Life sciences has established itself as one of the bright spots in New York City’s real estate market this year, CBRE reports. The firm cites record-breaking leasing activity, an 85% year-over-increase in lab space demand and the continued momentum of venture capital funding in the sector.
According to CBRE’s Life Science Market Report, NYC’s leasing activity reached its highest annual total on record in the first half of 2021. At 331,000 square feet, the six-month tally is more than double the figure recorded during the full year 2020.
“NYC’s life sciences sector is seeing momentum like never before,” said John Isaacs, EVP at CBRE. “Both public and private capital is flowing into the sector at a robust clip, helping to drive the surge in demand. We expect this trend to continue as more early-stage companies mature, and more institutional-grade tenants enter the market.”
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).