NY Life Science Expands Steadily in Q3 

The life sciences industry is expanding steadily in New York City, with state and city incentives encouraging lab development for medical research, according to a report from Cushman & Wakefield.  

The city has 2.9 million square feet of lab space with an average asking rent of $102.62 per square foot. Despite a current vacancy rate of 30.3%, more than 1 million square feet of lab space is under construction or renovation, with 80% expected to be delivered by the end of 2023. 

In New Jersey, the life sciences sector remains active with over 19.4 million square feet of lab space. The strategic location, talented workforce, and strong supply chain infrastructure contribute to the growth of life sciences activities in the region. The vacancy rate for lab space is at 9.5%, with strong demand and limited existing inventory. Asking rents for life sciences space have risen to $38.33 per square foot.