Leasing activity and venture capital funding in the city’s life science sector broke records in 2021 as out-of-market tenants that faced little supply in their own areas capitalized on availability, and large local institutions, such as Mount Sinai and NYU, entered the mix for new lab space.
Demand for lab space climbed by 67% from a year ago and funding levels hit a peak of $1.4 billion, according to a new report by commercial real estate firm CBRE. The availability rate for lab space citywide fell to 7.7% in 2021, the report found. The availability rate for occupancy-ready, prebuilt lab space was even lower, hitting 3%.
Maria Gotsch,
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