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.
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.
- ◦Lease
