March 7, 2019
New York City’s supply of lab space for life sciences is expected to double over the next two years from its current 1.64 million square feet. CBRE says the city’s life sciences industry has a considerable edge on the nation’s other emerging markets for talent, institutions, funding and municipal support.
“With upwards of 1.5 million square feet of lab space currently in development, coupled with a recent surge in funding for locally-based research companies, New York is well-positioned to grow significantly moving forward,” said CBRE vice chairman Steve Purpura, who works predominantly with life science clients.
Local employment in the sector has risen sharply over the past two decades, growing 45% since 2001 and 24% since 2007, largely withstanding the Great Recession. Three new life sciences incubators will open in New York this year, supporting emerging companies that will eventually look to expand into the city’s growing lab inventory.
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