The following is the 2021 Global Science City Report From Savills recommended by recordtrend.com. And this article belongs to the classification: Chinese economy, research report.
The research department of Savills released the 2021 Global Science City report, in which we selected the top 20 science cities in the world, with Shanghai, Beijing and Suzhou on the list.
“Life science industry and real estate have been closely linked, and are no longer the exclusive industry of suburban industrial parks. In order to attract the best talents, the dynamic city center has become a hot area for life science enterprises. These cities in the list gather all kinds of resources, such as universities, hospitals, state-owned enterprises, private enterprises, and so on. The sparks of wisdom and innovation constantly promote the development of life science, a knowledge intensive industry.
Mapping the potential of global science cities
The success of a scientific city requires six elements to mix and work together according to a specific ratio. The outstanding scientific cities have strong performance in all indicators
Talent reserve and university resources
Top three cities: London, Beijing and Shanghai
The indicators refer to the salary of scientific researchers, the inflow of population, the number and ranking of universities with life science majors, the number of students and research results.
Hospitals and R & D institutions
Top three cities: Basel, Mainz and San Francisco Bay Area
The indicators refer to the government’s R & D expenditure on Life Sciences, the integration of industry and University, and the number of patents.
Top three cities: Boston, San Francisco Bay area, Seattle
The indicators refer to venture capital and charitable grants in life sciences and global health.
Top three cities: Singapore, Seattle and San Francisco Bay Area
The indicators refer to the business convenience, technical infrastructure and information and communication technology of each city.
Top three cities: Singapore, Cambridge and Tokyo
We assessed the cost of living, quality of life, safety, mobility and environmental factors in each city.
Real estate development
Top three cities: Suzhou, Beijing and Shanghai
The cost of commercial and residential property is related to the company’s profit and employee’s income. Cities with lower rents for laboratories and housing performed well in this indicator.
Real estate market of scientific city
China’s advantage is at the right time
Life science enterprises usually have a variety of special requirements for properties, from dry laboratories that need to process a large amount of data and use little or no water to wet laboratories that need to be equipped with fume hood, water supply and drainage, sink and chemical resistant wall surface. The professional characteristics of life science real estate mean high development and decoration costs and high entry threshold, which leads to the situation of short supply in some markets.
The rental cost of such professional facilities varies from city to city. The annual rent of the lab in Boston is $103 per square foot, which is 50% higher than the rent of local high-quality office buildings. In the San Francisco Bay area, which ranks second in the index, the rent of laboratory space is 11% lower than that of high-quality office buildings due to the larger market volume and the recent weakness of office rental market.
For example, GlaxoSmithKline, the UK’s largest pharmaceutical company, announced in September 2020 that it would establish a new artificial intelligence research and development center in King’s cross business district. However, due to the shortage of supply, the rental cost of laboratories and office buildings in London is the highest among the 20 science cities. The rental cost of laboratories is $113 per square foot, which is roughly equivalent to the rental level of high-quality office buildings.
Among the 20 science cities, Beijing and Suzhou have the lowest laboratory rents, which are about 60% lower than those of high-quality office buildings in urban areas. Many of the facilities are concentrated in industrial parks in the suburbs. Compared with overseas countries, the development cost of China’s life science industry is more advantageous. With the support of industrial policies, there is room for growth in the future.
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