Manhattan's East Side Consolidates its Position as the Central Node in Tri-State's Healthcare Sector

- Healthcare services and laboratory demand are expected to grow
in the New York Tri-State region in the coming years, with a
portion of this growth occurring adjacent to the medical cluster
that exists on Manhattan's east side.
- Tri-State residents over the age of 75 - those considered most
likely to require medical treatment - are expected to grow from
7.7% of the region's population today to 9.4% in 2030, increasing
in total number from roughly 1.7 million to 2.0 million.
- Since 2018, healthcare-related firms have signed new leases and
expansions for nearly 5.4 million sq. ft. of space in Manhattan for
a variety of uses including administration, lab-based research,
and patient care.
- The leasing and capital markets activity that is propelling off campus
healthcare growth gravitates toward the east side of
Manhattan and is driven by large space requirements from
healthcare systems.
- While Tri-State healthcare growth is broad-based, it is expected
that Manhattan-based healthcare systems will make an effort to
keep their physicians and researchers as close to campus as
possible, meaning more growth ahead for east side submarkets.