New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NYC Life Sciences Momentum is “Like Never Before”
Life sciences has established itself as one of the bright spots in New York City’s real estate market this year, CBRE reports. The firm cites record-breaking leasing activity, an 85% year-over-increase in lab space demand and the continued momentum of venture capital funding in the sector.
According to CBRE’s Life Science Market Report, NYC’s leasing activity reached its highest annual total on record in the first half of 2021. At 331,000 square feet, the six-month tally is more than double the figure recorded during the full year 2020.
“NYC’s life sciences sector is seeing momentum like never before,” said John Isaacs, EVP at CBRE. “Both public and private capital is flowing into the sector at a robust clip, helping to drive the surge in demand. We expect this trend to continue as more early-stage companies mature, and more institutional-grade tenants enter the market.”
- ◦Lease
