Life science companies have much to consider when designing a new space and expenses are always top of mind. To make best use of their capital, there are cost saving strategies to keep them on budget. We have listed 8 of them below.
8 Cost Saving Strategies for Life Science Companies
1. Choose cost effective building systems
Due to the high monthly expense to operate a lab, it is critical to consider both the initial outlay for the system, as well as the ongoing charge for utilities when making your selection.
2. Select the right architect
Focus on your budget as well as needs when choosing. Examine the pros and cons of a large firm versus a small firm. It is important to select both a cost effective and responsive solution.
3. Design for the future when planning for your growth
Taking on expansion space too soon will incur additional overhead. Control contiguous expansion space by either negotiating options or paying a percentage of the rent to reserve expansion space.
4. Consider future costs when leasing existing space
Existing labs build outs may be cheaper to lease, but they can also be at the end of their useful life. All building systems should be thoroughly inspected prior to occupancy. It is also important to budget for any possible future repairs.
5. Do not convert office space as it compromises air quality
General office HVAC systems are not designed with laboratory use in mind and will be compromised by adding fume hoods. Improper ventilation can cause stuffiness and poor air quality for employees.
6. A backup generator is critical to prevent loss of science
A power failure can destroy many months of hard work developing a cell or molecule. A generator can be sized for the minimum necessary to operate critical equipment.
7. Lab build outs are very specialized
Due to the high expense of building a lab and the anticipated long term use, it’s important to have experienced vendors who understand what specific materials withstand both spillage and heavy continuous operation of building systems.
8. Most importantly, select a team of experts to avoid costly mistakes
Having a team of advisors aid in the efficient use of capital is one of the best steps a life science company can take.
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For an individual assessment of your needs, please contact me for a free consultation.
Jeanne Sabo-Rothenberg, CCIM
Commercial Advisor
eXp Commercial
Cell: (908) 377-9004
https://www.commercialrebroker.com/
jeanne.sabo@expcommercial.com