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NYC Life Sciences Sector Records Banner Year for Leasing

In a challenging year for traditional office space users, New York City’s life sciences sector continued to be a beacon of hope, CBRE says in a year-end report. Leasing for laboratory and other science-related space reached 156,000 square feet, its highest level citywide since 2011 and was more than double the figure recorded in 2019.

“More important than the aggregate absorption is the profile of the multiple mid-stage life sciences companies that drove the absorption,” said Steve Purpura, CBRE Life Sciences practice leader. “The large requirements of tomorrow are now deciding to stay in NYC when they graduate from the incubators. “

Added CBRE’s Jonathan Schifrin, who specializes in the life sciences sector, “Another factor in the rapid growth of the life sciences sector has been access to VC funding, which according to our report reached its second-highest annual total ever at more than $900 million.”

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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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