In a challenging year for traditional office space users, New York City’s life sciences sector continued to be a beacon of hope, CBRE says in a year-end report. Leasing for laboratory and other science-related space reached 156,000 square feet, its highest level citywide since 2011 and was more than double the figure recorded in 2019.
“More important than the aggregate absorption is the profile of the multiple mid-stage life sciences companies that drove the absorption,” said Steve Purpura, CBRE Life Sciences practice leader. “The large requirements of tomorrow are now deciding to stay in NYC when they graduate from the incubators. “
Added CBRE’s Jonathan Schifrin, who specializes in the life sciences sector, “Another factor in the rapid growth of the life sciences sector has been access to VC funding, which according to our report reached its second-highest annual total ever at more than $900 million.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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