Life Sciences Sector Leasing Activity Continues to Boom in 2021

While leasing activity among the life sciences sector has been trending upwards in New York City over the last several years, the volume of square feet leased in 2021 shattered records. The total of 433,000 square feet leased last year was nearly triple the total in 2020, and “exceeded all of the leases in the sector combined in the previous 7 years.” Average asking rents on triple-net life sciences leases in Manhattan rose $3 year-over-year, reaching $114 per square foot as availability grows harder to come by.