Author: Caryn Norton

Philadelphia’s life sciences market experienced a downturn over 2023, as the venture capital that was keeping it humming slowed to a trickle.

But a pair of new reports show that it hasn’t been hit as hard as other major biosciences hubs in the U.S., thanks to a slowdown in construction, and it could be poised for a comeback in the months ahead.

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With positive trends emerging during 2023 in tenant interior projects across the nation and the supply chain slowly returning to pre-pandemic normalcy, predicting the median costs of a construction project remain a top priority. Our experts have analyzed real-time data from our own projects to help pinpoint trends in various markets and help look ahead at the future. Read more of these real-time findings in our July 2023 Construction Cost Report.

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Restoring a historic building can present a unique set of challenges. Design requirements, existing conditions, and entitlements can all complicate the process. An experienced team is key to the success of the project. Pavarini McGovern and our sister companies in the STO Building Group have been fortunate to work on several historic NYC buildings, including Lever House, MetLife Building, 100 Vandam, the Barbizon Hotel, and the Irish Arts Center, to name only a few.

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