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NYC Life Sciences Availability Drops in Q3
In the latest quarterly report from CBRE for New York City’s lab leasing market, several key trends emerged.
Lab leasing velocity in the city declined to 27,000 square feet, a notable drop from the previous quarter’s 88,000 square feet and a significant decrease compared to the same period last year when it was 163,000 square feet.
The lab exclusive availability rate stood at 36.4%, with a 110-basis point decrease from the previous quarter and a 140-basis point decrease from the previous year. The occupancy-ready, pre-built lab availability rate remained steady at 10.7% from the previous quarter but increased by 350 basis points from the previous year.
The average asking rent remained relatively stable at $100.76 per square foot. Lab space requirements totaled 1.15 million square feet, marking a 4% decrease from the previous quarter and a 45% decrease from the previous year.
- ◦Development
