The Life Sciences sector in NYC has now enjoyed it's 2nd straight boom year in 2022 with tenants leases for 455,000 square feet. Leasing volume was up 5% from 2021 with 433,000 square feet leased.
Average rent in this sector also broke a record last year at $108.47 per square foot.
Manhattan's West End Labs came to market with very high asking rents. The biggest lease of the year came from King Street Properties 45-18 Court Square West in Long Island City. New York University took 92,000 square feet at the building known as Innolabs. New York University also took the 2nd largest lease of the year for it's School of Medicine with 56,000 square feet at Deerfield Management's 345 Park Avenue South.
Life Sciences space increased year over year from 1.9M square feet to 2.7M square feet, mostly in Manhattan. In Long Island City, Longfellow Real Estate Partners property located at 43-10 23rd Street delivered 200,000 square feet to the market last year.
Ready to use lab space remains limited for would be tenants. The city has 6.2% availability for such space which drops to only 2.9% availability for just Manhattan.
Yes, the last 2 years were a record for Life Sciences space leased, but there is still a big incentive to improve it's life sciences pipeline, as New York City competes with San Francisco and Boston for biotech companies.
To be continued...
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