Figures
New York City Life Sciences Figures Q3 2024
October 21, 2024 10 Minute Read
Looking for a PDF of this content?
‒There was 14,000 sq. ft. of leasing velocity in Q3 2024, down 80% from 71,000 sq. ft of leasing velocity in the prior quarter; year-to-date leasing velocity was 30% behind the amount seen during the same period last year.
‒At 29.1%, NYC’s lab exclusive availability rate decreased 220 basis points (bps) from last quarter and was down 730 bps from one year ago.
‒At 10.2%, NYC’s occupancy-ready, built lab exclusive availability rate was up 30 bps from the previous quarter and was down 50 bps from one year ago.
‒NYC’s lab exclusive average asking rent was $103.77 per sq. ft, up 2% from the prior quarter and up 3% from its level one year ago.
‒NYC’s lab requirements totaled 685,000 sq. ft. to close the quarter, down 30% from the prior quarter and down 41% from one year ago.
‒NYC’s life sciences venture capital funding totaled $420.61 million during the quarter, 45% below the volume seen last quarter, but 3% ahead the five-year quarterly average of $409.54 million.