Bisnow’s Richmond State of the Market event brings together advanced manufacturing, life science, and non-profit leaders to explore how the city is growing
RICHMOND, Va., Nov. 21, 2022 /PRNewswire/ — In a panel focused on current advanced manufacturing and life science developments hosted by BISNOW, DPR Construction‘s Raj Vora offered his thoughts on Richmond’s rich business climate. Vora shared his insights on how Richmond compared to the larger biotechnology hubs along Maryland’s I-270 Corridor and North Carolina’s Raleigh-Durham region.
“The educated workforce and quality of life in the region, amplified by Richmond’s proximity to research facilities, has attracted newcomers and life sciences startups,” said Vora. “Institutions like VCU have spawned a subset of the global supply chain for specific critical, widely used drugs like insulin (Civica) or active pharmaceuticals used in vaccine manufacturing (Phlow) that will only continue to grow in the area. When coupled with the strength of the utility infrastructure, low property costs, and rich local culture Richmond becomes an attractive location.”
Vora said the overwhelming interest in lab and manufacturing space is strong; however, since much of the recent activity has been developer-driven, rising interest rates and the need to shift risk to the owner/user community may affect the demand.
“Interest in Richmond by the life science community has been a long journey and one that will continue to develop,” Vora said. “A Commonwealth-wide effort began in 1992 and has led to strong clusters throughout the state including the Northern Virginia, Hampton Roads, Roanoke/Blacksburg and Charlottesville areas. The key takeaway should be cautious optimism with a positive outlook on the life sciences industry’s ability to take hold in Richmond.”
Joining Vora in the conversation was Chandra Briggman of Activation Capital and John Newby of Virginia Bio.
About DPR Construction
DPR Construction is a forward-thinking, self-performing general contractor and construction manager specializing in technically complex and sustainable projects for the advanced technology, life sciences, healthcare, higher education and commercial markets. DPR’s portfolio of work ranges from large-scale new construction to small tenant improvements and special projects. Founded in 1990, DPR is a great story of entrepreneurial success as a private, employee-owned company that has grown to a multi-billion-dollar organization with offices around the world. Strategically focused on delivering more predictable outcomes through applications of virtual design & construction, prefabrication, its corps of self-perform craft, and leveraging data to learn and improve from DPR consistently ranks among the top building contractors and employs approximately 10,000 professionals across its family of companies. For more information, visit http://www.dpr.com.
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