NYC Life Science Leasing Reaches New Highs
2022 was a banner year for New York City’s life sciences market, CBRE reported. The market saw leasing total 455,000 square feet, up 5% year-over-year, with average rents reaching an all-time high of $108.47 triple-net per square foot and the availability rate diminishing to 3.8% even with new supply. “After a record-setting stretch of capital infusing ... The post NYC Life Science Leasing Reaches New Highs appeared first on Connect CRE.
2022 was a banner year for New York City’s life sciences market, CBRE reported. The market saw leasing total 455,000 square feet, up 5% year-over-year, with average rents reaching an all-time high of $108.47 triple-net per square foot and the availability rate diminishing to 3.8% even with new supply.
“After a record-setting stretch of capital infusing the local life sciences market since 2017 capped off by all-time highs in [venture capital] funding and NIH funding in 2021, funding saw a pullback during the second half of the year across the country,” said John Isaacs, an EVP in CBRE’s Midtown Manhattan office.
Nevertheless, he continued, “local life sciences leasing activity climbed to new heights in 2022, marking the second consecutive year of more than 400,000 square feet of leasing. The uptick in activity has been buoyed by the addition of lab-ready projects brought to market over the past few years.”
Pictured: 125 West End Ave. in Manhattan.
The post NYC Life Science Leasing Reaches New Highs appeared first on Connect CRE.
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