The continued growth of Tampa Bay’s biotechnology industry is one factor for the continued rejuvenation of the Tampa Bay real estate market. From home sales prices in 2008 and 2009 that account for only 93% of listing prices, the Tampa Bay market has gone to enjoying sale prices that equal 97% of sellers’ desired prices. The average sale price also has shot up from $134,856 in January 2011, the lowest price average over the past five years, to $204,602 in June 2013.
With companies relocating to and expanding in the Tampa Bay region, employees come with them together with their families. More families mean more people who need homes. More home buyers mean a more energetic real estate market.
The Tampa Bay region has been the destination of biotechnological companies for their expansion or relocation for the past several years. The Tampa Hillsborough Economic Development Corp. (EDC) has reported that more than 600 life science companies with over 13,200 employees have been operating in Tampa. The Tampa Bay area’s biotech companies and pharmaceutical firms have been making significant impact on Florida’s becoming world renowned in life sciences research and manufacturing. Universities in the Tampa area have been active partners in research and innovation in biotechnology, medical and pharmaceutical industries.
Bristol-Myers Squibb Company
One multinational company that has decided to locate in Tampa is Bristol-Myers Squibb Co. Bristol-Myers Squibb is a New York City-headquartered biopharmaceuticals company which had $17.6 billion in total sales in 2012 and had invested a total of $3.9 billion in the same year in research and development. Its top-selling products in 2012 were Abilify, Plavix,
Sustiva, Reyataz, Baraclude, Orencia and Sprycel. Among recent recognitions received were Rank No. 3 in Corporate Responsibility magazine’s 2013 Best Corporate Citizens and 100% rating in Human Rights Campaign Foundation’s Corporate Equality Index.
The company’s operations include:
- Adnexus Therapeutics, a leader in protein therapeutics
- Amylin Pharmaceuticals, engaged in exploring the therapeutic value of the peptide hormone called amylin
- Biocon Bristol-Myers Squibb Research Center, engaged in medicinal chemistry, biology, drug metabolism and pharmaceutical development
- ZymoGenetics, focused on developing therapeutic proteins for the treatment of immune-oncology diseases and fibrosis
Economic development officials in the Tampa Bay region reported that Bristol-Myers Squibb will open a North America Capability Center in a 70,000-square foot facility in Tampa in January 2014, giving jobs to about 250 employees. Further expansion is expected to add up to 325 jobs in supporting technical and scientific activities by 2017.
The creation of high-paying jobs will certainly attract professionals to the Tampa Bay area and will encourage students interested in life science careers. As executives and professionals look for homes for their families and as students look for condos or rental properties, they will in turn further energize the Tampa Bay real estate market.