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New York City Life Sciences Figures Q1 2023
April 21, 2023 10 Minute Read
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- Quarterly lab leasing activity for NYC totaled 7,000 sq. ft., down from 116,000 sq. ft. the prior quarter and 170,000 sq. ft. from the same period last year.
- At 39.2%, NYC’s lab exclusive availability rate increased 500 basis points (bps) from last quarter and was up 2,440 bps from one year ago.
- At 8.2%, NYC’s occupancy-ready, pre-built lab exclusive availability rate increased 50 bps from last quarter and was up 820 bps from one year ago.
- NYC’s lab exclusive average asking rent was $108.93 per sq. ft., virtually unchanged from last quarter but up 21% from one year ago.
- NYC’s lab requirements totaled 713,000 sq. ft. to close the quarter, a 48% decrease from the prior quarter and down 65% from one year ago.
- NYC’s life sciences venture capital funding totaled $247.00 million during the quarter, up 408% from last quarter but down 20% from the same period last year.