Real estate for Big Apple life science companies is set to double in the next two years, providing more inventory to the rapidly growing industry that has faced a dearth of options in the city.
There is just 1.6M SF of lab space in New York City, according to a report from CBRE released this week. But that figure is set to double over the next two years, with around 1.5M SF now under development.
“New York is a top-five market for new talent, with a growing number of graduates holding degrees in biological and biomedical science,” CBRE Tri-State Director of Research and Analysis Nicole LaRusso said in a statement. “The collection of top-tier universities here, like NYU and Columbia, and in surrounding suburban markets continuously offers an impressive pool of candidates for life sciences companies.”
Read the full story in Bisnow