Growing medtech industry to alter real estate market

Minnesota’s medical-technology (medtech) industry is broadening, bringing with it new real estate opportunities and challenges.

Panelists discussed the industry during a virtual event the Minnesota Commercial Real Estate Women, a local business network, held Wednesday. They identified an expanding need for coworking and shared lab spaces as companies continue with hybrid work models, as well as a need for new types of amenities medtech companies demand — all of which could change the business models of commercial real estate companies.

Minnesota’s two fastest growing industries are bioscience and manufacturing. “And medtech fits right squarely into those two categories,” said Terri Ulrick, a principal and director with St. Paul architect firm BWBR.

With companies planning their return to in-person work, many medtech companies are rethinking their physical space needs.

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