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New York & Tri-State  + Downtown New York  + Healthcare  | 

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.


Inside The Story

CBRE’s LaRusso

About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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