Demand for NYC Lab Space “Continues to Explode”
Life-science lab space has emerged as a coveted sector of commercial real estate, with New York City reaping the benefits, CBRE says in a new report. Year to date, the city’s life science leasing activity “has already surpassed 2020’s full year total with Mt. Sinai’s 165,000-square-foot commitment for lab/R&D and office space in Manhattan,” said Nicole LaRusso, director of research & analysis for the New York Tri-State Region.
She added, “With a vacancy rate of just 1.9%, ready, pre-built lab space in NYC remains in short supply as demand continues to explode.”
The NYC metro area attracted an all-time high $2.9 billion in National Institute of Health funding in 2020, according to the CBRE report. In addition, the funding gap between the nation’s leading life science cluster, Boston/Cambridge, and NYC contracted to just $22 million in 2020, down from $367 million in 2016.
Pictured: Launchlabs at the Alexandria Center.