Figures
New York City Life Sciences 2023 Year End Report
February 27, 2024 10 Minute Read
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- As of year-end 2023, NYC’s total lab exclusive inventory was 3.05 million sq. ft. and is expected to grow to roughly 5.24 million sq. ft. by 2029.
- At 398,000 sq. ft., NYC’s lab leasing velocity in 2023 trailed the prior year by 13% but was the third highest annual total on record.
- NYC’s lab exclusive average asking rent closed out 2023 at $98.52 NNN per sq. ft., down 9% from the all-time high reached one year ago.
- Total lab requirements dropped to 608,000 sq. ft. at year-end 2023.
- NYC’s life sciences VC funding remained subdued in 2023 at $604 million, mirroring the soft funding performance seen in life sciences markets across the country.
- At $2.60 billion, NIH funding awarded to NYC institutions in 2023 showed signs of a rebound but was still 6% short of 2021's record high.