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Texas’ 20-year winning streak could be coming to an end.

In what has been billed as the “Texas Miracle,” the state transformed itself into the world's ninth-largest economy on a triple-pronged promise: the Lone Star State has low regulations, low taxes and low costs.

Those vows have attracted hundreds of companies, billions of dollars and millions of people, but even as major investment dollars and the masses continue to pour in from across the U.S., unbridled growth could be a thing of the past.

A major culprit? A severe lack of housing affordability that has many of Texas' top cities hurtling toward the once-unthinkable reality that the gap between it and cities on the coasts is narrowing to more of a crack.

"The housing advantage that we've had for decades is really gone," said Steven Pedigo, director of the LBJ Urban Lab and professor of practice at the LBJ School of Public Affairs at the University of Texas at Austin.

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Eight decades ago, when Baylor College of Medicine first established itself in Texas Medical Center, medical knowledge doubled every 50 years. Today, medical knowledge doubles every 73 days, and Baylor College of Medicine is bursting at the seams as it races to keep up.

To that end, the college is adding a 503K SF, 11-story medical education and research building to its campus. The Lillie and Roy Cullen Tower will be the first building of Baylor’s planned Health Sciences Park. It is expected to open in 2026.

The project is adjacent to TMC’s Helix Park, a 37-acre project that will support healthcare, life sciences and other business. The Cullen Tower will be on Butler Boulevard, in proximity to the other Baylor medical buildings within TMC.  The new tower will be a medical education facility for Baylor College…

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As venture capital funding falls along with broader confidence in the economy, life sciences companies have seen a drop in their funding, but a longtime player in the real estate world has taken an interest in biotech, providing a crucial infusion of capital.

Private investments, including family funds, have helped fill in some funding gaps being left by more cautious venture capitalists. In some cases, they’re even investing in lab space and developments directly. This new source of funding has become more and more important to giving promising startups more runway and helping them pay the rent.

The growth and expansion of life sciences real estate and development tracks closely to the investments being made in biotech startups, which makes recent softening in the venture capital market a concern for anybody building and leasing lab space.

Roughly one-fifth of what are called family offices — private wealth management firms advising and investing for wealthy individuals or family fortunes — have invested in healthcare or biotech in the last three years, according to Alastair Graham, who tracks these types of investments through his database, Highworth Research.…

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