New York City Life Sciences Figures Q1 2024

‒There was no leasing velocity in Q1 2024, down from 276,000 sq. ft. the prior quarter and down from 7,000 sq. ft. during the same period last year.

‒At 33.7%, NYC’s lab exclusive availability rate decreased 140 basis points (bps) from last quarter and was down 550 bps from one year ago.

‒At 10.5%, NYC’s occupancy-ready, built lab exclusive availability rate was down 20 bps from last quarter but was up 230 bps from one year ago.

‒NYC’s lab exclusive average asking rent was $99.35 per sq. ft., virtually unchanged from last quarter but was down 9% from one year ago.

‒NYC’s lab requirements totaled 976,000 sq. ft. to close the quarter, a 60% increase from the prior quarter and down 28% from one year ago.

‒NYC’s life sciences venture capital funding totaled $148.18 million during the quarter, over nine times the volume seen last quarter but 28% behind the five-year quarterly average of $206.07 million.