Trends like RNA-based therapy, AI, and tissue engineering are making waves in the biotech industry. As we continue moving past the pandemic, industry experts predict that the U.S. biotech industry alone could reach a whopping $183.1 billion by 2024, with a staggering global projection of $465.9 billion. With such rapid growth, these pioneers often face unique challenges when it comes to creating a workspace that can adapt to their burgeoning needs.
Enter CORT. As a part of Warren Buffett’s Berkshire Hathaway, CORT is the nation’s leading provider of transition services. Our offerings include furniture rental for home and office, event furnishings, destination services, apartment locating, touring, and other services. We aim to provide flexible, innovative furniture rental solutions that empower individuals and businesses to create spaces reflecting their unique identities.
Overcoming Office Space Challenges in Biotech Startups
Biotech startups are grappling with several issues when it comes to office space. For instance, there’s a record amount of life science office space under construction, with nearly 22 million square feet expected to be completed in 2024 – a sixfold increase from 2019 levels. Additionally, the industry saw 187 layoff events in 2023, up 57% from 2022, suggesting a reduced need for new office space.
Adapting to Market Demands
Despite these challenges, the biotech industry is showing resilience and adaptability. Companies are strategically analyzing their real estate needs, focusing on high-quality spaces in established biotech hubs while postponing less critical projects. There are also signs of a resurgence in demand driven by increased venture capital investment and upcoming scientific advancements.
How CORT Can Support Biotech Startups
CORT offers scalable furniture rental solutions that adapt as your company grows, providing rental options that allow biotech startups to expand their workspace without high-cost investments.
“With the startups, there’s typically an immediate need. They’re consistently growing and expanding and needing that flexibility. That’s where we play well and can solve a lot of business issues or challenges,” explains Shannon Miles, CORT Regional Sales Manager.
As your trusted partner, CORT does more than just provide furniture. We understand that startups often don’t have a dedicated facilities or operations expert. We step in as that consultant, helping to get your space up and running quickly and efficiently.
The CORT Furniture-as-a-Service™ (FaaS) model is specifically designed to help the biotech industry beyond furniture. It empowers businesses to redefine their workspaces for operational success, cost-effectiveness, talent acquisition, and more.
Ready to create the ideal work environment for your startup? Don’t wait. Contact CORT today and discover how we can transform your workspace to drive success.
