New York City Evolving into Premier Destination for Life Sciences as Demand for Lab Space Surges

A recently released industry report reveals that “NYC’s life sciences industry has moved onto the fast track in recent years.” Since the successful opening in 2010 of the Alexandria Center for Life Science— the city’s first major lab campus, the city has further sparked interest within the sector through the 2016 introduction of the incentives program — the $500 million New York City Economic Development Corp. (NYCEDC) and the City of New York’s LifeSci NYC initiative, followed in 2017 by New York State’s own $620 million life sciences incentives. Robust leasing activity has pushed year-over-year average asking rents up 6% at the end of the first-half of 2021 for Manhattan’s lab exclusive space; while leasing activity during the first 6 months of the year reached 331,000 square feet — the highest annual total on record, and more than double that of 2020’s full year total.