As the city faces a glut of office space, the market for prebuilt lab space is still hovering at 0% availability, according to a report from CBRE.
During the first quarter of the year, 60 tenants were searching for more than 2 million square feet of lab space—a 2.4% increase from the previous quarter. The city currently has about 1.9 million square feet of real estate that can support lab use, but only 860,000 square feet of additional space is currently under construction. Nearly 77% of what’s under construction is being converted from other office use, and the remainder is ground-up construction.
According to CBRE, Manhattan’s lab-exclusive inventory
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