The life science industry is growing rapidly around the country and New York City is poised for an explosion of new companies—but there isn’t enough real estate to accommodate them in Gotham, according to industry experts at the first-ever Life Sciences 2018 Real Estate Development Symposium on June 12.
There is currently 1.7 million square feet of commercial space dedicated to life science companies and labs in the Big Apple—all of which is fully occupied—out of the city’s more than 472 million square feet of office space, according to Mitchel Simpler, a managing partner at engineering firm Jaros Baum & Bolles, in his opening remarks at the event.
“The lack of suitable lab space for companies to grow and develop is an especially acute problem,” Simpler said to the room of 250 scientists, and real estate and biotech professionals at The New York Academy of Sciences at 250 Greenwich Street.
By comparison, in Boston—a city with a major presence of life sciences companies—the industry occupies 17.8 million square feet in an office market of 106.7 million square feet, according to CBRE’s Steve Purpura, the managing director of the brokerage’s life science consulting group.
Purpura said New York City could stand to add 500,000 square feet of space each year for life sciences. Why? There are 4.8 persons with a life science degree in the city for every available job at the moment, Purpura told the crowd.
Read more in Commercial Observer.