Taking advantage of Real Estate Trends
Connecticut has put an emphasis on becoming a center of concentration for biotech. During the early aughts, we saw a number of companies start up, locate, or expand here. When the market declined, some of those companies folded or left for bigger cities. That's completely normal. When prices go up, firms look in less expensive places, and families move further away from center cities. Since real estate is so cyclical, the converse is also true: When prices and demand fall, people can once again afford big metro areas, and more convenient suburbs.
The key is to get to a critical mass of concentration when the market is strong, so that it doesn't fall apart in a temporary decline. COVID has helped smaller cities in this regard, as employees are increasingly able to choose where they want to work, and they are often picking smaller urban locations. Connecticut fits that bill, and New Haven, with its many universities and desirable graduates, can take advantage of this trend right now.
Attracting biotech workers to Connecticut
With staffing in many organizations at critically low levels, during the Great Resignation, Connecticut needs to push its proximity to NYC and Boston, as well as its shoreline, forested land percentage, and culture to attract biotech workers and firms. Many academic studies have shown the very simple result that companies locate where the CEO wants to live. As long as we can provide a business-friendly climate, and an affordable cost of living, we are in the hunt. It's important that we capitalize, however, on the part of the cycle that we are in. If we haven't attracted enough industry to form a cluster, we are far more likely to lose what we do have when leaner times return. The time for action is now!