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Life Sciences Sector Continues Flourishing in NYC
New York City’s life sciences sector continues to flourish in an otherwise challenging time for traditional office tenants, CBRE reported. Lab tenants are continuing to expand in the wake of the COVID-19 pandemic, in response to ongoing momentum and a robust flow of financing by venture capital and NIH funding sources.
Deal flow in the sector persists, as indicated by BlueRock Therapeutics’ 20,000-square-foot expansion at the Alexandria Center for Life Science. Deerfield Management’s 435 Park Ave. South, Janus Property Company’s Taystee Lab Building and Silverstein and Taconic’s Hudson Research Center also continue to experience a steady stream of tenant interest.
“The steady stream of life science projects under construction in NYC, coupled with continued flow of private and public funding, have positioned the market to continue the upward trajectory that we’ve seen over the last 18 months,” said CBRE’s Steve Purpura, a vice chairman specializing in the life sciences sector.
Pictured: Alexandria Center for Life Science.
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