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Lab Space Demand Remains Strong as NYC Life Science Sector Grows

Demand from life sciences tenants in search of lab space in New York City remained robust in the third quarter as premium product became available, CBRE reported. During Q3, demand for space reached 2.1 million square feet, while new lab space under construction or redevelopment totaled 866,013 square feet. 

Three of the four projects underway are spaces being converted into labs, including Elevate Research Properties’ West End Labs in Manhattan and Longfellow’s Hatch in Long Island City. 

“Lab leasing activity was strong in the third quarter as many large hospitals and life sciences companies take advantage of New York City’s deep pool of highly educated workers,” said CBRE’s David Stockel. “We are seeing an increase in demand and leasing momentum compared to previous years, and we are confident that the life sciences sector will continue to grow throughout the area.” 

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CBRE's Stockel

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 GlobeSt.com 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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