Figures
New York City Life Sciences Figures Q2 2024
August 9, 2024 10 Minute Read
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‒There was 71,000 sq. ft. of leasing velocity in Q2 2024, up from no leasing velocity in the prior quarter; H1 2024’s leasing velocity was 35% behind the amount seen during the same period last year.
‒At 31.3%, NYC’s lab exclusive availability rate decreased 240 basis points (bps) from last quarter and was down 620 bps from one year ago.
‒At 9.9%, NYC’s occupancy-ready, built lab exclusive availability rate was down 60 bps from last quarter and was down 80 bps from one year ago.
‒NYC’s lab exclusive average asking rent was $101.31 per sq. ft, up 2% from last quarter but virtually unchanged from its level a year ago.
‒NYC’s lab requirements totaled 976,000 sq. ft. to close the quarter, unchanged from the prior quarter and down 18% from one year ago.
‒NYC’s life sciences venture capital funding totaled $243.29 million during the quarter, 64% more than the volume seen last quarter and 12% ahead the five-year quarterly average of $217.11 million.