The life sciences industry in New York City is experiencing steady growth, driven by state and city incentives that promote the development of medical research labs. According to a report from Cushman & Wakefield, the city currently has 2.9 million square feet of lab space with an average asking rent of $102.62 per square foot. Despite a current vacancy rate of 30.3%, there is over 1 million square feet under construction or renovation, with an estimated completion date by the end of 2023.
In neighboring New Jersey, the life sciences sector remains active with over 19.4 million square feet dedicated to lab space. The region’s strategic location, skilled workforce and robust supply chain infrastructure contribute to its thriving life sciences activities.The vacancy rate for lab space stands at just 9/5%, indicating strong demand and limited existing inventory.Asking rents for this type pf property have also risen significantly to $38/33 per square foot.
This latest update on NY’s expanding life science industry was reported by Connect CRE.
