive vice president late last week from rival Colliers, where he spent the past two years as a senior vice president who specialized in landlord representation of office and life sciences buildings.
“Raleigh-Durham has emerged as a top market for life sciences developments and, while we’ve been doing work in the sector for some time, we see the introduction of a solidified business line as a huge growth opportunity for the market,” Travis McCready, head of life sciences, JLL Americas markets, said in a statement.
JLL hired McCready to lead the expansion of the brokerage's life science business in September 2020, about six months into the pandemic. During the time, the life science industry emerged as critical as doctors and researchers work to develop vaccines and treatments. McCready had served more than four years as CEO of Massachusetts Life Sciences Center, an economic development and investment agency in the Bay State.
Now Forshee will be responsible for fortifying the office’s existing life science operation and advising clients on how to enter and expand their presence in the market. The firm said he would work with other JLL life sciences teams in Boston, San Diego and the Bay Area. Those are the top three U.S. life science markets, according to the JLL 2022 "Life Sciences Research Outlook & Cluster" rankings report released last month.
In the report, JLL said demand for U.S. life science space remains well above historic levels, but that the rate of growth has started to slow as investors rethink capital deployment in the current volatile economy, according to a new report from brokerage JLL.
Overall, Raleigh ranked as the No. 6 best life science market, according to the report. Raleigh "delivered a fair amount of lab development over the past two years and is one of the preeminent biomanufacturing hubs in North America," JLL said in the report.
"Notably, the success of biomanufacturing is a major differentiator for the market and as new drugs work through the trial stages and enter production, high-growth users will be attracted to the market’s strong labor force and innovation clusters," JLL said.
However, Raleigh ranked 21st when it comes to attracting investments in the life science industry and "consistently lags in venture capital funding in comparison to other top markets," according to the report.
A North Carolina native who lives in the Raleigh area, Forshee said in a statement that he looks forward to working with JLL and its clients "during a critical period of growth for the market.”