Growth in Life Sciences Industry Creating Corporate Real Estate Opportunities
Over the past five to seven years, there’s been a significant shift in the way large pharmaceutical companies develop new drugs.
Instead of relying heavily on their own internal research and development efforts, these companies are instead partnering with respected academic institutions and startups as they seek to discover the next blockbuster drugs and treatments…
Read more here: newsobserver.com
Stegmeier Consulting Group’s Insights…
At SCG, client organizations often engage us when talent attraction and retention has become problematic, and the workplace is looked at as a vehicle to improve results. For example, a new or redesigned office can employ a brighter, more open concept that stresses the collaboration that the millennial generation in the workforce tends to prefer.
But how about this for a strategy: instead of simply hoping your workplace can draw talent in from colleges, universities, and other competitors in your industry, why not bring your workplace to them? That’s exactly what so many organizations are doing in the Life Sciences field in North Carolina’s Research Triangle Park. From large organizations, to smaller startups, these pharmaceutical companies realize their best shot at adding quality talent will come from being within close proximity to Raleigh, Durham, and Chapel Hill – the homes of North Carolina State, Duke University, and the University of North Carolina, respectively. Research Triangle Park is centrally located in relation to all three.
Argos Therapeutics, for example, is one such company looking to expand its operations in the park. In 2014, Argos broke ground on a new, 100,000-square-foot bio manufacturing facility. “Durham is the ideal location for us to attract the experienced talent we need.” Argos President and CEO Jeff Abbey said at the time.
Attracting talent is one thing, but a project that requires refurbishment, or acquisition and development of new space – no matter where it is – will no doubt present challenges with the existing workforce. Goals and business cases will need to be clarified and communicated to all levels of employees. Angst about new seating or new strategies will need to be quelled. It’s no surprise that so many corporate real estate endeavors often include experienced consultants, like those from Stegmeier Consulting Group. Our team can assist with the Critical Influences of workplace change: factors that can impede the path to a successful transition into a new space.
Institutions of higher learning, pharmaceutical companies, as well as healthcare providers such as Cleveland Clinic and Partners Healthcare, have all sought Stegmeier Consulting Group’s guidance during times of workplace change. Many organizations are making changes to lab & office space for researchers & scientists, many of whom are highly respected thought leaders who often equate the size or sole-ownership of their workspace to their standing in the organization.
To save on space, some organizations are now doing away with dedicated lab space for employees, and introducing shared lab space as a component of their workplace strategy. Offices are also being moved within lab areas, which tends to cause another set of hurdles for end users as well (germs, equipment, etc.). Our team has experience leading high-level, demanding talent through initiatives that did away with private dedicated space, and instead focused on more collaboration.
Recently, SCG led a West Coast-based pharmaceuticals company through a transition that was not just an office transformation but also a lab environment transformation. Lab users were accustomed to individual lab spaces, as well as their own assigned workspace outside of the lab environment. The new work environment included a combined, shared lab environment, resulting in a reduced overall square footage (when compared to sum of individual labs), and the new design involved a modular HVAC/Electrical infrastructure that would facilitate cost-effective future changes/lab reconfiguration.
No matter the type of work environment or employees involved, Stegmeier Consulting Group can assist with a wide range of challenges involved in implementing a workplace change initiative. Contact us to find out how we can help you.
Changing the way organizations manage workplace change