While others are hunting for biotech prospects to strengthen their economy (ahem, Massachusetts), the San Francisco Examiner reports that the success of South San Francisco's biotech industry has insulated the region from the impact of the recession.
"Biotech is one of the few growth industries in California, and it will continue to grow," said Michael Lappen, South San Fran's economic development coordinator. "We'll see a slowdown in the next four or five years, but we won't need to scramble to attract businesses to come here."
Earlier this month, the City Council green-lighted a nine-story, 292,000 square foot research and development center. That property will be managed by Alexandria Real Estate, which has a background in the biotech industry. Another firm, Centrum Properties, also announced plans to spend $23 million purchase the SFO Logistics Center, a 572,000-square foot warehouse, from the U.S. government. The company says it will keep its current tenants but expects many of the new occupants to come from the biotech industry.
"We believe in the long-term economic feasibility of the area," said Mike McLean, vice president of development for Centrum. "We're not going to deter from going forward, particularly in South San Francisco because of the strength of the biotech industry."
- check out the San Francisco Examiner for more