Commercial real estate research firm has started tracking deals, developments
By Murray W. Wolf
Mike Hargrave
ARNOLD, Md. – About eight-and-a-half years ago, a startup firm called Revista started to fill a void in the healthcare real estate (HRE) space by launching a data service tracking property information in the sector. Over the years, the Arnold-based firm’s RevistaMed services have expanded to include comprehensive property-level data for medical office buildings (MOBs) and other healthcare facilities nationwide, as well as industry data on transactions, development, leasing and more. The firm also hosts one of the largest annual HRE conferences.
Now, Revista aims to bring the same kind of data and transparency to the life sciences real estate (LSRE) space with a new product called RevistaLab.
RevistaLab will introduce data for the three bioscience markets of Boston, San Fransisco, and San Diego in October; hold a national launch event at the Encore Boston Harbor on Oct. 13-14, 2022; and roll out data for additional geographic markets during the coming months.
Revista’s principals and founders are Elisa Infante Freeman, Mike Hargrave and Hilda Flower Martin. They previously held leadership positions with the National Investment Center (NIC) for the Seniors Housing & Care Industry, where they were largely responsible for NIC’s extensive property information database and well-attended events.
BREI recently reached out to Mr. Hargrave to learn more about the new RevistaLab product.
BREI: Mike, congratulations to you and the rest of the Revista team on your latest product launch. What prompted Revista to expand into LSRE data?
Hargrave: The life science real estate sector is a natural vertical for us to pursue. It is related to the medical office sector and a few of our existing RevistaMed customers had asked us over the years if we would look at the LSRE sector.
BREI: How long have you been working on building the new LSRE business and database?
Hargrave: Since late 2019 and early 2020. We had questions about the breadth of industry participants and stakeholders, so we decided to fully research one market – the Boston CBSA (Core Based Statistical Area) – at that time. We found that the LSRE market, at least in Boston, was very active with many participants and stakeholders.
BREI: What are the similarities and differences between the HRE and LSRE markets and how you gather the data? Are there any synergies between the HRE and LSRE markets and/or between your Med and Lab products?
Hargrave: Many academic hospitals and universities are invested in the life science sector. So from that perspective, some of the real estate can mix between MOBs and research. Otherwise, the two sectors operate independently and have different attributes.
BREI: What products and services do you currently have to offer partners and other RevistaLab subscribers?
Hargrave: We have a complete inventory of LSRE buildings, both wet lab-capable and manufacturing. We also track construction (and) transactions, and collect availabilities and rents each quarter. We also collect a great deal of lease comp information which we integrate into our product offerings.
BREI: You started with the three largest life sciences clusters, correct? What other markets do you plan to add and approximately when?
Hargrave: We have fully researched Boston, San Diego and San Francisco thus far. We are also well on our way to fully researching next-tier markets such as New York/New Jersey; Maryland/Washington, D.C., suburbs; Raleigh/Durham, N.C.; Philadelphia; and others. We are working towards full U.S. market coverage.
BREI: Are you concerned about launching RevistaLab at this time, given the uncertainty that has developed in the economy, the slowdown in life sciences funding and the impact on LSRE?
Hargrave: Any time there is a slowdown in the economy we should be concerned. But we have found that in times of uncertainty having an industry-focused data service can serve as somewhat of a guiding light.
BREI: RevistaLab is also hosting its national launch event next month in Boston. What can attendees expect from your LSRE Investment Forum?
Hargrave: Our events fold in highlights from our data service to help frame discussions and inform content. Our events also focus on high-level networking, which we work to facilitate.
BREI: From your perspective, what’s the most interesting thing you’ve uncovered so far – your favorite LSRE factoid, trend or tidbit?
Hargrave: I think the amount of construction in the pipeline is the real story in the sector. The LSRE sector has seen a significant increase on the demand side for several years, and the supply side – new construction – is just starting to catch up. (To read more about LSRE inventory growth, please click here.)
BREI: How can someone find out more about RevistaLab and your upcoming conference?
Hargrave: Our website is www.revistalab.com or feel free to reach me at mike@revistamed.com.
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